Actually, you need both, the technical feasibility and the regulatory framework. Thales or Honeywell can design marvellous things, they will remain very expensive prototypes in the absence of regulatory material, to ensure their marketability. Requirement and Advisory Material will provide some minimum specs as well as ensure standardisation (a vital aspect for CVR/DFDR), and will typically mandate the equipment or give it some kind of credit (replacing older equipment or allowing further operational possibilities) so that it can be access the market.
As an example, EASA has published various NPA (Notice of Proposed Amendment) and is funding research on the topic, just Google it.