BBA promotes clarity in crypto regulation in Massachusetts

The Boston Blockchain Association (BBA), along with the Boston-based media company Media Shower and the Digital Chamber of Commerce, are working hard to lobby Massachusetts to develop favorable encryption regulations.

According to the release release On Monday, BBA worked with Media Shower and the Digital Chamber of Commerce to release an encryption regulatory toolkit for state lawmakers.

The document is known as the Massachusetts version of the Blockchain Technology Legislators Toolkit and reportedly aims to guide policymakers in the state to formulate laws that benefit the cryptocurrency industry in the Commonwealth.

According to reports, the policy document covers five core recommendations for crypto-related legislative actions, including tax laws, regulatory sandboxes, and the establishment of a working group to study blockchain technology.

The legal and regulatory sandbox usually provides a suitable environment for crypto startups to start early operations under the burden of onerous laws and guidelines.

According to the announcement, the policy document is similar to the Texas version of the toolkit developed by the Texas Blockchain Council.

As the encryption regulatory toolkit is released, Massachusetts legislators are considering three pieces of legislation focusing on cryptocurrency and blockchain, including Senate Bill 200, which aims to study new technologies and their applications.

related: Massachusetts regulator seeks to revoke Robinhood’s broker-dealer license

The cryptocurrency policy toolkit of industry supporters is becoming a regular feature of the dialogue between the blockchain community and policy makers. These interactions are usually aimed at alleviating regulatory issues to prevent the enactment of unfavorable encryption laws.

In fact, the International Trusted Blockchain Application Association (INATBA) stated as early as March, The European Commission’s crypto asset market Regulations may be Bad for small cryptocurrency startups.

As Cointelegraph previously reported, The World Economic Forum released a policy toolkit for decentralized financial supervision as early as June.