Genaro Network Talks Regulation and Disruption with Olga Feldmeier
Dublin, June 12 — The valley of Zug in Switzerland is known as the ‘Crypto Valley’ due to the concentration of crypto projects there, and Olga Feldmeier is its queen. The CEO and founder of the rising exchange platform Smart Valor took a moment out from her speaking role at the MoneyConf gathering in the Royal Dublin Society (June11–13) to discuss how regulation is affecting the cryptoeconomy and how disruption of hierarchies motivated her to throw herself into the blockchain uprising.
Over the course of the day Olga had participated in a panel discussion with Cofounders from Shapeshift (exchange platform) and Colu (digital wallet) and Noelle Acheson of Coindesk. Discussing the way forward for regulation, while the panel agreed there was a need for global rules to combat money laundering and fraudulent ICOs there was disagreement on how this should be achieved. Switzerland, where Olga’s personal involvement in creation of standards and better understanding has been significant, has recently laid out guidelines to classify cryptocurrencies set for launch via ICO. The distinction between Payment, Utility and Asset being key to this, setting up one’s stall as a fundamental ‘Payment’ token “means you need to engage in AML and KYC.”
Anti-Money Laundering and Know Your Customer are two basic financial principles that discussions on making the crypto-economy more legally compliant and user friendly tend to gravitate around.
Shapeshift, a token-to-token exchange, doesn’t deal with fiat. “You come in with crypto and you leave with crypto. They disagreed with me. Its like if I have my wallet in my pocket, why should I let someone do KYC on that? They felt that AML doesn’t work for crypto and puts a burden on businesses. I have to say as someone who worked in banks that this is not true — you can prevent money laundering by various measures, including limiting the amount of cash that can be brought in.”
Olga’s involvement in Xapo before it was established in Switzerland involved a long dialogue with Swiss authorities about whether the crypto-wallet could be categorized according to existing laws. This included the need to argue against the labeling of the company as a bank. Negotiation involved the basic consideration, “Do we want this kind of business involved in our country?”
Olga became a kind of translator and FINMA (the Swiss Regulator) accepted that Xapo would not have to apply for a banking and could be considered a Self-Regulating Organization (SRO).
Further investment in the space led Olga to found Smart Valor in 2017, a platform designed to “reinvent private banking” by bringing together a “disintermediated” network of investors, asset issuers, funds and facilitators, such as compliance providers and rating agents, all of it based on the Swiss regulatory system being put in place for cryptocurrencies.
Genaro asked Olga how she would argue against people like Warren Buffet, who seek to dissuade any- and everyone from participating in the new economy? Olga replied that it is “difficult to generalize investment in all the different areas [of crypto],” which includes investment in different tokens, in physical elements like the hardware infrastructure, etc. Yet as long as investors understand the risks that they are taking on, “why should they not” add a new technology to their portfolio?
On the larger question of adoption and acceptance, Olga expressed her core motivation over time — the chance for “democratization of finance” and to “reshape the balance” of the relationship between people and the state — including Ireland. The success of Bitcoin and the rush of diversity following it has shown that shared values and available technology can help disrupt the power of the heaviest of institutions and structures that shape our financial fortunes and our futures.
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The Genaro Network, the creator of the Blockchain 3.0 Ecosystem, is the first Turing-complete public chain that incorporates a decentralized storage network. Genaro’s original SPoR (Sentinel Proof of Retrievability) with PoS (Proof of Stake) mixed consensus mechanism aims to create a blockchain platform with a processing speed of tens of thousands of transactions per second, which opens the way for the technological shift to move data from centralized clouds to blockchain with decentralized storage. Genaro offers developers a one-stop combined platform for deploying smart contracts and storing the data needed for DAPPs, while also providing everyone with a more trustworthy Internet and a sharing community.
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