BBA pushes for crypto regulatory clarity in Massachusetts

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The Boston Blockchain Association, or BBA, together with the Boston-based news house Media Shower and the Digital Chamber of Commerce, are working to lobby for favorable crypto regulations in Massachusetts.

According to a statement released on Monday, the BBA, in conjunction with Media Shower and the Digital Chamber of Commerce, released a crypto regulatory toolkit for state lawmakers.

Dubbed the Massachusetts Edition of the Legislator’s Toolkit for Blockchain Technology, the document is said to be aimed at guiding state policymakers towards passing laws that will benefit the cryptocurrency industry within the Commonwealth. .

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The policy document would cover five core recommendations for crypto-related legislative actions, including tax laws, regulatory sandboxes, and the creation of a task force to study blockchain technology.

Legal and regulatory sandboxes often provide a suitable environment for crypto startups to start early operations without being burdened with onerous laws and guidelines.

According to the announcement, the policy document is similar to the Texas edition of the toolkit developed by the Texas Blockchain Council.

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The Crypto Regulatory Toolkit comes as lawmakers in Massachusetts consider three pieces of legislation focused on cryptocurrency and blockchain, including Senate Bill 200, which aims to study new technologies and their areas of development. ‘application.

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Industry promoters’ crypto policy toolkits are becoming a regular part of the dialogue between blockchain groups and policymakers. These interactions are often aimed at ironing out regulatory concerns to prevent the establishment of unfavorable crypto laws.

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Indeed, the International Association for Trusted Blockchain Applications (INATBA) said in March that several provisions of the European Commission regulations on crypto asset markets could be disadvantageous for small cryptocurrency startups.

As previously reported by TBEN, the World Economic Forum released a policy toolkit for decentralized financial regulations in June.