Bertrand Perez, COO of the Web3 Foundation, said he has seen some concerns when it comes to regulating the space, including the European Parliament’s recent draft bill on non-custodial wallets, but in general the industry is struggling Help policy makers understand Web3.
According to Perez, some lawmakers are still making decisions on the field “too fast or without education.” However, the Facebook-backed Libra project in 2019 could be a catalyst for many countries in the EU to understand the urgency of moving forward with a regulatory framework. The Web3 Foundation COO added that claims that cryptocurrencies are used for illicit activities is one of the main issues affecting lawmakers.
Once this is clarified, regulators can “start talking about diving into the technology” and dealing with different functions and applications within a framework, and I think it’s important for policymakers to be involved. Not just regulators, because policy makers are actually representatives of the people, and I would tell them we’re facing a real paradigm shift in terms of technology, we’re probably standing in front of something bigger than the internet, The value it can generate is at least equivalent to the value of the Internet.