Businesses using blockchain must operate within existing financial rules to avoid running into issues with their regulators.
Blockchain and cryptocurrency are some of the digital transformation technologies to watch out for this year.
In a Webinar organized by Kenya National Innovation Agency (Kenia) under the theme Redecentralise, Revalue and Reform Blockchain Businesses In 2023, Dr Tonny Omwansa, CEO, Kenia and Anndy Lian Inter-Governmental Blockchain Advisor and Book Author discussed key issues revolving around the usage of blockchain and cryptocurrencies.
On matters of regulation, Lian asked businesses not to push governments too hard noting that it takes between 2-3 years for a proper legal framework to be put in place.
Lian said it would be much easier for businesses to push blockchain and cryptocurrency usage approval through researchers, lobbyists and think tanks.
“Regulators work very closely with think tanks. Talk to your leaders, researchers and lobbyists and they will help you get to your regulators,” he said.
Dr Omwansa noted that regulators take a long time to approve some of the laws touching on the two technologies because it is their duty to protect their citizens.
Overall, the use of blockchain in digital transformation can lead to increased security, transparency, and efficiency in various industries. It was agreed that companies can improve their relationship with the government if they use blockchain in some of their processes such as record keeping.
When using these technologies, businesses were advised to operate within existing financial rules to avoid running into issues with their regulators.
While blockchain and cryptocurrencies are being touted for decentralization, Lian said it would be best if businesses to avoid going to extremes to cut off the government.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.