The adoption of Web3 in mainstream industries has already begun to raise questions about the ethics required to operate in this space. On the second day of Paris Blockchain Week (PBW) 2023, a group of professionals from the ecosystem took to the Venus de Milo stage to discuss "The Ethics of Web3".
Moojan Ashghari, co-founder and moderator of the Thousand Faces Web3 Investment Club, opened by saying that the ethical framework or standards of technology always lag behind the introduction of technology. The panelists agreed that innovation usually precedes the implementation of any ethical standards. Margaux Frisque, co-founder and legal advisor of the Women in Web3 Association, pointed to the EU’s upcoming Marketplace in Crypto Assets (MiCA) framework.
She told MiCA it was "inspired by feedback from [past] operations" and would soon require businesses to keep customers' funds separate from other bank accounts. "This is an example of good behavior, which has been turned into hard law and will soon be implemented across the EU. It is a great example of turning ethics into our laws to protect people and innovation."
PBW moderated an entire panel discussion on the upcoming MiCA regulations, during which industry experts and regulators discussed the implications of European lawmakers' proposals. The proposal has faced multiple delays so far, but a final vote is scheduled for April 2023. Galeon CEO Loic Brotons echoed the notion that behavior affects morality, saying: “Combining innovation with ethics is a bit complicated.”
"Usually, innovation comes first, and sometimes we have very bad things happen. Ethics come next, because we focus on the outcomes of innovation."
He pointed to the FTX scandal, which he said was an example of the exact opposite of Satoshi’s “trust no, verify” philosophy.
"That's the problem with FTX," he said. "No one can prove it." Dozens of exchanges are rolling out proof-of-reserve so people can track the money and verify their trust, he added. "It's changing," he concluded.
