According to the Boston Blockchain Association (BBA), crypto regulatory advice guidelines have been prepared for consideration by legislators in Massachusetts.
Efforts are being made by the Boston Blockchain Association, or BBA, in collaboration with Boston-based media house Media Shower and the Massachusetts Chamber of Digital Commerce to campaign for favorable cryptocurrency rules in the state of Massachusetts.
An announcement made on Monday stated that the BBA, in partnership with Media Shower and the Chamber of Digital Commerce, had developed a crypto regulatory toolbox for use by politicians in the state.
The document, dubbed the Massachusetts Edition of the Legislator’s Toolkit for Blockchain Technology, is said to be intended to assist legislators in the state in drafting legislation that will benefit the cryptocurrency industry in the state of Massachusetts.
In addition to tax legislation, regulatory sandboxes, and the establishment of a working group to study blockchain technology, the policy document is said to include five core recommendations for crypto-related legislative actions, including tax legislation, regulatory sandboxes, and the creation of a working group to study blockchain technology.
A legal and regulatory sandbox is a controlled environment that allows crypto companies to commence operations without being constrained by onerous rules and regulations.
It was announced that the policy document is identical to the Texas Edition of the toolkit established by the Texas Blockchain Council, which is described in the announcement.
The release of the crypto regulatory toolbox comes at a time when Massachusetts lawmakers are debating three pieces of cryptocurrency and blockchain-related legislation, including Senate Bill 200, which is intended at researching the innovative technology and its potential applications.
A typical component of the dialogue between blockchain groups and policymakers is the distribution of crypto-policy toolkits developed by industry proponents. Most of the time, these discussions are focused at smoothing over regulatory worries in order to prevent the formation of negative cryptocurrency legislation.
For example, in March, the International Association for Trusted Blockchain Applications (INATBA) claimed that numerous sections of the European Commission’s Markets in Cryptoassets legislation could be detrimental to smaller cryptocurrency start-ups and businesses.
Back in June, as previously reported by Cointelegraph, the World Economic Forum released a policy toolkit for decentralized finance rules, which was later updated.