On the UK: “I’d rather have the people, the talent, the results of the investment in my territory than the pure issuing of tokens”
With a background in Law and Venture Capital, today’s guest Dr Guenther Dobrauz, member of PwC’s Global Legal Leadership Team, has strong belief in the ICO space, Switzerland as a thought-leader, and how regulation is key to getting this transformational ecosystem working to the benefit of all.
He believes that Switzerland is leading the world in ICOs, with its Crypto Valley Association backed by government and some of the biggest banking institutions in the world, because it combines good rules, globally-recognised regulators, and a working ecosystem that combines regulation, banking, advisors and talent, all available in a supportive space.
Financial services have traditionally developed lineally; but as exponential jumps happen in technology, so new business models emerge, opportunities are opened-up, and new players enter the arena. The old models aren’t cutting it – and the old rules are not keeping up.
He says we are very swift to criticise regulators, but we always underestimate how complicated it is, especially if you are up against a growing, sophisticated, detailed reality. The risk profile of ICO investment is higher than conventional investment. So when it comes to regulation, you need dynamic development to move with the technology.
Guenther believes Europe is a world thought-leader, with the EU creating a blockchain Fintech action plan at a national level. He also believes the UK – which has been a thought leader “in almost anything – ever!” – will take its place in leading this ecosystem.
You don’t always have to be the first mover: sometimes it’s better to be a fast follower. The UK is no speedboat when it comes to ICOs, but it’s no super-tanker either.
His final two points – if you are thinking about launching an ICO for your innovation, be objective. Research everything and compare the options to do that. And if you’re looking to support an ICO, treat is just like any other investment, do the same background due diligence. And use your grey matter!
These are exciting times, he says – as exciting as the rise of the internet – and blockchain is the second transformational coming in one lifetime. So let’s do amazing things together!