BBA promotes clarity about crypto regulation in Massachusetts

The Boston Blockchain Association (BBA) is working with Boston-based media company Media Shower and the Digital Chamber of Commerce to advocate cheap crypto regulations in Massachusetts.

According to a press release released on Monday, in partnership with the Media Shower and the Digital Chamber of Commerce, the BBA released a crypto regulatory toolkit for state lawmakers.

The document, known as the Massachusetts Edition of the Legislator’s Toolkit for Blockchain Technology, is designed to guide policymakers to enact laws that will benefit the public; cryptocurrency industry in the Commonwealth.

The policy document reportedly contains five critical recommendations for crypto-related legislative action, including tax legislation, regulatory sandboxes, and the establishment of a working group to research blockchain technology.

Statutory and regulatory sandboxes often provide crypto startups with a suitable environment to start operations early, under the burden of strict laws and guidelines.

According to the announcement, the policy document is similar to the Texas version of the toolkit developed by the Texas Blockchain Council.

The Cryptocurrency Regulatory Toolkit is coming as the Massachusetts legislature considers three laws that focus on cryptocurrencies and blockchain, including Senate Bill 200, which aims to research new technologies and areas of application.

Related: (BBA) The Massachusetts regulator is trying to revoke Robinhood’s broker-dealer license.

Industry representatives’ policy toolkits for cryptocurrencies are becoming a regular part of the dialogue between blockchain teams and policymakers. These interactions are often intended to address regulatory concerns to prevent the introduction of detrimental crypto laws.

In March, the International Association for Trusted Blockchain Applications (INATBA) stated that specific provisions in the European Commission’s Crypto Assets regulations could be harmful to smaller crypto startups.

As previously reported by Cointelegraph, the World Economic Forum published a policy toolkit for decentralized financial regulation in June.