joining us now is Monica Good.She’s a senior advocate in the Supreme Court.You all know half for her trailblazing work are through 77.But now she is here joining us as a tech guru at the moment and has been writing lots of stuff about how blocked a Nazi is developing a quick update before that before we go to her on the regulation front, is it? Remember we told you that the captain was ready and that it is going to be brought in this session of Parliament as well.But now we are hearing that there has been another think it up on Monday, saying they’re not in a rush and they are not going to be table ing the cabinet note in this session of parliament.In fact, what I’m curing is that it might not happen in the next session as well, at least in the polls, happen, you’re in the country.
Not gonna see of crypto bills.Are the government meanwhile saying that they want more time to think and they want to expand their area of negotiations as well.
For example, they want to now talk to a countries and try and see more feasible resolutions on how exactly other countries are coming together.On the issue of crypto.How is Singapore regulating? How is Switzerland? How is us? How is UK? How are the forums and regulations around crypto coming in from across the world? And once that is studied by the government, that’s when they want to bring in a regulation or right.Having understood that, let me go to Monica.
Now, Medica are lots of sort of think and lot of sort of flippant flop also on which way the regulation will really go.But people like movements watching out the tech space, watching out the Blockchain spaces Well, have faith the government will go ahead with regulation itself.
A ban is clearly not in the picture but as we look at international community and the government wants to take inputs from them on our own regulation which is still in the works is is the government.What do you think of the key takeaways that the government must keep in mind? Thanks for having me on the short.
So I think the key takeaways.You know, if you look at sort of seemingly best practises right now, from around the world.Singapore, Switzerland.The key seems to be yes, you must regulate to You must have good accountability mechanisms by that.
By that, I mean, when you regulate, have strict know your customer documents have a place Recto exchanges can register.So, you know, and Switzerland Swiss Financial Markets Supervisory authority which kind of overseas the Swiss banking systems were also regulates the crypto infrastructure.Also, it also regulates crypto exchanges.You have to comply with, you know, anti money laundering statutes.
You have to comply where a variety of more conventional criminal legislation as he pertains to trafficking their anti terror legislation.
So really, it is about taking your existing legal frameworks and trying to make them, you know, tweaking them and trying to get him to speak to the world that is the world of the assets into Cassie’s show.It is about that and that, you know, takes it takes some element of reflection.It takes some elopement of knowing this emerging work, this emerging market space, and it’s also marrying of tech and law.
And there is always because tech his changes quickly and the law is usually a little slower to keep up the the challenge to marrying taken law that actually defines you and why we have you on the show today.So give me, like, quick to three predictions that you expecting in the world of sort of tech and law and blocked in in law and crypto in law in the coming few months.
So I think you will definitely get regulations.You know, Chi, she anti money laundering like regulations.You will get regulations which will speak to the worries at me for crypto currencies in of will it be used for terror acts because of the Anonima Tier provides.So you will certainly have legislation that will be tweet too.In fact, meet these challenges.
I think this second thing, as we have seen in all kinds of euro grounds and space, is whether it’s courtrooms on board rooms where AC leads law, you will have, you know, two steps forward.
One step back is in heavily evolving process.If we’re evolving and you know, I mean, if this is a storey, this is actually the storey of the law.Like technology has always move much faster than legislate.This is going to be not different, but eventually the lower does catcher.
And that will also happen.You know, I read some whether we have 10 crore, you know, crypto folk in India, folks to engage currencies, Bitcoins they well into that worth America as 2.9, you know.So this is the world’s biggest market.A few will, you know, maybe not Was valuable, but shortly number World’s biggest market.
Yes.
So we would usually look to our government to make legislation to have regulations because we don’t want to be involved in I the one the that there are no easy answers.He also expect more of this.Think and rethink to keep happening when it comes to the bill.
And we gotta be a stay patient with this.As long as the intent of the government is clear on which way this is going, we should be OK.
All right.Thank you so much.
Dominica, for joining us.