It’s been seen that American businesses are not waiting for what regulations would bring, rather they are solely focused on their crypto activities.
Rather than worrying about what could be in new crypto regulations, big businesses are already up to figuring out their ways to utilize them for their business’ developments and improve operations under current laws. Partner and global tax leader of Deloitte & Touche, Rob Massey said that businesses are saying how they can do this in bounds. Massey, who gives advice to businesses to run along while complying with regulations, said that customers are demanding business to move forward to figuring out the ways to do this now.
These insights came from Deloitte executives and their clients who closely watched the conclusion that came out from executive order that President Joe Biden signed on regulating crypto. Additionally they are also keeping their eyes on a bipartisan proposal prepared by Cynthia Lummis and Kirsten Gillibrans that introduces this week itself and now reports on crypto from various agencies that are yet to come this fall.
Tim Davis, who’s at position of Principal of Risk and Financial Advisory at Deloitte, said that there is hope that there will be a regulatory framework that will basically position the US as a leading country across the whole world for regulating this industry. Deloitte’s principal said that the companies that they advised, all see both strategic and commercial opportunities in cryptocurrencies.
Specifically, many companies are looking at NFTs and also examining them more than just as financial digital assets. They also considered these non fungible tokens as smart contracts that would help them improve their commercial activities while using this new age programmable money.
Massey said that traditionally businesses have contracts that govern the rights to Intellectual Property (IP). If someone uses or exploited these IPs without using appropriate remuneration or permission. The owner of these rights need to figure out if there is any violation and then act accordingly to resolve the situation along with getting paid for it. This activity generally includes the use of counsel.
Further he also said that with NFTs that meant to govern IP rights, they could imagine such a space where tokens would be used to access along with pay for using the songs.
Source: https://www.thecoinrepublic.com/2022/06/10/why-businesses-not-looking-for-regulations-before-making-their-moves-in-crypto-investment/