Vision and Regulation: The importance of having both to succeed in the long term
Some of our takeaways from attending the Immutable Blockchain Summit in Hong Kong, organised by Kinetic Capital.
The blockchain landscape is ever changing and is evolving at a rapid rate. What’s ‘new’ today could be considered ‘old’ tomorrow and just when we thought it was hard keeping up with developments in the technology, up comes another hot topic- regulations.
There are many opinions about the impact of regulations, some are concerned it will stifle innovation, while others feel a right set of regulations will nurture the market and could add legitimacy to it. As we edge closer to our token launch, one thing is certain, complying wholeheartedly with regulations will be beneficial for all parties. We firmly believe that well thought through regulations will stabilize the space and bring a new wave of opportunity for innovation.
“Innovation is the ability to see change as an opportunity- not a threat” — Steve Jobs
During the Immutable Blockchain Summit, Kristi L Swartz, managing partner of Bryan Cave Hongkong office, spoke at lengths about the current regulatory situation and advised the audience to constantly keep abreast with the latest updates. It is important to approach regulations with an open mind, comply with it and seek professional counsel actively because running into regulatory problems for failure to adhere is extremely troublesome and costly to resolve.
Shortly after, Henri Arslanian, PwC FinTech and RegTech lead for China and Hongkong, shared about the best practices for token launch and gave a break down of the importance of KYC/AML frameworks, tax considerations, complying with token sale agreements and many other areas. To find out more, refer to his presentation materials here!
The segment which was the most captivating was a panel discussion with the CEOs from Akropolis, Bluezelle and SingularityNET about the path to a successful ICO. They shared their personal stories of their inspirations, the challenges they faced and unanimously agreed on the single most important factor for success, a good team. A dream can only become a reality when acted upon and having a team with good synergy, a united vision and willingness to forge ahead despite obstacles is vital to create an outstanding project.
When it comes to the vision of the technology, using blockchain to create utility is important because that helps to bring adoption to the masses, but what is even more important is to constantly try to add value back to the technology. A decentralized platform can only flourish when the community contributes actively to it and seek to continuously improve it.
“Ask not what blockchain technology can do for you, ask what you can do for blockchain technology” -Reddit
Attending the Immutable Blockchain Summit was insightful and a great learning experience for the SWIPE team. We are excited to bring you more updates about our project as we get closer to our launch!
To find out more about SWIPE, check out our website and follow us!
Medium: https://medium.com/swipecrypto
Telegram: https://t.me/swipecrypto
Facebook: https://www.facebook.com/swipecrypto/
