Additional Comments by Anndy Lian on Singapore’s approach to regulation of crypto and digital asset activities

Additional Comments by Anndy Lian on Singapore’s approach to regulation of crypto and digital asset activities

The initial article was published at Nikkei Asia and was republished on sites such as DealStreet and K. I hope to add more context to my comments.

Q1/ Singapore is warning investors about investing in cryptocurrencies while selectively giving licenses for crypto/digital asset platforms to operate. How contradictory is this approach and what are authorities exactly trying to achieve here?

Singapore’s approach is essentially one guided by the traditional finance structure, applying existing legal frameworks where possible, to protect the investing public. As a result, the regulators are proactive about warning individual investors about the risks in investing in cryptocurrencies, which is what you would expect.

But I do think Singapore’s approach is also very contradictory. I do not agree with the practice of selectively granting licences to different crypto entities. The whole process of selecting who to give the licence to is not very transparent in my opinion.

If you look at the licences that have been given out so far, to the brokerage arm of Southeast Asia’s largest lender DBS Bank, and Australian cryptocurrency exchange Independent Reserve, it gives the impression that the government is favouring big players and foreign exchanges.

Right now, a lot of crypto exchanges and startups who regard Singapore still as a crypto hub, are doing their very best to stay in Singapore and be licensed. But the truth of the matter is that most of them are effectively in regulatory limbo. They have no idea what exactly is going to happen next, whether or not their application will be approved.

What I would like to see is for the regulator, the Monetary Authority of Singapore (MAS), to take a more systematic and open-handed approach to licensing, so that every crypto business will have an equal opportunity to comply with its requirements.

 

Q2. What are the positive aspects and drawbacks of the way Singapore is approaching the regulation of crypto and digital asset activities?

The positive aspect is that Singapore is trying to build its own crypto ecosystem by embracing crypto exchanges and startups, and I think that is positive.

 The drawback in the current approach, and one that I really do not want to see, is for all intent and purposes an elitist model where only businesses that appear to be in favour with the regulator are able to get a licence in a reasonable time span.

 Singapore is obviously trying to both embrace crypto, and at the same time also trying to regulate the crypto sector to protect investors and the public at large. But it’s a difficult balance to strike, and without an impartial and transparent approach to licensing, they risk defeating the purpose of making cryptocurrencies available to all.

 Between crypto and traditional assets there are key differences, not least of which is their decentralized nature. As a result, whatever applied in the past to traditional assets might not work so well for cryptocurrency, because of the way it works and how people use it.

It comes down to the fact that Singapore needs to find new ways to regulate this dynamic new sector, without trying to rely on existing models that are no longer fit for purpose, if it’s to be a leading hub for cryptocurrencies in Southeast Asia and globally.

 

Q3. Which countries in Southeast Asia and the rest of Asian can perhaps best be able to emulate Singapore’s regulatory approach and why?

I believe South Korea and Hong Kong, with similar financial systems, can best emulate the whole regulatory approach, and by learning the lessons so far do it a lot better than Singapore. That said, the recent announcement by China banning crypto activities leaves the fight for the top spot for crypto in Southeast Asia up for grabs. As well as South Korea and Hong Kong, I also see Japan as a big threat to Singapore in the fight to be Asia’s crypto

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Crypto entrepreneurs find Singapore is not so hospitable after all

Cryptocurrency entrepreneurs lured to Singapore by its apparent openness to the burgeoning industry are discovering just how difficult it is to legally operate in the city-state.

More than 100 of the around 170 businesses that applied for licenses to offer “digital payment token services” have now been turned down or withdrawn their applications, according to the latest figures from regulators.

And scores more face an uncertain future, operating under exemptions but amid a darkening mood over the approval process.

In early September, the Monetary Authority of Singapore (MAS) ordered Binance, one of the world’s largest crypto exchanges, to stop providing services to residents in the city-state, and last week Binance’s Singapore-only affiliate announced it also was shutting down its trading platform for the city-state. Dozens are confronting a similar fate.

Dubai-based crypto exchange Bitxmi is one of 103 companies that appear on the latest MAS list of entities whose exemptions allowing them to operate have been removed. Having set up in Singapore in late 2018, it was unsuccessful in securing a license, chief executive officer Sanjay Jain told Nikkei Asia.

“We can’t operate in Singapore,” he said. “We have an office there, but it’s just more or less—there’s one person for our accounting and legal issues.”

Jain declined to speak about why his outfit did not manage to secure a license from regulators. “That, you need to ask them,” he said.

The introduction of the licensing regime in January was cast as the next step in building a thriving crypto sector and set up a contrast with Singapore’s rival Asian financial hub, Hong Kong, which had taken a more skeptical approach to crypto businesses.

Graph by Nikkei Asia.

A spokesperson for MAS told Nikkei that it is supportive of innovation in the use of blockchain technology, which underpins cryptocurrencies, while also recognizing the risks.

“Cryptocurrencies could be abused for money laundering, terrorism financing, or proliferation financing due to the speed and cross-border nature of the transactions,” the spokesperson said. “Digital payment token service providers in Singapore … have to comply with requirements to mitigate such risks, including the need to carry out proper customer due diligence, conduct regular account reviews, and monitor and report suspicious transactions.”

Rahul Advani, Asia-Pacific policy director at blockchain company Ripple, said Singapore’s stance on digital assets has resulted in the city-state being one of the most advanced and mature nations in the field, helping foster development and innovation in the emerging industry.

“It’s very clear where digital assets and related activities lie on the risk spectrum, so you mitigate the potential of developing and investing in technology that is unregulated,” he told Nikkei.

Crypto players that raced to set up in Singapore run the spectrum from exchange platforms for trading bitcoin, Ethereum, and other tokens, through investment managers and financial advisers looking after digital asset portfolios for the wealthy, to business-to-business outfits helping corporate clients accept cryptocurrency payments.

Outfits that were operating in the country prior to the introduction of the licensing regime were granted exemptions until the outcome of their license application is known. Senior Minister Tharman Shanmugaratnam told parliament in July that there were 90 companies operating under such exemptions.

The MAS website showed that the group had shrunk to about 70 as of December 14.

So far, only three players—DBS Vickers Securities, a unit of Singapore and Southeast Asia’s largest bank, DBS Group Holdings; digital payments startup FOMO Pay; and Australia’s Independent Reserve, which offers crypto exchange services—have been listed on the MAS website as licensed entities.

Two others—Coinhako, which operates a crypto exchange platform, and TripleA, a payments company—have put out announcements themselves saying they have acquired the necessary approvals to operate.

Anndy Lian, chairman of Netherlands-registered crypto trading platform BigONE Exchange, told Nikkei that his outfit does not intend to apply for a license in Singapore presently.

“The whole process of selecting who to give the license to is not very transparent,” he said. “It gives the impression that the government is favoring big players and foreign exchanges.”

MAS has not publicly disclosed why specific crypto players were unable to obtain a permit.

But Nikkei understands that some of them did not have the capacity or infrastructure to meet the high compliance standards set out by the financial regulator to deter money laundering and financing of terrorism.

“Cryptocurrencies are currently being used to channel the earnings of everything from ransomware proceeds, the sale of narcotics to some of the most horrific crimes, including human trafficking,” said Rachel Woolley, head of financial crime at client management solutions provider Fenergo.

“Regulators have now entered this space in an effort to protect the financial services industry from illicit activity in much the same way that activity involving fiat currency must be monitored.”

MAS pointed to comments from its managing director, Ravi Menon, who has said that Singapore does not need 160 players in the crypto sector and it may be better to have “half of them” operating at very high standards.

TripleA told Nikkei that in securing its permit, it had to ensure that its operating procedures for risk assessment, customer due diligence, record-keeping, suspicious transaction reporting, auditing, and training were up to snuff.

But its CEO, Eric Barbier, said TripleA gained little insight into what exactly made the difference between success and failure.

“MAS never talks. MAS asks questions and questions and questions,” he said. “You can ask questions but they will not answer, and most regulators are like this.”

Barbier reckoned that being a business serving other businesses may have helped secure a license. “Especially for consumer-to-consumer, like consumer exchanges and so on, the risk of money laundering is very high, so they need to demonstrate to MAS that they are able to mitigate all those risks accordingly,” he said.

Peiying Chua, financial regulation partner for Singapore at the law firm Linklaters, said it is unlikely MAS is specifically favoring big, incumbent financial players: “Likely reasons for unsuccessful applicants may include a lack of track record or key personnel without adequate experience, a lack of a sustainable business model or serious adverse records relating to directors and key individuals.”

“The regulatory approach by MAS may to some degree stifle innovation in smaller entrepreneurs and sift out smaller virtual asset service providers that may not be able to comply with the regulations,” said Quek Li Fei, partner at law firm CNPLaw.

But he added it “provides a more forward-thinking approach toward encouraging legitimate innovation and entrepreneurship in cryptocurrency and digital asset businesses, with a reasonable level of protection to investors.”

 

 

Source: https://www.dealstreetasia.com/stories/crypto-entrepreneurs-singapore-274592/

 

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 “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”.

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Anndy Lian: “DeFi will be too profitable to simply kill off with regulation”

Anndy Lian: “DeFi will be too profitable to simply kill off with regulation”

Decentralized finance (DeFi) poses both opportunities and challenges for governments and regulators coming out of the pandemic. Take the case of the USA where tricky new regulations around crypto have been tacked on the key infrastructure bill, lead by Senator Elizabeth Warren, including her urging Treasury Secretary Janet Yellen to identify and remedy risks posed by cryptocurrencies.

At the same time, you have countries like Kazakhstan, Canada, U.S.A. is benefiting from the migration of crypto miners following China’s crackdown, now allowing bitcoin to be used by their banks. The task for the DeFi sector is to carry on educating Governments and regulators on the benefits of DeFi especially in parts of the world where banking is hard to access, and in promoting crypto entrepreneurship for the future. Nevertheless, governments are trying to know more to get themselves fitted with the new DeFi trends.

DeFi is here to stay, that’s worth saying first and foremost. What shape it takes, and how much it will be a benefit to everyone rather than a select few, depends on all stakeholders working together. DeFi startups that take a proactive attitude, following best practices, and in dialogue with their regulators, will be in the best position to advance not just their business but also the interests of their customers. Obviously, recent examples such as Binance reigning in the amount of leverage they are offering for futures contracts show that it’s prudent to take account of the regulatory landscape.

As a pro-government crypto advisor myself, I emphasise the value of working with regulators and the public to explain the risks involved in different products are vital.

 

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Regulators are Coming for the DeFi Goose and Its Golden Eggs

  • There are two big sources of ambiguity: one is conceptual and linguistic, and the other relates to international consistency.
  • DeFi’s survival is “guaranteed” by the fact that it’s much too lucrative for governments to completely hobble it.

Regulation is becoming a very hot topic in the crypto industry as governments try to understand how they should respond to this still relatively new phenomenon. With United States-based crypto companies now fighting the infrastructure bill battle in the House after a defeat in the Senate, the industry could potentially look very different in a few years, after recently proposed rule changes have been implemented.

Various sub-sectors within crypto will likely be affected in different ways by incoming regulation, but one area that may be affected more than most is decentralized finance (DeFi). This is largely because, due to its arguably decentralized nature, it would potentially be very hard to carry out know-your-customer (KYC) and anti-money laundering (AML) checks on users if it becomes truly decentralized.

According to industry figures who spoke to Cryptonews.com, DeFi is currently dogged by vagueness, ambiguity and inconsistency in the application of existing rules, as well as proposed new laws. However, while most observers agree that DeFi will likely suffer from ongoing regulatory uncertainty in the short-to-medium term, they also say that regulators will ultimately choose to adopt guidelines that nurture – rather than nuke – the fledgling sector.

Ambiguity…and more ambiguity

The aforementioned infrastructure bill provides a good example of the kind of minefield that current and incoming regulations present to the DeFi world.

The original draft of the bill included decentralized exchanges and peer-to-peer marketplaces in its definition of “broker,” thereby encompassing much of DeFi with its proposal to subject all “brokers” to the requirement to report large transactions to the Internal Revenue Service (IRS).

Coin Center executive director Jerry Brito celebrated an amendment that sought to remove both decentralized exchanges and peer-to-peer marketplaces from the scope of the bill. However, a subsequent proposed amendment proposed altering the language yet again, so that only proof-of-work mining appeared to be excluded by the new definition of “broker.”

This isolated example illustrates just how tricky it will be for DeFi players to navigate future regulations.

But there are plenty more examples of this kind of lack of clarity and certainty. It’s a common feature of pretty much all laws and regulations that will affect the DeFi sector, from the European Commission’s recent anti-money laundering proposals to the Financial Action Task Force (FATF)’s soon-to-be-revised guidelines.

There are two big sources of ambiguity: One is conceptual and linguistic, and the other relates to international consistency.

Anndy Lian, the Chairman of the crypto exchange BigONE and the Chief Digital Advisor to the Mongolian Productivity Organization, said,

“At the FATF recent Plenary meeting in June this year, a key takeaway was the concern around the apparent lack of consensus across different jurisdictions and between industry players regarding the best way to comply with the Travel Rule. And while the private sector has led the way in developing solutions to enable implementation of the Travel Rule, ‘a majority of jurisdictions have not yet implemented the FATF’s requirements.’”

For Lian, the real issue and challenge for the DeFi sector is the uneven compliance with the Travel Rule across jurisdictions, which “poses real headaches for both DeFi businesses and their customers.”

But in terms of incoming and future regulation, there’s also a big problem related to semantics and conceptual clarity. According to the MakerDAO (MKR) community member PaperImperium, technical terms aren’t used consistently by regulators and the crypto industry, making it unclear as to what exactly policymakers want.

PaperImperium told Cryptonews.com:

“A great example of this is the debate around stablecoins. As the Gorton-Zhang paper from a few weeks ago makes clear, later confirmed by private discussions, even a term as simple as ‘stablecoin’ has a different meaning in policy circles than in the cryptoverse.”

Most people working within crypto would use the term “stablecoin” to signify any token that is purposefully trying to remain in a price band around a given benchmark. However, PaperImperium said, “policymakers and regulators are generally talking about redeemable-upon-demand-for-fiat tokens to the exclusion of algorithmically managed tokens.”

This creates a big headache for stablecoins such as DAI, which is generated by MakerDAO. In fact, prior to the recent infrastructure bill, the Democratic Representative Don Beyer has put forward a draft bill that would effectively outlaw all stablecoins that don’t meet certain regulatory criteria and aren’t registered by their issuer. The latter condition is something that DAI, for instance, could never meet.

Still, most people working within DeFi claim that regulation is not only inevitable, but good for the sector in the long term.

Layerzero, a member of MakerDAO’s Sustainable Ecosystem Scaling Core Unit Team, explained:

“I believe regulation is necessary and a sign that the industry matures. Not having legal certainty is a risk that hinders future growth.”

And Layerzero added,

“I welcome good regulation that provides legal certainty to market participants and that doesn’t hinder innovation, but of course, this is hard to achieve. The problem is that the current regulatory framework is outdated and was not designed for decentralized ledger technology.”

DeFi’s golden eggs

New proposals are coming thick and fast at the moment, and it’s uncertain what regulatory hurdles the DeFi ecosystem will have to clear in the months and years to come. It’s also uncertain whether all soon-to-be-imposed hurdles will actually be clearable, and whether further growth in DeFi sector might become somewhat restricted as a result.

Still, DeFi industry players estimate that the sector will endure for a long time to come, even if its mature form may be somewhat different from how it is now.

For ​​Skirmantas Januškas, the CEO and Co-founder of DappRadar, DeFi’s survival will be guaranteed by the fact that it’s much too lucrative for regulators and governments to completely obliterate.

He told Cryptonews.com:

“The sheer amount of wealth generated and locked into our industry – especially now, at a time when governments inject trillions into the economy by way of rescue packages to the detriment of, say, infrastructure and other long-term needs that must also be met – makes us the proverbial goose that laid the golden eggs. And the act of laying golden eggs is a potentially taxable event.”

Given that DeFi went from USD 1 billion in total value locked in to around USD 90 billion in just under a year (according to DeFi Pulse), most governments will want to extract a portion of the value it has generated for tax and public spending. In other words, they will seek to avoid imposing too-stringent regulation.

Januškas added:

“Regulators worldwide will likely seek to capitalize on our industry, just as we crypto natives have, and this places us in a very strong position in a dialogue that is only just starting. And while it may take years of regulations being proposed, effected, repealed, before we come to a solution that safeguards consumers’ and governments’ interests and still harbors innovation, the regulations that do come into force will likely work to DeFi’s advantage in the long run.”

Anndy Lian agreed that DeFi will be too profitable to simply kill off with regulation, regardless of how that regulation will end up looking in a few years. In his view (as someone who actually does advise governments), DeFi poses both opportunities and challenges for governments and regulators emerging from the coronavirus pandemic.

Lian said,

“The task for the DeFi sector is to carry on educating governments and regulators on the benefits of DeFi especially in parts of the world where banking is hard to access, and in promoting crypto entrepreneurship for the future. Nevertheless, governments are trying to know more to get themselves fitted with the new DeFi trends.”

The question is: how long will DeFi need to wait until authorities produce the clear regulations the sector needs to grow sustainably?

“In some areas, like tax or AML, it’s a matter of months. In some others, it’s unrealistic to expect full regulatory clarity even within years,” said Jacek Czarnecki, the Global Legal Counsel at MakerDAO.

Given the likely lengths of time involved, Czarnecki suggested that new DeFi projects should definitely engage in dialogue with regulators and policymakers.

Czarnecki told Cryptonews.com,

“We have pioneered such activities at Maker, and have been meeting with both multiple national regulators (including central banks) as well as international organizations (e.g. the OECD, FATF, the Financial Stability Board) since 2018. That has helped us gain trust and awareness among the regulatory community.”

Source: https://cryptonews.com/exclusives/regulators-are-coming-for-the-defi-goose-and-its-golden-eggs-11458.htm

 

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 “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”.

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Anndy Lian’s Speech on “Cryptocurrency Regulation & Commercialisation 2021” at Digital Assets Investment Conference

Anndy Lian’s Speech on “Cryptocurrency Regulation & Commercialisation 2021” at Digital Assets Investment Conference

Anndy Lian gave a speech on “Cryptocurrency Regulation & Commercialisation 2021” at the Digital Assets Investment Conference on 13 November 2020. Anndy is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. In his speech, he gave an overview of regulations for cryptocurrency globally for 2021 & beyond, commercial adoption & implementation, and finally trends to look out for in 2021.

An Overview

He started by sharing some positive headlines:

– Investment banking giant JPMorgan is about to see the first commercial transactions with its own cryptocurrency, JPM Coin.
– PayPal allows Bitcoin and crypto spending. It has gone live today.
– Jack Dorsey’s Square buys $50 million in bitcoin
– Mode allocated up to 10% of cash reserves to purchase #Bitcoin and adopt it as a treasury reserve asset
– DBS Bank Is Planning to Launch a Digital Asset Exchange
– 22 Indian Bank Branches to Begin Offering Crypto Banking Services
– Alibaba Founder Jack Ma: “Digital Currencies” Are the Future
– World’s Second-Biggest Bank, China Construction Bank (CCB) has tapped Labuan-based digital asset exchange Fusang for the issuance of $3 billion worth of debt securities over a blockchain.

Then he also shared the not so positive headlines:

– BitMEX founder arrested for violation of US anti-money laundering laws
– China’s OKEx halts cryptocurrency withdrawals after founder arrested
– $150M Stolen by Hackers from KuCoin Crypto Exchange

Based on the above, Anndy felt that this is a positive sign in his opinion and stated that the blockchain and cryptocurrency space is taking its shape. Regulations are catching up. Investors are more aware of what they are investing in. And it is heading for mainstream.

Government attitude

The surveyed countries have categorized cryptocurrencies differently for tax purposes, as illustrated by the following examples:

Israel→taxed as an asset
Bulgaria→taxed as a financial asset
Switzerland→taxed as foreign currency
Denmark→subject to income tax and losses are deductible
United Kingdom→corporations pay corporate tax, unincorporated businesses pay income tax, individuals pay capital gains tax

In Singapore, the nation has started recognizing cryptocurrencies in 2017. The Payment Services Act (PSA) in Singapore, which came into effect on 28 January 2020, stated that cryptocurrency businesses must obtain a license from MAS to comply with AML/CFT regulations. This expands to companies that both transfer cryptocurrency within Singapore and outside of Singapore.

Similarly, more forward-looking countries have also started their public consultation for specific crypto-related bills to be passed.

To sum up, in this part, Lian emphasizes that we have to follow the rules and be upfront and open when dealing on unclear grounds. Having said so, the crypto space has been shifting and changing very fast. Experts should also find channels to update governments of the latest developments like Defi, AMM, and PMM and keep them informed of the latest scams and Ponzi schemes in the market. Proper education and awareness must be told to their people to avoid any form of fraud. Leading exchanges like Binance are always giving free lessons and updates on the industry. Information from credible sources and channels like them should be a useful reference. A formalized think tank in blockchain and cryptocurrencies accredited by the government must also be set up to be the voice.

Paths to commercialization

There must be clear incentives for the stakeholders and clients to drive proper ROI on the blockchain solutions. It should potentially have the ability to create revenue and cost-saving outcomes by using this new technology.

Blockchain technology implementation is no different from other technology. There must be clear strategic objectives, road maps, and specialized skill sets needed to drive commercialization and deliver business value.

It should also be an integrative approach, able to scale and provide a level of standardization so that existing data management and process standards can be applied to the blockchain solution.

Trends in 2021

Anndy highlighted that prop trading would be introduced, and social trading will gain more popularity in early 2021. On top of this, he also stated that STO would be more mature in 2021, more licenses will be approved, and will be operational in Q4.

Lian also mentioned briefly that DeFI would be more sustainable next year, stating that most of the higher risk companies would be flushed out from the ecosystem because of competition.

He mentioned that there would be more licensed LOTTO businesses getting into the crypto space.

Finally, he is optimistic that 2021 will hit a new milestone for the leading blockchain companies, and governments will be supportive. He also ended with an insightful quote.

“I do think that it is possible that Bitcoin goes to $100,000 but once it starts to affect governmental monetary policy and fiscal policy. You will see a whole different reaction.”- Anndy Lian

About Anndy Lian

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. You can read more about Anndy’s work at www.anndy.com

 

About STOBOX:

STOBOX gives businesses access to a worldwide community of retail and private accredited investors. They provide a full range of services for issuing next generation digital security on a distributed ledger, including legal structuring, technical setup, preparation of marketing materials and organization of a fundraising campaign. The offering of digital securities is conducted in complete compliance with EU financial regulation.

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 “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”.

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