Vietnam in a Nutshell: Ethereum Hanoi Meetup + Cryptocurrencies & Digital Assets Dialogue
On September 15, Kyber Network, Tomochain, Global Shapers Hanoi and Up Co-Working Space graciously hosted an Ethereum Hanoi Meetup, held in Vietnam, Hanoi. We are honoured to have Chye Kit, our Chief Executive Officer (CEO) and Founder of traceto.io, invited to speak at the meetup. The event seeks to facilitate discussion amongst blockchain enthusiasts and provides a platform for knowledge sharing between developers and technologists.
At the meetup, Chye Kit shared why regulatory technology firms should promote regulatory inclusion and this can be done by utilizing technologies to automate, digitize and tokenize. He also highlighted the process on how traceto.io will bridge the compliance gap for our clients.
Concurrently, the Cryptocurrencies & Digital Assets Dialogue (CDAD 2018) was also held in Vietnam, Hanoi. Following the successful Blockchain Festival Vietnam organised by Regulus Investment & Capital Holdings, it took them only 3 months to debut the first official public-private dialogue about cryptocurrencies development and regulation for Vietnam.
Endorsed by Vietnam Ministry of Justice, many key Vietnam government officials and regulators were present at the event. The key highlight of this event was the release of draft policy on cryptocurrencies regulations set out by the Ministry of Justice. We are also pleased to meet many founders from various Blockchain and Crypto projects at the CDAD 2018.
We are honoured that Chye Kit was invited to be on the speaking panel at the CDAD 2018, where he spoke about the evolving regulatory trends and global efforts by FATF to issue consistent guidance regarding Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF). When asked about ICOs and cryptocurrencies, Chye Kit noted that there is currently a divergence of treatment in security token and utility token. We see countries like the US treating almost all tokens as security and no exchange would list an utility token. On the other hand, in Asia, it is completely reversed where almost every project will structure itself into an utility token so that they will be listed. This creates a massive regulatory arbitrage issue globally.
After the conference, Chye Kit also did an interview with Kyber Network and addressed the challenges that are frequently met while performing AML/KYC checks. He also mentioned that many people held the wrong assumption that CTF and AML is not applicable to their companies if they are not regulated by financial regulators. However, this is not the case and conducting a proper CTF and AML check is everyone’s responsibility. When there is a perception that ICOs and Cryptocurrency projects are full of scammers, regulators will tend to take a more hardline and conservative approach.
Find out more about what Chye Kit shared in the interview here:
Join us on our journey of revolutionizing KYC processes in RegTech, Blockchain and Crypto industry. We look forward to speaking to all of you again in the upcoming events!
About traceto.io
traceto.io is a decentralized Know Your Customer (KYC) network that provides an inclusive KYC solution to cryptocurrency and blockchain product companies by fusing Smart Contract and Artificial Intelligence technologies. Leveraging on over 5 decades of experience in Compliance and RegTech, traceto.io’s vision is to bridge the gap between the real and virtual world KYC processes.
Telegram: https://t.me/tracetoio
Telegram Announcements Channel: https://t.me/tracetoannouncements
Website: https://traceto.io/
Twitter: https://twitter.com/tracetoio
Facebook: https://www.facebook.com/traceto.io/
