BBA pushes for crypto regulatory clarity in Massachusetts

Published at: Sept. 20, 2021

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

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

Dubbed the Massachusetts Edition of the Legislator’s Toolkit for Blockchain Technology, the document reportedly aims to guide the state's policymakers toward enacting laws that will benefit the cryptocurrency industry within the Commonwealth.

The policy document reportedly covers five core recommendations for crypto-related legislative actions including tax laws, regulatory sandboxes, and the creation of a working group to study blockchain technology.

Legal and regulatory sandboxes often provide a suitable environment for crypto startups to begin early operations without being burdened by 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.

The crypto regulatory toolkit comes as Massachusetts lawmakers are considering three cryptocurrency and blockchain-focused pieces of legislation including Senate Bill 200, which is aimed at studying novel tech and its areas of application.

Related: Massachusetts regulator seeks to revoke Robinhood’s broker-dealer license

Crypto policy toolkits by industry proponents are becoming a regular feature of the dialog between blockchain groups and policymakers. These interactions are often aimed at smoothening regulatory concerns to prevent the establishment of unfavorable crypto laws.

Indeed, the International Association for Trusted Blockchain Applications (INATBA) stated back in March that several provisions of the European Commission’s Markets in Crypto Assets regulations could be disadvantageous for smaller cryptocurrency startups.

As previously reported by Cointelegraph, the World Economic Forum published a policy toolkit for decentralized finance regulations back in June.

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