While the use of stablecoins could implicate several aspects of the law, three areas attained some level of prominence within legal and policy circles: securities regulation, anti-money laundering (AML), and financial service licensing.
In a paper published by Atty. Rafael Padilla, Co-Founder and Trustee of BlockDevs Asia and Professor of Law at San Beda Alabang, the application of blockchain and smart contracts in finance gives financial regulators no choice but to revisit existing rules and, at the same time, assess their relevance in the world of Decentralized Finance (DeFi) and open finance.Â
The foregoing tells us that while legal-tech, particularly those employing blockchain technology, poses a lot of promise for the improvement of delivery of legal services, among others, it needs to attune itself with legal realities in order for the technology to reach its best potential.
Topics such as cross-border payments, blockchain, artificial intelligence, open banking, regulatory challenges, among others, were discussed by the speakers.
![[Blockchain and the Law] How Blockchain is Applied to Real Estate](https://bitpinas.com/wp-content/uploads/2018/12/Blockchain-Real-Estate-4-1-768x402.png "[Blockchain and the Law] How Blockchain is Applied to Real Estate 5")
Initiatives in the Philippines to put real estate transactions in the blockchain makes the real estate industry another lead adopter of this new technology.
