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‘It’s necessary that policymakers are concerned,’ says Web3 Foundation COO

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Bertrand Perez, chief operations officer of Web3 Foundation, one of many companies behind the Polkadot blockchain, mentioned a sure degree of regulation was crucial within the crypto house so long as these accountable left room for innovation.

Speaking to Cointelegraph on the Paris Blockchain Week on Wednesday, Perez mentioned he noticed a number of areas of concern in relation to regulating the house, together with a current draft invoice from the European Parliament on noncustodial wallets, however total these within the business are attempting to assist policymakers to know Web3. According to the Web3 Foundation COO, some lawmakers are nonetheless making choices “too fast or without having education” on the house. However, the Facebook-backed Libra undertaking in 2019 might have been the catalyst many within the EU wanted to know the urgency to maneuver ahead with a regulatory framework.

“We need to be aware that we need to evolve in a world where regulation is not necessarily bad,” mentioned Perez. “You need certain level of regulation for protection, right? The key point is where you draw the line and we try to help drawing the line in a place that makes sense for the regulators so there are enough frameworks and protections from their perspective while leaving innovation growth.”

The Web3 Foundation COO added that the narrative round crypto used for illicit actions was one of many main issues influencing lawmakers. Once that was debunked, based on Perez, regulators may “start talking digging more into the technology” and deal with totally different options and functions in a framework:

“I think it’s important that policymakers are involved. Not only regulators because policymakers are really the representative of the people […] I would tell them that we are here facing a real paradigm shift in terms of technology, we’re maybe in front of something bigger than the internet and the value that that can generate is at least the value of Internet.”

Related: What the hell is Web3 anyway?

Perez, a former senior director at PayPal, was the director basic of the Libra Association — later rebranded to Diem — earlier than becoming a member of the Web3 Foundation in September 2021. Ethereum co-founder and Polkadot and Kusama creator Gavin Wood, who coined the time period Web3 in 2004, heads the inspiration and claimed to have been creating blockchain bridges and extra parachains for the undertaking.