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Crypto in India: Balancing Adoption and Regulatory Challenges

Crypto in India: Balancing Adoption and Regulatory Challenges
Imagine a country caught between the excitement of new digital money and the worry of keeping its financial system safe. That’s India right now, grappling with the world of cryptocurrency. It’s like walking a tightrope – lean too far one way, and you might miss out on a financial revolution; lean too far the other, and you risk financial chaos.

This balancing act has led to a series of back-and-forth decisions, leaving both crypto enthusiasts and government officials scratching their heads. India isn’t saying a flat-out “yes” or “no” to crypto. Instead, it’s trying to find a sweet spot where it can enjoy the benefits of this new technology without putting its economy at risk. But with the government sending mixed signals and a much-anticipated Crypto Bill still in the works, everyone’s left wondering: what’s next for crypto in India?

The Crypto Bill: A Work in Progress

The Crypto Bill has become somewhat of a legend in Indian crypto circles. Initially seen as a potential game-changer, it was expected to pave the way for a digital currency issued by the Reserve Bank of India (RBI), hinting at a progressive stance that could put India at the forefront of the CBDC revolution.

The reality has been more complicated. The bill, years in the making, has faced numerous revisions and delays. Its contents remain unclear, with conflicting reports about its stance on private cryptocurrencies. This lack of clarity has left the Indian crypto community uncertain about the future of their investments and businesses. The bill’s journey mirrors the global struggle to effectively regulate digital assets. While governments see the potential of blockchain and digital currencies, concerns about financial stability, investor protection, and illicit activities remain significant.

Mixed Messages from the Ministry of Finance

Adding to the complexity, India’s Ministry of Finance recently stated there are no proposals for legislation governing digital asset trading. This announcement surprised many, given the ongoing discussions about the Crypto Bill. This apparent contradiction reveals differing viewpoints within the Indian government regarding cryptocurrency regulation. It also highlights the challenge policymakers face in keeping up with the rapidly evolving crypto landscape.

The Ministry’s statement is open to interpretation. It could suggest a hands-off approach, allowing organic market evolution. It might indicate that the government is still formulating its position, preferring to observe global regulatory trends before committing to a specific course of action.

The Adoption Paradox: India and China

One intriguing aspect of India’s crypto story is the disconnect between regulatory caution and widespread adoption. Despite the government’s cautious stance and occasional anti-crypto rhetoric, India has seen a surge in crypto adoption. This phenomenon isn’t unique to India. China, despite taking a stricter approach with outright bans on cryptocurrency trading and mining, also continues to see strong crypto adoption among its citizens.

A Chainalysis report revealed that India ranked second largest crypto market in the world in terms of raw transaction volume, beating UK, Turkey and Russia. This high adoption rate, despite regulatory uncertainty, speaks volumes about the perceived value and potential of cryptocurrencies among the Indian population. The situations in India and China offer valuable insights for policymakers worldwide. They suggest that heavy-handed attempts to discourage crypto adoption may be ineffective and potentially counterproductive. Instead, a more nuanced and adaptive approach to crypto regulation may be necessary.

Self-Regulation: A Potential Bridge

Given the challenges of top-down regulation, there’s growing support for self-regulation within India’s crypto sector. This approach could offer a middle ground between unfettered market freedom and stringent government control.

Self-regulation in the crypto space could involve industry-led initiatives to establish best practices, implement robust KYC and AML procedures, and create consumer protection mechanisms. By proactively addressing regulatory concerns, the crypto industry could demonstrate its commitment to responsible growth and potentially ease some of the government’s apprehensions. Some Indian crypto exchanges have already taken steps in this direction. WazirX, a major Indian crypto exchange, has implemented stringent KYC procedures and collaborates with law enforcement agencies to prevent illicit activities.

Nevertheless, self-regulation has its limitations. I would argue that it may not sufficiently address all regulatory concerns and could potentially lead to conflicts of interest. Despite these challenges, self-regulation could play a crucial role in the short to medium term, especially given the current regulatory uncertainty.

The Current Landscape: Taxation and AML Measures

While India may lack a comprehensive crypto regulatory framework, it has taken steps to bring the sector under some form of oversight, primarily through taxation and anti-money laundering measures. The 2022 budget introduced a 30% tax on income from cryptocurrencies and other digital assets. Additionally, a 1% Tax Deducted at Source (TDS) was imposed on crypto transactions above a certain threshold. On the AML front, crypto exchanges operating in India must comply with the Prevention of Money Laundering Act (PMLA).

These measures represent a pragmatic approach to crypto regulation. By focusing on taxation and AML compliance, the government has found a way to exercise some control over the crypto sector without explicitly legalizing or banning cryptocurrencies.

Binance’s Regulatory Milestone in India

I believe this is a significant development that could reshape India’s crypto landscape. Global cryptocurrency exchange Binance achieved a major regulatory breakthrough on August 15, 2024. Binance announced its successful registration as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), marking its 19th global regulatory milestone. This registration underscores a pivotal shift in India’s approach to cryptocurrency regulation and offers a compelling case study of how international players can navigate the country’s evolving regulatory framework.

Binance’s registration demonstrates its commitment to adhering to India’s anti-money laundering (AML) standards, aligning with the government’s focus on preventing illicit activities in the crypto sector. It also allows Binance to fully operate its website and application for Indian users, providing them access to a comprehensive suite of crypto services and tools.

Binance CEO Richard Teng emphasized the significance of this milestone, stating, “Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users.”

This development is particularly noteworthy given India’s position in the global crypto landscape. India leads the world in grassroots adoption according to Chainalysis’ 2023 Global Crypto Adoption Index, India leads the world in grassroots crypto adoption, ranking in the top five by estimated transaction volume across various crypto platforms and protocols.

Binance’s successful registration and entry into the Indian market could serve as a catalyst for more comprehensive crypto regulations in India. It demonstrates that it’s possible for global crypto players to operate within India’s regulatory framework, potentially encouraging the government to develop more detailed guidelines for the industry.

The Need for Clarity: A Growing Chorus

Despite recent developments, there’s a growing chorus calling for greater regulatory clarity. The crypto industry in India argues that clear regulations are essential for the sector’s growth and for attracting institutional investments. They contend that regulatory uncertainty hampers innovation and puts India at risk of falling behind in the global crypto race.

Moreover, clear regulations could provide better protection for retail investors and help prevent illicit activities. The Supreme Court of India, in its 2020 judgment that lifted the RBI’s banking ban on crypto, emphasized the need for clear regulations, noting that the absence of regulations does not make an activity illegal by default.

Global Lessons: Charting a Path Forward

As India navigates its crypto regulatory journey, it can learn from global experiences. Different countries have adopted varying approaches to crypto regulation, ranging from outright bans to embracing cryptocurrencies as legal tender.

The United States has taken a largely fragmented approach, with different agencies exercising oversight based on their jurisdictions. In contrast, countries like Switzerland and Singapore have developed more comprehensive crypto-friendly regulations. El Salvador’s bold move to adopt Bitcoin as legal tender offers another interesting case study, albeit one that comes with significant risks and challenges. India could potentially carve out a middle path, drawing on these global experiences while tailoring its approach to its unique economic and social context.

Finding the Balance: Embracing the Inevitable

Looking ahead, it’s clear that India needs a balanced and nuanced approach to crypto regulation. The country’s large and tech-savvy population, coupled with its growing digital economy, presents immense opportunities in the crypto space. These opportunities however must be balanced against legitimate concerns about financial stability, consumer protection, and illicit activities.

A potential roadmap for India could involve developing clear legal definitions for cryptocurrencies, creating a regulatory framework that distinguishes between different crypto activities, establishing a licensing regime for crypto businesses, encouraging innovation through regulatory sandboxes, investing in public education about cryptocurrencies, and collaborating with international bodies to develop global standards for crypto regulation.

In conclusion, India’s journey with cryptocurrency regulation reflects the global struggle to come to terms with this disruptive technology. The high adoption rates despite regulatory uncertainty demonstrate that cryptocurrencies are not a passing fad, but a financial innovation that’s here to stay. By embracing the inevitability of crypto adoption and working towards clear, balanced regulations, India has the opportunity to position itself as a leader in the global crypto economy. This approach could unlock significant economic benefits while addressing legitimate regulatory concerns.

As India stands at this crucial juncture, the decisions it makes regarding crypto regulation will have far-reaching implications, not just for its own economy, but for the global financial landscape. The world watches with keen interest as this crypto conundrum unfolds in one of the world’s largest and most dynamic economies.

 

Source: https://www.securities.io/crypto-in-india-balancing-adoption-and-regulatory-challenges/

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”.

www.anndy.com
j j j

Crypto Startups in Europe: Opportunities and Challenges

Crypto Startups in Europe: Opportunities and Challenges

The cryptocurrency industry has been growing rapidly in the past decade, with more and more people adopting digital assets as a form of payment, investment, and innovation. According to a recent report, crypto is highly adopted by emerging and frontier markets in 2023, with Central & Southern Asia and Oceania (CSAO) region leading the charts. Eastern Europe is also ranked amongst the top 5. However, not all regions are equally friendly to crypto startups, as they face different regulatory, technical, and social barriers.

In this article, I will explore the opportunities and challenges for crypto startups in Europe, one of the world’s most developed and diverse regions. I will also compare the European cryptocurrencies landscape to that of South East Asia (SEA) and the Middle East, two other regions with high potential for crypto growth. I will argue that Europe offers a favorable environment for crypto startups but also faces some risks and uncertainties that need to be addressed.

Opportunities for Crypto Startups in Europe

Europe is home to some of the most innovative and successful crypto startups in the world, such as Bitpanda and Ledger. These startups have benefited from several factors that make Europe an attractive destination for crypto entrepreneurs, such as:

  • A large and diverse market: Europe has a population of over 741 million people, with a high level of internet penetration, financial inclusion, and education. The European Union had the second-largest GDP in the world in 2024, with $19.35 trillion, after United States. Moreover, Europe has a variety of cultures, languages, and preferences, which creates a rich and dynamic market for crypto products and services.
  • A supportive and harmonized regulatory framework: Europe has been one of the pioneers in regulating the crypto industry, with the aim of providing legal clarity, consumer protection, and market integrity. The European Commission proposed the Markets in Crypto-Assets Regulation (MiCA), which aims to create a comprehensive and uniform set of rules for crypto assets across the EU. MiCA covers aspects such as licensing, supervision, disclosure, governance, and risk management for cryptocurrencies service providers, as well as defining the legal status and requirements for different types of crypto assets, such as stablecoins and utility tokens. MiCA is expected to come into full force and will create a level playing field and a single market for crypto startups in Europe.
  • A vibrant and collaborative ecosystem: Europe has a strong and diverse crypto community, with many events, meetups, hackathons, and conferences that foster innovation and collaboration. For example, BLOCKCHANCE 2023 is one of Europe’s leading blockchain event, with over 5,750 attendees, 370 speakers, and 100 exhibitors.

Challenges for Crypto Startups in Europe

Despite the favorable conditions for crypto startups in Europe, there are also some challenges and risks that need to be considered, such as:

  • A fragmented and competitive market: While Europe has a large and diverse market, it also has a fragmented and competitive one, with different countries having different levels of crypto adoption, awareness, and regulation. The top European countries by crypto adoption were Ukraine, Romania, Poland, and the Czech Republic, while the bottom five were France, Germany, Italy, Spain, and the UK. This means that cryptocurrencies startups need to tailor their products and services to different customer segments, preferences, and needs and comply with local laws and regulations. Moreover, Europe has a high level of competition among crypto startups, as well as traditional financial institutions that are entering the crypto space, such as banks, payment providers, and fintech companies. This means that crypto startups need to differentiate themselves and offer value-added services to attract and retain customers.
  • A volatile and uncertain regulatory environment: It still faces some volatility and uncertainty, as the regulation is still evolving and subject to changes and challenges. When I spoke to my contacts, they said that MiCA has been criticized for being too restrictive, complex, and costly for crypto startups, especially small and medium-sized ones. Some of the issues raised include the lack of proportionality, the lack of clarity on the scope and definitions of cryptocurrencies assets, the high capital and operational requirements, and the potential conflicts with existing national and international traditional finance regulations. Moreover, MiCA may face some resistance and delays from some members and legal challenges from some crypto service providers, which could create some uncertainty and instability for the crypto industry in Europe.
  • A potential backlash and resistance from the public and authorities: It also have some backlash and resistance from some segments of the public and authorities, who may perceive crypto as a threat to the established financial system, the social order, and the environment. For example, some people may view crypto as a tool for illicit activities, such as money laundering, tax evasion, and terrorism financing, and may demand more regulation and oversight from the authorities. Some people may also view cryptocurrencies as a source of instability, speculation, and inequality, and may oppose its adoption and integration into the mainstream economy. Some people may also view crypto as a source of environmental harm, due to its high energy consumption and carbon footprint, and may advocate for more sustainable and green alternatives. These negative perceptions and attitudes may create some social and political challenges for crypto startups in Europe, as they may face more scrutiny, criticism, and opposition from some stakeholders.

Comparison with South East Asia and Middle East

South East Asia and Middle East are two other regions with high potential for crypto growth, as they have large and young populations, high internet and mobile penetration, and low financial inclusion. However, they also have different opportunities and challenges for crypto startups, compared to Europe. Here are some of the main differences:

  • South East Asia has a more dynamic and diverse cryptocurrencies market, with higher adoption, innovation, and competition levels. They also have a more innovative and competitive crypto ecosystem, with many local and regional crypto startups, such as Coinhako and Coins.ph, as well as global players, such as OKX and BlockFire. However, it also has a more fragmented and uncertain regulatory environment, with different countries having different levels of openness, clarity, and enforcement of crypto rules. For instance, Singapore has been one of the most crypto-friendly jurisdictions in the world, with a clear and comprehensive regulatory framework, while Indonesia and Malaysia have been more restrictive and cautious, with bans on crypto payments and strict licensing requirements. Thailand, on the other hand, is more welcoming, with Binance starting a digital asset exchange, their first Southeast Asian operation. Moreover, SEA also faces some infrastructural and educational challenges, such as low internet speed and quality, high transaction costs and fees, and low crypto literacy and awareness among the public.
  • Middle East has a more nascent and untapped cryptocurrencies market, with lower levels of adoption, innovation, and competition. Middle East ranked high by crypto adoption, behind Europe, Africa, North America, and Asia Pacific, with Turkey, Iran, and Saudi Arabia among the top 20 countries. They also have a more nascent and untapped crypto ecosystem, with few local and regional crypto startups, such as BitOasis. They have a more supportive and progressive regulatory environment, with some countries embracing and promoting crypto as a strategic opportunity, such as the UAE, Bahrain, and Israel. In contrast, others, such as Turkey, Iran, and Lebanon, are more tolerant and pragmatic. Moreover, Middle East also has some cultural and social advantages, such as a high level of trust and interest in crypto among the public.

Conclusion

In conclusion, Europe offers a favorable environment for crypto startups, as it has a large and diverse market, a supportive and harmonized regulatory framework, and a vibrant and collaborative ecosystem. However, Europe also faces some challenges and risks, such as a fragmented and competitive market, a volatile and uncertain regulatory environment, and a potential backlash and resistance from the public and authorities.

Compared to South East Asia and Middle East, Europe has a more mature and developed cryptocurrencies market, with higher levels of regulation, innovation, and competition. However, South East Asia and Middle East have more dynamic and untapped crypto markets with higher levels of adoption, opportunity, and interest.

In my humble opinion, Europe is still a force to be reckoned with for sure. Therefore, crypto startups should consider the opportunities and challenges of each region and tailor their products and services to the specific needs and preferences of each market. Crypto startups should also leverage the strengths and advantages of each region, and collaborate and learn from each other to create a more inclusive, diverse, and sustainable crypto industry.

This article is written by Anndy Lian. He is the book author of NFT: From Zero to Hero. Find him on his website and twitter.

 

Source: https://www.cointribune.com/en/crypto-startups-in-europe-opportunities-and-challenges/

FAQ

What factors make Europe an attractive destination for crypto startups?

Anndy Lian mentioned that Europe is appealing to crypto startups due to its large and diverse market, high internet penetration, financial inclusion, and education. Additionally, a supportive and harmonized regulatory framework, exemplified by the Markets in Crypto-Assets Regulation (MiCA), provides legal clarity, consumer protection, and market integrity.

How does the regulatory environment in Europe compare to that in South East Asia?

Anndy Lian said that Europe has taken a pioneering role in crypto regulation with MiCA, creating a comprehensive and uniform set of rules. In contrast, South East Asia has a more dynamic and diverse market but faces a fragmented and uncertain regulatory environment, varying between countries such as Singapore's crypto-friendly approach and Indonesia's restrictive stance.

What challenges do crypto startups in Europe encounter in the competitive landscape?

Despite a large and diverse market, Europe presents challenges for crypto startups, including a fragmented and competitive market. Different countries exhibit varying levels of crypto adoption, awareness, and regulation. Startups must tailor their products to diverse preferences, comply with local laws, and differentiate themselves to navigate both crypto and traditional financial institution competition.

How does the public perception of cryptocurrencies in Europe contribute to potential challenges for startups?

There's potential backlash and resistance from segments of the public and authorities who view crypto as a threat to the established financial system, social order, and the environment. Concerns include the perception of crypto as a tool for illicit activities, source of instability, speculation, and environmental harm. Startups may face scrutiny, criticism, and opposition from stakeholders.

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”.

www.anndy.com
j j j

How Crypto Exchanges Should Be Regulated: Challenges And Scenarios For 2024 And Beyond

How Crypto Exchanges Should Be Regulated: Challenges And Scenarios For 2024 And Beyond

Crypto exchanges, the platforms that allow users to buy, sell, and trade cryptocurrencies and other digital assets, have been at the center of the crypto industry’s growth and innovation. However, they have also been the source of many controversies and risks, such as hacks, frauds, scams, market manipulation, money laundering, and tax evasion. As the crypto market matures and attracts more attention from regulators, investors, and the public, the question of how crypto exchanges should be regulated becomes more urgent and complex.

The Current State Of Crypto Exchange Regulation

The current state of crypto exchange regulation is fragmented, inconsistent, and uncertain. Different jurisdictions have different approaches and standards for crypto exchanges, ranging from outright bans to laissez-faire policies to comprehensive frameworks. Some of the key regulatory issues and challenges that crypto exchanges face include:

  • The legal status and classification of crypto assets: Crypto assets, such as Bitcoin, stablecoins, and tokens, have different features and functions, and may belong to different legal categories, such as securities, commodities, currencies, or something else. Depending on the category, crypto assets may have to follow different rules and regulations, such as registration, disclosure, reporting, taxation, and consumer protection. But there is no global agreement or clarity on how to define and classify crypto assets, and different regulators may have different views and opinions.
  • The jurisdiction and authority of regulators: These platforms operate globally and in a decentralized way, often serving customers across borders and countries. But regulators may have different scopes and powers to oversee and enforce them, depending on where they are, where they are registered, where they are incorporated, or where they operate. They may have to deal with conflicting or overlapping regulatory requirements or expectations from different regulators, or they may try to avoid or escape regulation by moving or hiding their operations or assets.
  • The applicability and interpretation of existing laws and regulations: These platforms may have to follow existing laws and regulations that apply to traditional financial institutions or intermediaries, such as anti-money laundering (AML), counter-terrorism financing (CTF), know-your-customer (KYC), investor protection, market integrity, and prudential standards. But these laws and regulations may not be fully suitable or relevant, as they may not capture the unique features and risks of crypto assets and activities, such as decentralization, anonymity, volatility, and innovation. Moreover, these laws and regulations may vary across countries and may be subject to different interpretations and implementations by regulators and courts.

The Future Scenarios Of Crypto Exchange Regulation

The future scenarios of crypto exchange regulation are uncertain and dynamic, as they depend on various factors, such as the evolution of the crypto market, the development of the regulatory frameworks, the actions and reactions of the regulators and the industry, and the emergence of new technologies and innovations. However, based on the current trends and signals, some of the possible scenarios that crypto exchanges may face in 2024 and beyond include:

  • Scenario 1: Global harmonization and standardization: In this scenario, global regulators and standard-setters, such as the Financial Action Task Force (FATF), the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), and the International Organization of Securities Commissions (IOSCO), work together to create and apply a consistent and coherent set of rules and guidelines for these platforms, based on common principles and best practices. They have to follow these rules and guidelines, no matter where they are or operate, and are subject to regular supervision and enforcement by competent authorities. They also benefit from regulatory clarity and certainty, as well as enhanced trust and legitimacy among investors and the public. But they also face increased compliance costs and risks, as well as reduced innovation and competition, as they have to stick to strict and uniform standards that may not fit their specific needs or preferences.
  • Scenario 2: Regional integration and differentiation: In this scenario, regional regulators and authorities, such as the European Union (EU), the Association of Southeast Asian Nations (ASEAN), and the African Union (AU), create and apply their own regional frameworks and initiatives for these platforms, based on their regional goals and priorities. They have to follow these regional frameworks and initiatives, depending on where they are or operate, and are subject to regional supervision and enforcement by regional bodies or agencies. These platforms benefit from regulatory alignment and cooperation, as well as tailored solutions and opportunities, within their respective regions. But also face regulatory fragmentation and confusion, as well as limited access and exposure, across different regions, as they have to deal with different and divergent standards that may create barriers or conflicts.
  • Scenario 3: Local adaptation and experimentation: In this scenario, local regulators and authorities, such as the US, China, India, and Switzerland, create and apply their own local policies and measures for these platforms, based on their local conditions and interests. They have to follow these local policies and measures, depending on where they are or operate, and are subject to local supervision and enforcement by local agencies or courts. These platforms benefit from regulatory flexibility and diversity, as well as customized support and incentives, within their respective jurisdictions. They also face regulatory uncertainty and volatility, as well as increased complexity and risk, across different jurisdictions, as they have to cope with different and changing standards that may create uncertainty or instability.

To Sum Up

Crypto exchanges are a vital and vibrant part of the crypto industry, but they also pose significant challenges and risks for regulators, investors, and the public. As the market evolves and matures, the question of how they should be regulated becomes more urgent and complex. The future scenarios of crypto exchange regulation are uncertain and dynamic, and may vary across different levels and dimensions, such as global, regional, and local. They may face different regulatory outcomes and implications, depending on the scenario that prevails or emerges. They may need to prepare and adapt for different regulatory scenarios, by enhancing their regulatory awareness and compliance, engaging and collaborating with regulators and stakeholders, and leveraging their innovation and differentiation.

 

Source: https://www.benzinga.com/23/11/35682896/how-crypto-exchanges-should-be-regulated-challenges-and-scenarios-for-2024-and-beyond

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”.

www.anndy.com
j j j