July 18, 2019

Cardano Foundation talks about blockchain at the Asia Blockchain Summit

Ye Ji Kim

Senior PR, Communications and Marketing Manager

Cardano Foundation

The Foundation joined the Asia Blockchain Summit and shared opinion on blockchain industry in Asia.

The Cardano Foundation took part in the Asia Blockchain Summit in Taiwan earlier this month. Nathan Kaiser, chairperson of the Cardano Foundation, joined a panel discussion focusing on designing compliance, sanctions, AML (anti-money laundering) and custody. During the summit, the Foundation team exchanged opinions with professionals, academics and investors about the blockchain and cryptocurrency industry in Asia. On 4 July, the team also successfully organized the first-ever community meetup in Taipei. It was a joint effort with other project members and was a great opportunity to meet and engage with the Taiwanese Cardano community.

“What sort of society do we want to live in?” - Nathan spoke at a Panel discussion

On the first day of the summit, Nathan joined a panel discussion alongside thought leaders from law and business, including Samuel Yim (Kim&Chang), Benjamin Soong (Ledger), Mark Schaub (King & Wood Mallesons), Joshua Ashley Klayman (Klayman LLC) and Philip Gradwell (Chainanalysis). During the discussion, Nathan emphasised the importance of educating and empowering those who want to start a business in the blockchain ecosystem with basic blockchain knowledge. The panel agreed that traditional rules do not apply to cryptocurrencies and that this is an obstacle for the industry. Also, Nathan pointed out that the industry participants and the wider society alike do not have a full understanding of compliance yet. This is a cause for concern as it may instigate people to move away from the crypto industry. Thus, we, as a blockchain community, need to build a simple, intuitive process to help people understand what they might face and what they could do with blockchain technology and cryptocurrencies. These concepts are still unfamiliar to many. Educating the masses with basic knowledge of blockchains should be the mission for the industry.

How much regulation the blockchain industry requires is a never-ending question without a definitive right or wrong answer – to which debate between Dr Nouriel Roubini (economist) and Arthur Hayes (BitMex co-Founder) at the ABS attempted to determine.

  • Watch the video of ‘The Tangle in Taipei’ from ABS - Uncut debate with Arthur Hayes vs Nouriel Roubini with Andrew Neil as moderator here.

What is happening with Blockchain in Asia and beyond?

According to the speakers at the summit, the per capita trading volume of cryptos in South Korea is six times higher than that in the United States. More than a third (35%) of the global Ethereum transactions are also in Korea. China’s blockchain market is unique because its industries are interconnected by either shared ownership or corporate conglomeration, especially large scale companies. For example, venture capital companies and exchanges also have their media outlets, funds, etc. in their conglomerate to cement their position in the market. At the same time, the Chinese market focuses much on innovation, with the rapid development of blockchain technology. And the talent pool has become an important factor for many projects. It is estimated that there is a current shortage of more than 500,000 employees in Chinese blockchain industry.

Governments in Asia, such as Taiwan, Korea and China, already have or in the process of adapting their legislation by providing a testbed for blockchain technology with regulatory amendment programs. This trend will accelerate the development of blockchain industry in Asia-Pacific. At the Cardano Foundation, we are also continuing our work to shape legislation and commercial standards, through our recent partnership with Global Digital Finance and our ongoing work with the EU’s International Association for Trusted Blockchain Application. Please see our announcement to learn more about these initiatives:

The fast-growing blockchain industry in Asia will be one to keep an eye on. As Asia’s importance for the industry grows, Nathan Kaiser will share his thoughts at the upcoming World Blockchain Summit Singapore as a keynote speaker.

In Taipei, the Cardano Foundation also had the opportunity to introduce the Foundation and the Cardano project to international media outlets at the summit. Nathan updated the press about the Cardano Foundation’s latest hires and the Ambassador Program. He also shared his in-depth thoughts on compliance in the blockchain industry with the Taiwanese and global communities.

The Cardano Foundation also organised inaugural Taipei meetup this month. Read the meetup recap here