Tencent Blockchain Report Calls for Acknowledging Legal Status of Crypto-assets

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A new paper on regulation of the blockchain sector from tech giant Tencent highlights the ongoing risks posed by cryptocurrencies.

The Tencent Research Institute recently released the “Digital Reform and Regulatory Innovation: 2019 Global Internet Legal Policy Observer” (数字变革与治理创新:2019年全球互联网法律政策观察) – the fourth such report produced by the Tencent Research Institute’s Legal Research Centre.

The report makes a slew of recommendations to address the risks posed by blockchain-driven technology such as cryptocurrencies, including:

  1. Acknowledging the legal status of crypto assets and smart contracts.
  2. Refining definitions of digital currency types and implementing differentiated regulatory policies.

The report also called for the adoption of a range of regulatory methods to control risk in relation to blockchain applications including:

  • Implementing blockchain regulation which focuses on blockchain services providers.
  • Removing anonymous transactions and raising transactional transparency.

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