Yang Dong: Effectively regulating blockchain requires institutional innovation and the use of regulatory technology

On June 10th, Professor Yang Dong from the Law School of Renmin University of China issued a document saying that the regulatory authorities should use the ICO flood as a warning to encourage and support the blockchain technology innovation while improving the regulatory measures for the blockchain industry and prevent bad coins. Expelling the alienation of good money. Effectively regulating the blockchain requires not only institutional innovation, but also the introduction of regulatory technology (RegTech) represented by blockchain to enhance regulatory capabilities. For blockchain-related innovation activities, local governments can, through local legislation, carry out pilot tests within a certain scope of government control, and create policy space for blockchains to be applied to smart government.