Legal Regulation of the Blockchain

This time Blockchain Participants need to trust a decentralized model where there is no central control or that they can have effective shared control. At the same time, the government needs to believe that its citizens will be protected, taxes will be paid, and criminal activities are monitored and monitored effectively.
Academic literature shows that legal contracts, trust and control do not have to be on the opposite side, they are complementary mechanisms that work to enhance each other. The mechanism for carrying out legal control helps develop a greater level of trust among participants. The greater the level of trust between participants, the more efficient and effective legal control. Over time, legal control can provide a way to believe, although removing legal control as a whole can be a recipe for disaster. Legal contracts provide the basis for trust.
The same thing applies when it comes to the Blockchain. While they may have inherent trust mechanisms, this needs to be praised by the Governance and Law mechanism. The Blockchain allows participants to trust technology, which releases from the need to trust human partners or institutions, even though trust is placed in the code and those who develop it.
The authorities are currently framing discussions around Blockchains and technology related to suspicion and narrow fear, they see it as a regulatory problem, even though it could actually be a regulatory solution.