Legislation for Blockchain-Based Decentralized Systems

Abstract

One of the important issues raised in the field of blockchain networks and decentralized systems is the subject of legislation of these systems. Generally, governments can take action for legislation of these systems through five methods including “establishing rules for participants”, “establishing rules for intermediates”, “establishing rules for developers”, “establishing rules for blockchain-based markets”, and “establishing rules through social norms”. However, it should be noted that all these approaches for legislation are imperfect strategies and the governments would not be able to completely stop all the illegal activities on blockchain network and the mentioned strategies would help in reducing the related crimes and hazards.

Keywords

• blockchain
• decentralized systems
• fintech
• cryptocurrencies
• legislation