Nations must not allow regulation to stifle innovation if they want to drive the adoption and advancement of blockchain. That was the view of a keynote power-panel of leading international experts in the opening seminar on Day Two of the 2019 Future Blockchain Summit, held at Dubai World Trade Centre.
The fascinating discussion “Hardtalk on blockchain policy” gatheredEmma McClarkin of the European Parliament; serial entrepreneur and Senior Technology Advisor to the Maltese Government, Dr Abdalla Kablan; Nicholas Giurietto, CEO and MD at the Australian Digital Commerce Association; Chris Kiew-Smith, the Abu Dhabi Global Market’s Head of Fintech Strategy; and Jihad Tayara, VP of ICT Business Development at telecommunications giant du.
Sharing their combined international and governmental expertise, the five-some dissected the topic of blockchain regulation and legislation, probing current examples from around the world and examining how and where similar regulatory proposals should be implemented.
While they agreed that regulation has to be considered, the panel were resolute in affirming that any such legislature must not come at the expense of pushing the technology forward. McClarkin said: “We can’t keep up as policy-makers with the pace of the revolution happening with technology. If you over regulate too soon, then there’s no flexibility left for these new innovations to come. However, we have to be mindful in monitoring where it’s going so we can understand where it can find a solution that can help us – but we must choose the right moment to do that.”
“We don’t want to restrict blockchain at this stage because the potential is huge. We are only a few years into this digital revolution and as policy-makers we need to be educated and monitoring it, but allowing for that innovation,” McClarkin added.
Abdalla echoed that view, saying: “Innovation is the most important thing. Blockchain is disrupting and redefining a lot of the concepts that we are used to, from value to the concept of identities. We need to allow this innovative process to grow and prosper, but at the same time be responsible, and make sure that any potential misuse of this technology will definitely be impeded or stopped.”
Tayara was part of the team behind du’s City of the Future, an incredible gamified blockchain experience launched at Future Blockchain Summit on Tuesday, and the first of its kind anywhere in the world.
He concluded the panel, saying: “Innovate, innovate, innovate – don’t wait for a framework, keep pushing the boundaries and don’t be afraid of failing. That’s the direction we’re going and we can’t slow down.”