The Boston Blockchain Association, or BBA, is working with Media Shower, a Boston-based media company, and the Massachusetts Chamber of Digital Commerce to lobby for favorable crypto regulations in the state.
The BBA, in collaboration with Media Shower and the Chamber of Digital Commerce, released a crypto regulatory toolkit for lawmakers in the state on Monday, according to a press release.
The document, dubbed the Massachusetts Edition of the Legislator’s Toolkit for Blockchain Technology, is reportedly intended to assist state policymakers in enacting legislation that will benefit the cryptocurrency industry in the Commonwealth.
Tax laws, regulatory sandboxes, and the formation of a working group to study blockchain technology are among the five core recommendations in the policy document, according to reports.
Legal and regulatory sandboxes are frequently used to allow crypto startups to launch early operations without being burdened by onerous laws and regulations.
The policy document is similar to the Texas Edition of the toolkit developed by the Texas Blockchain Council, according to the announcement.
The crypto regulatory toolkit comes as Massachusetts legislators consider three cryptocurrency and blockchain-related bills, including Senate Bill 200, which aims to research the new technology and its potential applications.
Industry-sponsored crypto policy toolkits are becoming a regular feature of the conversation between blockchain advocates and policymakers. These interactions are frequently aimed at assuaging regulatory concerns and preventing the passage of unfavorable crypto legislation.
Indeed, the International Association for Trusted Blockchain Applications (INATBA) warned in March that several provisions of the European Commission’s Markets in Crypto Assets regulations could harm smaller cryptocurrency businesses.
The World Economic Forum published a policy toolkit for decentralized finance regulations in June, as previously reported by ULTCOIN365.