Tag Archives: india

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

India Legal Landscape Unchanged: Supreme Court Rejects Crypto Regulation Petition

India Legal Landscape Unchanged: Supreme Court Rejects Crypto Regulation Petition

The Supreme Court of India’s recent decision to dismiss a petition seeking the establishment of a regulatory framework for cryptocurrency trading has sparked significant discussion in the financial and legal communities. The petition, filed by a former director of a motion picture company who is currently in custody for alleged crypto fraud, was rejected on the grounds that it was a legislative matter beyond the court’s jurisdiction. This decision highlights the judiciary’s recognition of its limits in creating laws, especially in complex and emerging areas like cryptocurrency. In this article, I will analyze the implications of this decision and the challenges and opportunities for crypto regulation in India.

The petitioner, Manu Prashant Wig, was accused by the Economic Offence Wing (EOW) of the Delhi Police in 2020 of deceiving investors with promises of high returns from crypto investments. The case against Wig gained momentum as 133 investors reported being victims of the scheme. Seeking relief, Wig filed a Public Interest Litigation (PIL) for crypto trading regulations in India, which the Supreme Court eventually rejected.

During the hearing, the Supreme Court advised Wig to seek legal remedies through appropriate channels, specifically for bail. Consequently, the court highlighted its inability to issue directives under Article 32 of the Constitution for such legislative matters. Article 32 empowers the Supreme Court to issue writs for the enforcement of fundamental rights, but it does not authorize the court to make laws or policies. The court also noted that the government was already working on a regulatory framework for cryptocurrencies, informed by recommendations from the International Monetary Fund (IMF) and the Financial Stability Board (FSB).

The Supreme Court’s decision to reject the PIL signifies a clear demarcation between judicial and legislative responsibilities. Moreover, it reflects the complexities and challenges in regulating emerging technologies like cryptocurrencies. As India moves closer to formulating a comprehensive crypto regulatory framework, this decision reinforces the need for legislative action to address the growing concerns and interests in the crypto market. The outcome of these developments is keenly awaited by investors, legal experts, and the crypto community alike, as it will shape the future of cryptocurrency trading in India.

Cryptocurrencies are digital or virtual currencies that use cryptography to secure and verify transactions and to control the creation of new units. They operate on decentralized networks that are not controlled by any central authority or intermediary. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, Ripple, and Litecoin.

Cryptocurrencies offer several advantages, such as faster and cheaper cross-border payments, greater financial inclusion, enhanced privacy and security, and lower transaction costs. They also pose several risks, such as volatility, cyberattacks, fraud, money laundering, tax evasion, and regulatory uncertainty.

India has a large and growing crypto market, with an estimated 15 million crypto users and over 350 crypto startups. However, the legal status of cryptocurrencies in India has been unclear and inconsistent. In 2013, the Reserve Bank of India (RBI) issued a cautionary advisory on the potential risks of dealing with virtual currencies. In 2017, the government set up an inter-ministerial committee to study the issues related to cryptocurrencies and propose a legal framework. In 2018, the RBI banned banks and other regulated entities from providing services to crypto businesses and individuals. In 2019, the committee submitted its report and draft bill, which recommended a complete ban on private cryptocurrencies and the creation of a digital rupee by the RBI. In 2020, the Supreme Court quashed the RBI’s ban, stating that it was disproportionate and violated the constitutional right to trade. In 2021, the government introduced the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the Parliament, which seeks to prohibit all private cryptocurrencies except for certain exceptions and to provide for the establishment of a digital currency by the RBI. However, the bill has not been passed yet and its details are not publicly available.

The lack of a clear and consistent legal framework for cryptocurrencies in India has created confusion and uncertainty among the stakeholders. The crypto industry has faced several challenges, such as a lack of access to banking services, regulatory hurdles, operational difficulties, and reputational damage. Crypto users have faced several risks, such as a lack of consumer protection, legal recourse, and tax clarity. The government has faced several dilemmas, such as balancing innovation and regulation, protecting national security and public interest, and aligning with global standards and best practices.

The need for a comprehensive and coherent crypto regulatory framework in India is evident and urgent. Such a framework should aim to achieve the following objectives:

  • To recognize and define cryptocurrencies as a distinct asset class with appropriate legal status and classification.
  • To establish a competent and independent regulatory authority to oversee and regulate the crypto market and its participants, such as exchanges, wallets, custodians, brokers, and investors.
  • To provide clear and consistent rules and guidelines for the crypto industry and users, such as licensing, registration, reporting, disclosure, compliance, auditing, taxation, and dispute resolution.
  • To protect the rights and interests of the crypto users, such as privacy, security, transparency, accountability, and redressal.
  • To prevent and combat the misuse and abuse of cryptocurrencies for illegal and illicit activities, such as money laundering, terrorism financing, fraud, and cybercrime.
  • To promote and support the innovation and development of the crypto ecosystem, such as research, education, awareness, adoption, and integration.
  • To foster and facilitate cooperation and coordination among the relevant stakeholders, such as the government, the RBI, the regulators, the industry, the users, and the international bodies.

A comprehensive and coherent crypto regulatory framework in India would benefit all the stakeholders. It would provide legal certainty and legitimacy to the crypto industry and users, and enable them to access and leverage the opportunities and advantages of cryptocurrencies. It would also enhance the efficiency and effectiveness of the government and the regulators, and enable them to address and mitigate the risks and challenges of cryptocurrencies. It would also contribute to the growth and development of the crypto ecosystem and position India as a global leader and hub for crypto innovation and adoption.

The Supreme Court of India, led by Chief Justice Chandrachud, has shown wisdom and restraint in dismissing the petition for crypto trading regulations. The court has rightly recognized that it is not its role to make laws or policies, especially in complex and emerging areas like cryptocurrency. The court has also rightly acknowledged that the government is already working on a regulatory framework for cryptocurrencies, and has deferred to its authority and expertise. The court has thus upheld the constitutional principle of separation of powers and the rule of law.

“In my analysis of the recent Supreme Court decision, I, Anndy Lian, emphasize the crucial role this ruling plays in defining the boundaries between judicial and legislative responsibilities. The dismissal of the petition underscores the judiciary’s recognition of its limitations in shaping laws, particularly in intricate domains like cryptocurrency. As we anticipate India’s journey towards a comprehensive regulatory framework, it becomes evident that legislative action is paramount to addressing the multifaceted concerns and opportunities within the crypto market.”

The ball is now in the court of the government and the legislature. They have the responsibility and the opportunity to create a comprehensive and coherent crypto regulatory framework for India, that balances the interests and needs of all the stakeholders, and that reflects the realities and aspirations of the crypto market and community. The time is ripe and the stakes are high. The government and the legislature should act swiftly and wisely, and deliver a crypto regulatory framework that is fair, progressive, and visionary.

 

 

Source: https://in.investing.com/analysis/india-legal-landscape-unchanged-supreme-court-rejects-crypto-regulation-petition-200602707

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

India’s Digital Economy: Modi’s Call for Global Crypto Regulation and Ethical AI

India’s Digital Economy: Modi’s Call for Global Crypto Regulation and Ethical AI

When we contemplate the words “cryptocurrencies” and “artificial intelligence,” a myriad of thoughts and emotions may rush into our minds. These terms are emblematic of innovation and opportunity for some while evoking risk and uncertainty for others. They beckon visions of the future, where our lives are transformed by technology, but they also cast shadows of doubt and concern. These questions have gained renewed significance as Indian Prime Minister Narendra Modi, in his capacity as the G20 president, calls for a global framework to regulate these transformative technologies and ensure their responsible and beneficial utilization.

Cryptocurrencies and artificial intelligence (AI) are two of our era’s most disruptive forces. They possess the potential to revolutionize industries, introduce fresh opportunities, and address previously insurmountable challenges. However, they also bring significant risks and uncertainties, including price volatility, illicit activities, environmental concerns, ethical dilemmas, and societal implications. As such, we must establish a comprehensive global framework to oversee these technologies and steer them toward responsible and advantageous outcomes.

This article will examine the compelling arguments and initiatives of Indian Prime Minister Narendra Modi, who has championed the cause of global regulation for cryptocurrencies and ethical AI. His endeavors align with India’s own stance on cryptocurrency regulations, which saw the introduction of a 30% tax on crypto gains in 2022. Moreover, Modi’s vision reflects India’s burgeoning prominence in AI, where the nation ranks fourth globally in terms of AI talent.

Cryptocurrency Regulation: A Global Imperative

Prime Minister Modi made these pivotal declarations during the 2023 B20 Summit, underscoring the necessity of international rules for cryptocurrencies due to their far-reaching impact. He likened this call for regulation to the standardized controls in the aviation industry, a sector vital for global connectivity and safety. Emphasizing the importance of safeguarding the interests of all stakeholders, particularly those in developing and emerging economies, Modi underscored the need to harness the potential of these technologies judiciously.

India has been actively engaged in international discussions on cryptocurrency regulation, capitalizing on its role as the G20 presidency for 2023. The nation has released a presidency note, outlining its recommendations for a global framework for crypto assets, grounded in the guidelines issued by prominent bodies such as the Financial Stability Board (FSB), the Financial Action Task Force (FATF), and the International Monetary Fund (IMF). This note also highlights the imperative to address cryptocurrencies’ macroeconomic challenges, such as price volatility, involvement in illicit activities, and environmental ramifications.

India’s proactive stance on cryptocurrency regulation is commendable, underlining its astuteness in recognizing the opportunities and risks of these technologies. India is home to a burgeoning cryptocurrency market, boasting over 15 million users and facilitating transactions exceeding $6.6 billion in value. The nation also nurtures a vibrant and innovative cryptocurrency ecosystem, boasting over 300 startups and 10 unicorns. Nevertheless, India confronts intricate legal and regulatory issues concerning cryptocurrencies, including their legal status, tax treatment, know-your-customer (KYC) norms, consumer protection, and cybersecurity.

Hence, India faces the delicate task of balancing its domestic interests with its global obligations. The nation must craft a regulatory framework for cryptocurrencies that is lucid and coherent, one that propels innovation and economic growth while ensuring adherence and accountability. India also must collaborate harmoniously with other nations to establish a unified set of standards and rules for cryptocurrencies, fostering trust and stability while respecting the diversity and sovereignty of individual nations.

Ethical AI: Charting a Responsible Path

Prime Minister Modi also accentuated the significance of embracing swift technological advancements while preserving the interests of all stakeholders. India’s growing prominence in the AI domain, ranking fourth globally in AI talent, positions it as a pivotal participant in shaping worldwide discussions on ethical AI and emerging technologies. Modi asserted that AI possesses the potential to revolutionize various sectors, including agriculture, healthcare, education, and manufacturing. Concurrently, he called for meticulous attention to its ethical deployment, recognizing the ethical dimensions linked to human values, rights, and responsibilities.

India has undertaken various initiatives to foster responsible AI, such as the National Strategy for Artificial Intelligence and the Responsible AI for Social Empowerment Summit. The nation has also entered into collaborative ventures with other countries to advance AI research and innovation, exemplified by the Global Partnership on Artificial Intelligence (GPAI) and the Indo-French Centre for Applied Mathematics (IFCAM). India has further harnessed AI applications for social causes, including disaster management, wildlife conservation, and women’s empowerment.

India’s proactive stance on ethical AI is indeed admirable, serving as a testament to its commitment to contributing to the global dialogue on AI governance and ethics. India has immense potential to leverage AI for the greater good, thanks to its population of 1.3 billion people, many of whom grapple with enduring challenges such as poverty, illiteracy, malnutrition, and disease. The nation’s rich and diverse cultural tapestry equips it to offer invaluable insights and perspectives on AI ethics and values.
As a consequence, India is confronted with the arduous task of balancing its technological aspirations with its social responsibilities. India must construct a robust and inclusive AI ecosystem that nurtures innovation and excellence while ensuring equity and justice for all. Moreover, India must harmonize its efforts with other nations to formulate a universal framework for ethical AI, one that respects human dignity and rights, while advancing human development and well-being.

India’s Vision: Leadership in the Digital Economy

Prime Minister Modi’s call for global cryptocurrency regulation and ethical AI encapsulates India’s overarching vision of ascending to a leadership role in the digital economy and innovation sphere. His pronouncements underscore India’s willingness to collaborate with other nations to shape these nascent technologies’ destiny. India, given its unique circumstances, bears both an unparalleled opportunity and a profound responsibility to occupy a pivotal role in shaping the global governance and ethics surrounding cryptocurrencies and AI. India should seize this moment and fulfill its mandate, as this endeavor will not only redound to its benefit but will also be a boon to the entire world.

Ending Remarks

In a world perpetually navigating the crossroads of innovation and responsibility, the clarion call by Indian Prime Minister Modi for global cryptocurrency regulation and ethical AI resonates as a beacon of foresight and prudence. As we stand on the precipice of a digital revolution, with cryptocurrencies and AI as the vanguards of change, Modi’s vision compels us to ponder our collective destiny.

Cryptocurrencies, with their tantalizing promises of financial inclusion and empowerment, and AI, with its boundless potential to augment human capabilities, beckon us forward. Yet, they also beckon us to consider the road we choose to traverse. Will we embrace these technologies with reckless abandon, stumbling into the abyss of unchecked consequences? Or will we heed the wisdom of international cooperation, shared values, and ethical compasses that ensure our journey is one of progress, equity, and shared prosperity?

The answer lies not only with India but with all nations, stakeholders, and individuals. We are at a pivotal juncture, and the choices we make today will reverberate through generations. Modi’s call is a reminder that leadership in the digital economy entails not just innovation, but a profound commitment to the greater good. As we contemplate the future of cryptocurrencies and AI, let us not forget the fundamental question: What kind of world do we want to create?

 

Source: https://in.investing.com/analysis/indias-digital-economy-modis-call-for-global-crypto-regulation-and-ethical-ai-200599314

 

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