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Regulations related to blockchain

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Are there regulations in place that can ensure the data compliance norms across nation states and economic regions? This is in relation to establishing common ledgers for international business that can be enhanced using a blockchain platform. Any reference to existing or upcoming regulations (by USA based or foreign regulatory bodies) would be extremely helpful.

Blockchain
Regulatory Affairs
data protection
Trade Finance
Anamitra Ghatak
31 months ago

4 answers

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The following article about this topic could be of interest, https://www.intellectsoft.net/blog/blockchain-government-regulation

Paolo Beffagnotti
31 months ago
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I do not believe there are any specific to Blockchain. However, I believe that the existing legislative frameworks could and should be applied to Blockchain eg HIPAA, GDPR etc

Darryl Glover
31 months ago
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Regulation around data protection has always been an active discussion in the blockchain space. However, if we talk about permissioned network, such controls could be implemented. While in case of permissionless / public network, introducing such regulation is a real challenge, given the distributed nature of the network. Nodes could be spread across any part of the globe and hence it is difficult to satisfy diverse regulations of different nations.

Sharing an informative white paper around this topic: https://papers.ssrn.com/abstract=3080322

Does this help Anamitra?

Ravi Agrawal
31 months ago
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If you run a blockchain application it has to comply with the laws of the nations or states that you are running it in. That typically means the laws of the nation that the server is in (ie: a tax haven), AND the laws of the nations where the users are (US, Canada, Europe, etc). Each nation will have its own privacy laws. https://www.priv.gc.ca/en/privacy-topics/privacy-laws-in-canada/the-personal-information-protection-and-electronic-documents-act-pipeda/

To run blockchain on a database we have to seperate identity from transaction data. Typically the primary identity data should never cross borders, whereas the transaction data can move freely. The databases should also NOT be linkable via primary data fields. Keyless Signature Identification being the leading example.

Running blockchain on a DL automatically complies as you can't identify the transactors.

Martin Butcher
31 months ago

Have some input?