Digital Asset Alliance Round Table Kickoff Meeting #1
Digital Asset Alliance is a NEO backed initiative discussing security token related issues. We aim at building an open-source platform for the security token life-cycle service providers, and developing best practices for the growth of tokenized networks.
- 9:00–10:00p.m., GMT+8
- Keynote remark
- Projects Introductions and Discussions
- Drey Ng(Liquefy , HK+ Singapore, https://www.liquefy.com/ )
- Keren Yin(Hashgard, China, https://www.hashgard.io/#/ )
- Nir Geffen and Noah Gaynor(Better Alternatives, Israel)
- Lewis Cohen and Rodrigo Seira (DLx law firm, USA, https://dlxlaw.com/ )
- Johnson Zhao, Tamar Salant, Sarah Song, Jiaying Li and David Chen(NEO-NGD team, https://neo.org/ )
2. Important Links:
- NEO Compliance Hub: https://neo-project.github.io/global-blockchain-compliance-hub/
- NEO STO standards GitHub discussion: https://github.com/neo-project/proposals/issues/81
- Hong Kong SFC Statement on regulatory framework for virtual asset: https://www.sfc.hk/web/EN/news-and-announcements/policy-statements-and-announcements/reg-framework-virtual-asset-portfolios-managers-fund-distributors-trading-platform-operators.html
- Global STO Market Report from Hashgard : http://hashgard-io.oss-cn-hongkong.aliyuncs.com/Hashgard-Lab-STO-Report.pdf
3. NGD, Johnson
- Security token is a very interesting topic and NEO will take efforts to bring different players together to learn the needs in different jurisdictions and develop best practices for the growth of the tokenized networks.
- NEOID project is under discussion. It may bring technical support for security issuance in the future.
4. Project Introduction
DLx: a New York based capital markets lawyer firm focusing on security tokens and all aspects of capital markets that involve the use of blockchain technology.
Liquefy: a Hong Kong based end to end security issuance, distribution and trading platform.
Hashgard: a streamlined security token offering services provider.
Better Alternatives: a blockchain advisory company. It is helping several projects on their STO journey. Better Alternatives is also raising the second fund which is going to invest blockchain based project.
5. Sarah: What’s the key issues of driving adoption of STO?
Lewis: “Security regulation is challenging because it pertains in somewhat different ways in every different jurisdiction. To be successful with security tokens we need an open and flexible platform that accommodate the regulatory requirements in different jurisdictions.
Security token standard also needs to be adaptable because much of the regulation is in flux.”
Rodrigo: “Selecting good assets and finding ways in which that token framework gives added functionality are the key issues of driving adoption of this model.”
Drey:“Many people are still not familiar with blockchain technology. Education is very much needed. Interoperability is also important since different jurisdictions are using different protocols.”
Nir:“Liquidity is one of the major issue. There’s very little liquidity available in the market right now. There’s the opportunity over there if we can solve liquidity on a global level. We’ll see additional opportunities on different companies, not only real estate, but also art collections, renewable energies and etc.”
6. Sarah: What’s the plan for next year?
Liquefy: will start the first STO deal in the first quarter of year 2019. And Liquefy hopes to build a complete infrastructure for issuing, distributing and trading security token hopefully in 2019.
Hashgard: will finalize the STO standard next year. And for the public chain platform, we will involve more parties to offer streamlined services for each project.
DLx: expect to see legislative action at the state level and more guidance from the federal level. For example, SEC has promised to issue a clear guidance potentially at the end of the year 2019. But we don’t expect that there will be a big change in the regulatory framework.
Better Alternatives: will work on the education to educate potential issuers and investors. And hopefully we’ll mange to bring one or two good opportunities into raising fund through STO at least in US market in the first or second quarter of next year.
NGD will keep holding roundtables with different players which including issuance platform, KYC/AML provider, broker-dealer, OTC platform, security token exchange, custodian, and etc.
The team has also created Global Blockchain Compliance hub:
Blegium: Non-profit/For-profit Company Registry Requirements Belgium: Team Member Nationality Requirements Belgium: Tax…neo-project.github.io
We’d like to invite NEO global community to join us, and together create a public sourcing platform of compliance and regulation.
Disclaimer: The information contained in this article has got approvals from all attendees for publishing, and should not be construed as legal advice on any subject matter.