Regulating crypto firms: ‘It’s important that policymakers are involved,’ says Web3 Foundation COO By Cointelegraph

Bertrand Perez, chief operations officer of the Web3 Foundation, one of the firms behind the blockchain, said a certain level of regulation was necessary in the crypto space as long as those responsible left room for innovation.

Speaking to Cointelegraph at the Paris Blockchain Week on Wednesday, Perez said he saw a few areas of concern when it comes to regulating the space, including a recent draft bill from the European Parliament on non-custodial wallets but overall, those in the industry are trying to help policymakers to understand Web3. According to the Web3 Foundation chief operations officer, some lawmakers are still making decisions “too fast or without having education” on the space. However, the Facebook-backed Libra project in 2019 may have been the catalyst many in the EU needed to understand the urgency to move forward with a regulatory framework.