While blockchain has earned international notoriety for being the mechanism underpinning major cryptocurrencies such as Bitcoin and Ethereum, blockchain technology has immense positive potential: to decentralize and streamline financial transactions on a global scale. Unfortunately, regulatory agencies are still catching up to an ever-changing system, and many are in a state of disagreement about where blockchain fits into the future of the international commercial ecosystem.
Due to the lack in regulatory, Blockchain, a crypto wallet provider, hired Ben Melnicki, formerly Noble Bank’s chief compliance officer, to increase its legal team.
Melnicki will join Blockchain president and chief legal officer Santori in advocating for light-touch regulation for the cryptocurrency ecosystem in different jurisdictions around the world.
“I’ll be working closely with Marco Santori on behalf of our organization, our clients and the virtual currency ecosystem to shape the future of our ecosystem. I’m excited for this opportunity to help the space grow as companies like Blockchain seek to aid individuals secure greater financial freedom by faciliating peer-to-peer transactions and the other benefits afforded by cryptocurrencies. While blockchain has been discussed by policymakers and regulators since 2013, it is about different issues today.”
He also said that policymakers still need to do more to learn about the technology that is increasingly changing the way the world works together and that the best opportunity is by emphasizing engagement by governments with open ledgers. He stated that the best path to effective new legislation.
According to Melnicki, regulators are trying to find solutions around ways to rethink businesses and suggest market participants to operate within confines. The primary product is a non-custodial wallet to provide a financial future and independence to the customers to be “their own bank”.
Santori welcomed Melnicki with these words: “He brings “unparalleled banking experience,” along with an unmatched understanding of how crypto and the financial system can work together to build a better future for all of us.
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