Regulating technology: Minimalism is the new mantra in 2018

In 2018 regulations would slightly catch up in the context of cyber security, cryptocurrencies and artificial intelligence

The year 2017 has seen some remarkable growth in the area of cyber security, cryptocurrencies and artificial intelligence (AI). Cyber security has grown massively in 2017, with a result that it is increasingly becoming a top priority for various stakeholders. Increase in cybersecurity breaches has demonstrated that existing legal frameworks are not adequate.

Cryptocurrencies have caught the imagination of the world at large. With an increasing use of technology such as blockchains for variety of cryptocurrencies, the cryptocurrency market has seen a massive growth. India is seeing a massive frenzy of Indians wanting to invest in bitcoins and cryptocurrencies when there are no legal frameworks concerning the same. 

Work on artificial intelligence has been going on for the last many decades.However, the kind of substantial push 2017 has given to artificial intelligence leaves no doubts in people’s minds that artificial intelligence will increasingly become a game-changer catalyst affecting our day-to-day lives.

While 2017 saw tremendous growth in cybersecurity, cryptocurrencies and artificial intelligence, it was also marked by an increasing realisation that there is a need for appropriate regulations to regulate these important sectors. 

Work in cybersecurity legislations has started happening. China leads the race by coming up with its dedicated national law on cybersecurity, which came into effect on June 1, 2017. The said law further saw its provisions being implemented strictly.

Similarly, other countries have also begun to come up with new draft legislations on cybersecurity. As regards cryptocurrencies and artificial intelligence, we have not seen any specific major legislative frameworks happening in 2017.

The year 2018 is a year of hope. It is expected to be a year where regulations would catch the areas of cybersecurity, cryptocurrencies and artificial intelligence. The year is likely to see far more countries increasingly realising the need for regulating cybersecurity and come up with national legislations on how to regulate various activities of protection and preservation of cybersecurity.

Discussions have already started happening at international levels to identify the norms of behaviour in the cybersecurity ecosystem. The advances of darknet are once again propelling law makers to increasingly look at, very seriously, regulating cybersecurity. The world is divided on the legalities of cryptocurrencies. However, 2018 is expected to be the year when countries are likely to come up with more clear legal frameworks to regulate cryptocurrencies.

Use of artificial intelligence has been growing rapidly. There is a need for adopting distinctive legal approaches for regulating artificial intelligence at an early stage. As artificial intelligence starts getting more mainstream, there would be a need to identify more legal and ethical issues concerning artificial intelligence.

However, if we expect that the year 2018 will be the year where all legal regulations will completely catch up in these sectors, then we are slightly under a mistaken notion. Legal regulations are work in progress. Legislation takes time to be conceived, to be discussed and to be negotiated and then passed by respective lawmakers. 

It is hoped that at least with increased sensitisation among the national stakeholders about the significance of regulating the emerging sectors such as cybersecurity, cryptocurrencies and artificial intelligence, governments and lawmakers will increasingly start looking at proactive methodologies of coming up with steps towards minimal enablement regulation of these sectors. Lawmakers need to understand that there is no urgent run to immediately regulate technologies. Minimal enablement has to be the mantra of lawmakers across the world. 

The writer is advocate, Supreme Court of India