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10 - Regulatory Aspects of Web3

from Part IV - Challenges and Future Horizons of Web3

Published online by Cambridge University Press:  21 November 2024

Ken Huang
Affiliation:
DistributedApps.ai
Youwei Yang
Affiliation:
Bit Mining Limited
Fan Zhang
Affiliation:
Yale University, Connecticut
Xi Chen
Affiliation:
New York University
Feng Zhu
Affiliation:
Harvard Business School
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Summary

Chapter 10 explores the evolving regulatory landscape surrounding Web3 technologies. It highlights the need for coordinated and adaptive regulations to foster innovation while managing potential risks. The chapter examines the impact of major crypto company collapses in 2022 on regulatory frameworks and emphasizes the importance of proactive measures to protect investors and mitigate risks. It delves into the regulatory landscapes in the United States, the European Union, China, and Web3-friendly countries such as the United Arab Emirates, Singapore, Germany, and Switzerland. The chapter covers key initiatives, including the Executive Order Ensuring Responsible Development of Digital Assets and the Responsible Financial Innovation Act in the United States, as well as stablecoin regulations and regulatory challenges related to decentralized autonomous organizations (DAOs). It also explores the intersection of the General Data Protection Regulation (GDPR) and Web3, emphasizing the challenges of privacy and compliance. Overall, the chapter provides a comprehensive overview of regulatory considerations in Web3, addressing innovation, consumer protection, financial stability, and privacy concerns. It emphasizes the importance of regulatory coordination and adaptation to promote innovation while safeguarding against potential risks.

Type
Chapter
Information
Web3
Blockchain, the New Economy, and the Self-Sovereign Internet
, pp. 291 - 319
Publisher: Cambridge University Press
Print publication year: 2024

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References

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