Regulators should focus on the benefits of crypto: European Web3 Summit 2023

cointelegraph.com:

As Web3 regulation looms over Europe, executives from various parts of the industry highlighted different regulatory perspectives in a panel discussion at the European Web3 Summit 2023. The event is held at the Library Solvay in Brussels, Belgium, a historic location where Nobel Prize scientists, such as Albert Einstein and Niels Bohr, once gathered for conferences. 

During the event, Cointelegraph’s managing editor, Alex Cohen, moderated a panel dubbed “Policies & Strategies for Web3 Transformation in Europe.” Panelists included Irakli Beridze, head of the Centre for Artificial Intelligence and Robotics at the United Nations; Ioana Surpateanu, non-executive director of CryptoUK; Hugo Volz Oliveira, founding member and secretary at New Economy Institute; Rapolas Lakavičius, policy officer at the European Commission; and Ricardo Simões, executive director of INATBA.

While the hour-long discussion highlighted various issues and topics related to regulating the Web3 space in Europe, some of the highlights included the arguments in terms of having or not having regulation and educating regulators on how Web3 and crypto can be a positive force. 

Offering the standpoint of the UN, Beridze highlighted that, at the moment, the UN does not have any kind of charter or convention that would regulate technologies like Web3. “We probably are far away from it, but at the same time, we do need to have the type of frameworks which would ensure that technology benefits us all,” he explained. 

Despite the lack of conventions that regulate Web3, Beridze recognized that there is a need for these types of regulations, as they would ensure that benefits can be extracted from the technology while risks can be mitigated.

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