Regulate virtual currencies cautiously to boost digital innovativeness and competitiveness

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Virtual currencies, aka digital tokens, are about to play a key role in the application of modern technologies, such as Internet of Things and Artificial Intelligence. Blockchain technology, and thus ecosystems based on blockchain, but not limited to such, introduce tokens for many useful purposes (robotics, autonomously working agents) that will affect our day-to-day lives for years to come.

There is now a serious threat the Finnish government would push for stricter regulations than in the European Union overall. This would hurt Finnish technology startups – even the economically influential mobile game companies – working on these exciting new technologies. Therefore it is critical to act now and make sure the law proposal is reconsidered.

It is good that reasonable regulations are set, but this should be done with caution. If you agree fully or partly with the following, you should join this petition right now.

(1) Do not directly regulate the issuance of virtual currencies (digital tokens) by any national laws and make sure only to fulfil the necessary EU-directive requirements;

(2) Do not nationally regulate the exchange of virtual currencies to virtual currencies (type: vc-2-vc) in an excessive manner in comparison to the required EU-directives;

(3) The costs and benefits of automatic information retrieval (surveillance) system need to be more accurately researched, estimated, and it should not threaten Finnish companies, especially technology startups, including fintech companies;

(4) The law proposal needs to truthfully represent the threats and benefits of using modern technologies and support them with valid references, not by hear-say;

(5) The definitions for virtual currency exchanges and wallet providers should be carefully re-evaluated and made sure they will not be interpreted in a wrong fashion.

The motives and facts behind initiation of regulative approaches that far exceed the EU standard legislation must be seriously investigated and reconsidered. The effective costs of the proposed national law would outweigh its perceived benefits and would have unknown repercussions to the technological regional macro competence, through its limitations threatening the development and existence of nascent modern digital technologies in Finland.

Proposal: https://www.eduskunta.fi/FI/vaski/HallituksenEsitys/Sivut/HE_167+2018.aspx

State of the proposal: https://www.eduskunta.fi/FI/vaski/KasittelytiedotValtiopaivaasia/Sivut/HE_167+2018.aspx

Critical points slideshow: https://www.slideshare.net/TommiAVuorenmaa/hit-or-miss-game-of-crypto-regulations