The lack of regulation around transactions on the blockchain creates an environment of uncertainty for all players. Highly regulated industries like financial services are treading carefully in the DLT space. The Securities and Exchange Commission of the United States has recently clarified its stance (sec.gov) on Initial Coin Offerings (ICOs). The Chinese government has, in fact, banned all ICOs, while 60 major ICO platforms are being investigated (Saheli Roy Choudhury, 2017).
Similarly, there are no regulatory guidelines governing smart contracts, causing much anxiety among various players like lawyers, regulators, programmers, and businesses. The lack of regulatory guidelines, along with a lack of industry standards, exacerbates hindrances to rapid adoption of DLT.
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