Regulating Blockchain, DLT and Smart Contracts: a technology regulator’s perspective

Ellul, Joshua; Galea, Jonathan; Ganado, Max; McCarthy, Stephen; Pace, Gordon J.

doi:10.1007/s12027-020-00617-7

Cited by 35 publications

(25 citation statements)

References 7 publications

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“…DLT does not need jurisdiction, yet laws must recognize DLT as a transaction, causing an ownership change. In that sense, legal frameworks must develop for the regulation of DLTs to provide assurances to all the stakeholders involved in the transaction where several countries have developed such frameworks [38,173]. States can intervene to regulate the actors and the activities carried out in their territories [117].…”

Section: B Legal Challengesmentioning

confidence: 99%

Governance in the era of Blockchain technology in Qatar: a roadmap and a manual for Trade Finance

Ibrahim

Truby

2021

J Bank Regul

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Nations worldwide have sought to capitalize on the benefits of distributed ledger technology (DLT) including Blockchain, but struggled to strike a balance between encouraging investment and innovation in the technology while addressing the challenges and uncertainties through regulation. Through its FinTech (Financial Technology) Strategy, Qatar has sought to embrace DLT, but its regulatory approach also remains cautious. Trade Finance is an ideal business process to be disrupted through the benefits of DLT and especially Blockchain technology, since its processes remain antiquated, inefficient and lack digitization. Blockchain as a form of DLT particularly offers the Trade Finance process not only more rapid, secure, cost-effective and efficient procedures, but importantly completely assures trust between importers and exporters and removes the requirement to place such trust in third-party intermediaries. Qatar can reap considerable economic benefits through the enhancement of its Trade Finance regulations enabling the adoption of such Blockchain technology. As such, the authors propose a roadmap and manual for the governance of the Trade Finance Blockchain ecosystem in Qatar. The authors propose multi-layered governance approach to the regulation of Blockchain in Qatar by (1) embracing international regulations and standards; (2) replicating foreign regional and national rules that are appropriate and innovative; and (3) applying sandbox regulations to Blockchain products and services.

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Section: B Legal Challengesmentioning

confidence: 99%

Governance in the era of Blockchain technology in Qatar: a roadmap and a manual for Trade Finance

Ibrahim

Truby

2021

J Bank Regul

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“…Also, SCs operating within DLTs are independent and require no human administrator input, verification, or arbitration. Furthermore, the SC code ensures that double transaction conflicts are not included in the blockchain [7], which in some regards functions as a private regulatory framework of rules governing transactions between multiple parties [9].…”

Section: Smart Contracts (Scs)mentioning

confidence: 99%

An Analysis of a Blockchain-Enabled E-Government Document Interchange Architecture (DIA) in Thailand

Thoppae¹,

Praneetpolgrang²

2021

TEM Journal

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In 2008, the world was introduced to Blockchain. In 2009, the first open-source Blockchainbased cyber currency was introduced as Bitcoin. By 2025, studies indicate that Blockchain-based enterprise-wide application revenue will reach nearly $20 billion. Therefore, this study proposes to build on the success of Thailand's National Single Window (THAINSW) gateway document interchange architecture (DIA) and further expand its availability to a much larger network of e-Government participants using Blockchain architecture. Therefore, the authors set how to investigate how and where Blockchain technology could be implemented in order to support of Thailand's 4.0 and digital economy visions. In addition to the qualitative analysis of the literature, the authors used input from a panel of 25 Thai experts to develop a foundation for the analysis based on Sathosi Nakamoto’s seven Blockchain disciplines. This analysis was enhanced from the authors’ own experiences in real-world Blockchain implementations. Results revealed that Blockchain is a highly innovative approach to secure transaction execution, information storage, performing functions, and establishing trust in an open architectural environment.Blockchain has the potential to increase good governance, increase transparency and privacy, and reduce the chance of corruption.

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“…Approaches for providing software assurances will invariably have a degree of commonality irrespective of the technology domain and also application domain within which the solution is categorised under. As such, this framework builds on the Innovative Technology Arrangement (ITA) [6] regulatory assurance framework overseen by the Malta Digital Innovation Authority (MDIA). Rather than mandating compliance and certification of all AI based systems, the regulatory framework is a voluntary one -unless a lead authority deems that such technology assurances are required.…”

Section: An Ai Technology Assurance Regulatory Frameworkmentioning

confidence: 99%

“…Systems Audits are conducted by Systems Auditors, who must be independent from the AI-ITA and its operator, that are subject to approval by the Authority, and who need to meet a set of requirements (defined in the Systems Auditor guidelines) through their combined complement of Subject Matter Experts (SMEs) in the fields of IT audit, cybersecurity and technology with specialisation, in this case, in AI. The SMEs will be the primary individuals responsible for conducting systems audits, and must adhere to a set of requirements, such as ensuring that they meet a level of continuous professional education in the AI field 6 .…”

Section: An Ai Technology Assurance Regulatory Frameworkmentioning

confidence: 99%

“…Towards the end of the 2010's Malta built a framework for addressing the regulation of Innovative Technology Arrangements [9], in order to ensure better end user protection through the adoption of appropriate due diligence on the underlying technologies. Initially focusing on Blockchain, Smart Contracts and other Distributed Ledger Technologies (DLTs) [6], the legislation has since been extended to cover critical systems (through a legal notice 3 ) and regulatory guidelines have been issued by the Malta Digital Innovation Authority (MDIA) for the regulation of arrangements which use an element of AI.…”

Section: Introductionmentioning

confidence: 99%

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Regulating artificial intelligence

Ellul

Pace

McCarthy³

et al. 2021

Proceedings of the Eighteenth International Conference on Artificial Intelligence and Law

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Artificial Intelligence (AI) and the regulation thereof is a topic that is increasingly being discussed and various proposals have been made in literature for defining regulatory bodies and/or related regulation. In this paper, we present a pragmatic approach for providing a technology assurance regulatory framework. To the best of our knowledge, this work presents the first national AI technology assurance legal and regulatory framework that has been implemented by a national authority empowered through law to do so. Aiming to both provide assurances where required and not stifling innovation yet supporting it, it is proposed that such regulation is not to be mandated for all AI-based systems but rather should provide a voluntary framework and only be mandated in sectors and activities as deemed necessary by other authorities or laws for regulated and critical areas. CCS CONCEPTS• Social and professional topics → Governmental regulations.

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Regulating Blockchain, DLT and Smart Contracts: a technology regulator’s perspective

Cited by 35 publications

References 7 publications

Governance in the era of Blockchain technology in Qatar: a roadmap and a manual for Trade Finance

Governance in the era of Blockchain technology in Qatar: a roadmap and a manual for Trade Finance

An Analysis of a Blockchain-Enabled E-Government Document Interchange Architecture (DIA) in Thailand

Regulating artificial intelligence

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