Detailed Plan
In order to get a mature crypto friendly legal framework it is important:
A: To document an Cardano vision on how the regulatory landscape should be in order to get a clear picture on what Cardano wants when is comes to favorable legislation. One can not ask for favorable legislation if it does not know that is the goal to be achieved. Also such a vision document will be needed in discussions with politicians and lawmakers.
In order to reach goal under A one should
-define a Global Cardano regulatory vision document and then for the EU part a specific regulatory vision and how MICA and DORA should be interpreted
(Funding for section A: 15000 USD for consulting other experts, general expenses and small fee for own time)
B: With Cardano’s vision on the EU legislation we will be able to counterweight MiCA and DORA and propose and alternative where possible. Without this document it will be a lost discussion with politicians and lawmakers. One need to have an own vision. This way we can create a crypto friendly EU legal framework and to have a EU passport for crypto service providers and where possible we could even self-regulate the Cardano community without legislation. Why EU? The US will likely not reach a consistent approach in the near future and China is mainly focusing on the own CBDC. EU is in my view the place where the best changes are and is a mature market with a strong existing legal framework.
In order to reach goal under B one should
- identify the politicians at EU/national level that support crypto friendly legislation and get their support.
- be constantly involved in future consultation rounds about new or more detailed crypto regulation. Not being involved is a missed change.
(Funding for section B: 20000 USD for travel expenses, help from lobby experts, general expenses and small fee for own time)
C: To further self-regulate the Cardano community based on the Cardano’s regulatory vision in the EU, Reason is that regulators, institutional parties and private individuals need to have confidence that we are serious and able to protect the own community via a strong legal framework. Also, it is always better to design your own framework can waiting until governments impose it to you (this is for a later stage and included for completeness. No funding required for now)
(Side note: I am currently providing my input on the consultation round of the Dutch regulator DNB. Their idea is to impose heavy Sanction Act screening requirements, which are not fair towards crypto service providers. Please provide also your opinion to put legislation into perspective! See also https://www.dnb.nl/en/actueel/news-supervision/supervision-news-2021/consultation-draft-q-a-sanctions-act-screening-by-crypto-service-providers/)