Regulators and the Crypto World — Principled Discord Pt. 9
In the latest episode of Principled Discord, our host Thierry Arys Ruiz is interviewing Richard Olsen; CEO & founder of Lykke, the Swiss-based fintech firm, blockchain exchange, and financial product provider. Lykke’s mission is to build a new ecosystem for the outdated finance industry through the power of blockchain and new technologies to upgrade, support, and transform financial markets.
Since we are at a point in which there is a natural transition from technologies that were wholly centralized into one that is decentralized. There are several questions that arise such as: whether or not decentralization can co-exist with efficiency …Our host Thierry Arys Ruiz, asked these questions, and more that led to interesting discussions with Mr. Olsen.
Two main things are important to Mr. Olsen in terms of moving forward technologically are “the ability to transfer assets at any time” & “access to your funds”. The blockchain is allowing Lykke to do so at a much faster pace than with the use of old technologies.
Regulation is being considered worldwide in regards to cryptocurrencies and the capacity at which they operate. Switzerland has been a breeding ground for crypto regulation, Heinz Tännler, the President of the Swiss Blockchain Federation thinks that this time next year, “Switzerland will have a regulatory framework that is among the most advanced in the world “.
Crypto regulations by country map by VisualCapitalist, October 2019, Source: ComplyAdvantage
India’s current situation shows the clear disconnect between governments and individuals, when collectively people have decided that they are moving towards embracing new technologies, self-regulation is the best course of action. According to Mr. Olsen speaking on his own endeavor, “we have to be very proactive and put processes in place which prevent malpractice as opposed to waiting for the regulators to impose, we have to anticipate and make our tools much safer than what is existing”.
Mr. Olsen holds steadfast that education and cooperation are fundamental in order to see mass adoption. Interestingly making large-scale or dramatic changes to what currently is in place is not what Mr. Olsen most wants, “any change requires a lot of time… let’s do minimal change, the second thing, let’s be science-based” taking a scientific & engineering approach you can do so much more than previously thought possible.
Follow the link to watch the full episode of Principled Discord Podcast with Richard Olsen hosted by Thierry Arys Ruiz, and learn from two industry leaders about upcoming changes in the world’s financial system. Don’t forget to subscribe to Principled Discord’s YouTube channel to watch more episodes.