Bitcoin exchange CEO found dead in Singapore - USA TODAY

Bitcoin exchange CEO found dead in Singapore

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Bitcoin exchange CEO found dead in Singapore

Bitcoin exchange CEO found dead in Singapore submitted by ChasingTennisBalls to dogecoin [link] [comments]

Bitcoin exchange CEO found dead in Singapore

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American Bitcoin exchange CEO found dead in her Singapore home after suspected suicide at age 28

http://www.dailymail.co.uk/news/article-2573863/Bitcoin-exchange-CEO-dead-home-suspected-suicide-age-28.html
anyone know how this will affect the markets?
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CEO of bitcoin exchange found dead in Singapore

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28 Year Old Bitcoin Exchange CEO Found Dead In Singapore In Apparent Suicide

Autumn Radtke, age 28, was discovered dead in her apartment on 28 February, while the official cause of death remains unknown, it is speculated that the young American bitcoin CEO took her own life.
Read More: http://cryptocrimson.com/28-year-old-bitcoin-ceo-found-dead-in-apparent-suicide.html
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CEO of bitcoin exchange First Meta found dead in Singapore

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CEO of Bitcoin exchange found dead in Singapore

CEO of Bitcoin exchange found dead in Singapore submitted by qznc_bot to hackernews [link] [comments]

CEO of bitcoin exchange found dead in Singapore - FOX5 Vegas - KVVU

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American Bitcoin exchange CEO found dead in her Singapore home after suspected suicide at age 28

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Bitcoin exchange CEO found dead in Singapore - Business Recorder

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CEO of bitcoin exchange found dead in Singapore

source link: CEO of bitcoin exchange found dead in Singapore
poster: 90tilinfinity, original conspiracy link
Discourse level: 100%
Shills: 0%
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CEO of bitcoin exchange found dead in Singapore

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CEO of bitcoin exchange found dead in Singapore [auto-x-post - OP was 90tilinfinity]

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CEO of bitcoin exchange found dead in Singapore

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I've had two post deleted covering the topic of the CEO of a Bitcoin exchange being found dead in Singapore

source link: I've had two post deleted covering the topic of the CEO of a Bitcoin exchange being found dead in Singapore
poster: Seriouslysoftpillow, original conspiracy link
Discourse level: 100%
Shills: 0%
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Autumn Radtka, CEO of bitcoin exchange found dead in Singapore

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First Meta bitcoin exchange CEO found dead in Singapore

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After ICON the next and only ICO, Don Tapscott is an advisor for, Jibrel Network - Why I think its the sleeping giant and why you should have a look at this project. Thoughts below.

Jibrel Network Settle in boys, this is a long one. I am about to tell you about one of the most promising projects/ICOs of this year, the Jibrel Network.
What does it do? Essentially, the Jibrel Network provides currencies, equities, commodities and other financial assets and instruments as ERC-20 tokens and puts them on the blockchain. It does that to provide incomparable liquidity and decrease friction costs. Additionally, it automates certain processes such as dividend distribution and so on.
The Jibrel Network has a native token, known as JNT, which will be used as the ‘liquid’ underlying asset of the Jibrel AG fund’s portfolio. Additionally, it is a deflationary currency because every time JNT is used as jGas (transfer of ownership; purchase of tokenized assets) it is burned.
>Wait, I’ve heard this before, with LAtoken and Veratesium, this is a tried and tested scam.
Previous attempts at the market didn't have what Jibrel have – smart regulation and insured 2-way (i.e. physical asset to tokens, tokens to physical assets liquidity). All financial assets will be tokenized as programmable CryDRs, which would entail no regulatory or legal risks whatsoever. And, why does this make it better than all the others? Due to the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations involved in trading real-world assets, there also exists an investor registry that only allows for certain CryDRs to be traded amongst addresses that have been verified by Jibrel. Meaning that, for example, only brokers and fund managers can interact in certain ways with the network. In the traditional economy, regulation is placed around certain asset classes to manage fraud, market, credit and systemic risk. Currencies, commodities and securities all have different regulations across different jurisdictions. The Jibrel Network team has worked (and continues to work) tirelessly with their regulatory advisors to translate real-world regulation into smart regulation (Solidity code). These things will update in near real time as regulation laws and rules amend, so will the smart contract.
>Pfft, where’s the proof?
Well they’re bringing out a MVP usable by any type of user. jWallet and jCash (or jFiat)! Any supposed Tether scams are now dead in the water as we have real, audited tokenized fiat currency. In 6 different forms, no less! Who audits this? The Swiss offices of PricewaterhouseCoopers (doing business under the brand PwC), one of the Big 4 auditing/accounting firms. They will check Jibrel’s position of financial performance and position, cash flows, and other subtle aspects of their financial activities. PwC audits will be public and sufficiently frequent (most likely biannual). The actual code itself? Already been audited by New Alchemy – leaders in smart contract auditing, so that’s all functional.1
jCash is simple enough, It’s Tether but legitimate and in 6 different currencies right off the bat. jUSD, jEUR, jCNY, jAED, jRUB and jGBP. Any fiat currency can be implemented (as long as there is enough demand to implement it). Additionally, Jibrel will always be able to cover their liabilities due to the 3-4x assets in excess of liabilities. Not only that, but the Jibrel DAO (when it activates) will self-regulate the fund through different rules and scenarios encoded in the smart contract – a completely decentralised, on-chain bank.
The real work of art, jWallet The jWallet does all the transaction signing, all the key storage, etc. locally - you never have to share your private keys, they never leave your browser. You can even store them in the browser cache.
It doesn't make sense to share your keys with a service (you login with email) - there are no benefits to that. It’s strange to store large sums of money in a Chrome extension.
https://techcrunch.com/2017/11/22/with-ethereum-wallets-under-constant-attack-jibrel-network-decided-to-build-their-own/
But wait, there's more, when it is up and going, The Jibrel DAO will act as an artificial trading curb, meaning that if the price sinks too low too fast, the DAO will kick in and buy up any oversold JNT, which would equate to roughly 50%. Same thing if it rises too quickly, obvs whale pnd, its curbing it! But there’s only one real downside to that.. unfortunately, this won’t be implemented for quite a while. Target is Q4 2018 for DAO being implemented and a few months (could be up to 6 months) after to be really kicked into gear. Why waiting so long after implementation? Well that’s because DAO needs to build up a buffer to be safe during it’s operation, Jibrel devs are smart and they know DAO cannot be fully operational right off the bat without any serious precautions.
>That sounds great, I’ll wait until after ICO when it dumps ;)
No mate, not with this buying pressure. Jibrel is very investor focused (see partnerships) and will be listing itself on as many exchanges as possible, with two exchanges being in the top 5 in volume (The CEO,Yazan won't say which, most likely HitBTC and a mystery second). Additionally, new jCash will be rolled out all the time, every new currency would be a new audience that’s getting exposed to this company as stated above.
But ultimately you don’t have to invest, they can do it with or without you. This is for banks and other financial institutions. With the infrastructure Jibrel is implementing, banks can save up to 25 billion dollars a year. .
Banks will be able to interact with their own digital assets, completely free of all the legal hassle they had before, while still being perfectly above board. It’s also recession proof. Any trader convinced that another GFC is coming doesn’t have to be purely cash anymore. Its protected by reducing systemic risk in its ecosystem, (through separation, Close monitoring, regulation and risk assessment being the Basel III regulatory framework). Again don’t worry, this is all covered in its smart regulation.
Also note the ICO is not paired with ETH like many ICO's. 1 ETH = x amount of tokens. Due to volatility of the tokens its ICO is pegged at 0.25 cents offer. So if ETH is high or BTC is high you will get more tokens. This makes much better sense as a token structure and why I believe it hasn't sold out yet, a lot of people are waiting in the sidelines.
Now for the juicy part (in case previous parts weren’t juicy enough for you thirsty kids), the advisors and partnerships:
They have freaking Eddy Zuaiter as an advisor, the ex-COO of Soros fund management chatting with them. The man who oversaw 2.5 billion dollars worth of trade positions joined jibrel because:
  1. He sees Jibrel as an opportunity to learn more about the space
  2. He sees Jibrel as an opportunity to directly be involved, help them be well capitalized, survive the bubble, and grow. He sees the potential to pull off an Amazon (his words).
The second is Don Tapscott, the MVP himself. This man has been throwing the term “digital currency” around since 1995, don’t listen to me prattle on, go watch one of his TED talks.
The Jibrel Network is engaged with New Alchemy for Security Audits and PwC for financial audits. In addition, we have formed a strategic agreement with Arabian Chain to bring smart regulation to MENA markets (Middle east) , as well as TaaS fund to provide smart tokens (CryDRs). Jibrel AG is a registered entity in Zug, Switzerland and is responsible for the development of the network. The Jibrel team have undertaken the necessary legal and compliance measures to ensure a fully compliant token sale. For this reason, certain jurisdictions such as US, Singapore and China will not be allowed to participate in the token sale. ;) ICO is 28 million HARD CAP- Yazan has put extra emphasis on this
Lastly, in case you brush it off as an ethereum network scamcoin? It’s blockchain agnostic. If there’s a new king in town, Jibrel can hop on over to it!
Let us know if you have any further questions https://web.telegram.org/#/[email protected]_network
http://sale.jibrel.network
ICO rating websites :
https://icobench.com/ico/jibrel-network
https://icorating.com/ico/432/
https://www.icoranker.com/jibrel-network/- 98/100
More info:
http://vator.tv/news/2017-12-07-jibrel-network-announces-partnership-with-bitcoin-suisse
https://medium.com/@curiousinvestojibrel-network-enabling-investors-e004c9ca7605
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"If @Ripple helps us move money cheaper, faster & better, then we'll use it." - Transferwise

https://twitter.com/warpaul/status/930690179236552704
Taavet Hinrikus was Skype's first employee. In 2003, both were working internationally – Hinrikus at Skype, Kaarmann at Deloitte – and they quickly discovered that tranferring money was expensive. Kaarmann was paid in sterling but owned property in Estonia; Hinrikus was paid in euros but needed living expenses in sterling. So they started a two-man currency transaction service (later expanded to the “Skype club” – a handful of friends that grouped together to save on exchange rates).
http://yhponline.com/2012/03/20/taavet-hinrikus-transferwise/
Transferwise launched in January 2011 by Kristo Käärmann and Taavet Hinrikus, TransferWise is one of the biggest London-based fintech start-ups. In addition to London, it has nine offices around the world, including New York, Tampa, Sydney, Singapore, Tokyo, Budapest, Cherkasy and Tallinn, Estonia.
The company has now employees as of 2017. In May 2017, the company announced its customers were sending over £1 billion every month using the service.
https://www.cnbc.com/2017/05/17/fintech-unicorn-transferwise-achieves-first-profit.html
Taavet Hinrikus, CEO of TransferWise said about a year ago that "Bitcoin, I think we can say, is dead. There is no traction, no one is using bitcoin. The bitcoin experiment, I think we can say, is over." (Price BTC at the time: $430 USD)
https://www.yahoo.com/news/bitcoin-is-dead-says-prominent-fintech-executive-taavet-hinrikus-transferwise-bitcoin-experiment-failed-191800988.html?ref=gs
I think he is changing his mind about cryptocurrencies... ;) Sooner or later, everyone will accept the fact that cryptocurrencies are here to stay.
They have been futured on; The New York Times, The Financial Times, The Guardian, The Economist & BBC.
https://transferwise.com/media-and-awards
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AMA session with PopulStay’s Founder & CEO - Dr. Walter

The Very First AMA of PopulStay Telegram Community Was Held Successfully on Nov. 30, 2018

We are very pleased to have PopulStay’s Founder & CEO Dr. Walter here to give the community an AMA(ask me anything). After the warming up- I say “Popul” you say “Stay”, the AMA begins. The host of this AMA is Hugo Mayer. Here are the questions and answers in the AMA:

The part of Dr. Walter and Hugo’s Q&A:
Q1:What kind of block chain platform is PopulStay, Dr. Walter? Asked by Hugo
A1:Hello we start with Ethereum, because it is so far most mature and decentralised blockchain platform. Answered by Dr. Walter.
Hugo: Yes, Dr. Walter, just like many other startups.
Q2: Can you introduce the founder team? What was the original purpose of creating this project?
A2: I am serial entreprenuer with extensive experience in home sharing business, our partners all have passion in renovating the existing platform. As for the original purpose of creating this project, I have hosting experience and I believe in a peer to peer home sharing world.
Hugo: Yes, I know you are the host in Airbnb for 5 years. So experienced and professional in this area.
Q3: What are the advantages of PopulStay compared with centralized platform?
A3: The benefit is saving the booking fee, and get the digital shares of the platform if people hold token.
Hugo: That sounds very good! People hate fee.😜
Senthil: Thats great, has a chance to get digital shares of the platform.
Akotovin: Pay lesser.. how about transaction? how fast is it?
Q4: Then as a tourist, what different experience will PopulStay bring us? 😁Eager to know this. I am to get my luggage packed.
A4: Imagine you can have a video call with your future host.
Hugo(sings): Hello hello baby you call I can’t hear a thing.
Q5: As a “landlord”, apart from getting more profits, what services can PopulStay bring to them?
Ák: Greatest question sir, hopefully some lease plans? 🤑😂
Akotovin: Yeah..nice Hugo ask that thing.
A5: Good questions, you can make friends with cryto believers and you can make video call with them before you meet them. You may like him/her or dislike him/her before you allow him/her to stay at your house. We allow peer to peer communication/verification before make a booking. Airbnb and all other booking platform never allow you.
Hugo: We can make friends all over the world! An innovation! Nice idea!
Q6: Members of the community would like to know about the incubation of PopulStay by block chain accelerator in Tokyo. Could you tell us more about it?
A6: Good, they help us connect the potential real estate partners, investors like Sony, Softbanks and so on. Provide us market access in japan.
Q7: And who are the partners of the project?
A7: We have blockchain partners and business partners. Blockchain parterners are those promising public chain like Jura Networks, Matrix Network and etc. Business parterners are those who can provide properties and believe in our vision
Q8: We were told that PopulStay received investment from many institutions at the end of June this year. Could you tell us something about it?
A8: We got seed round investment from Bitmain, Qtum, crypto capital, Jove capital, Handsom capital and insight capital, enough for the next 1–2 years expense.
Q9: Thanks a lot, Dr. Walter. And the last two question: What is the planning schedule of the PopulStay project?
A9: We will recuit our genesis populstay host and guest from next month onwards, and we will open to the community to use our platform from December, from 2019 onwards, we will focus more on two sides: business development and user experience of the product.
Hugo: That sounds perfect.
Q10: And the last question: How is the progress of the project?
A10: This year is super busy, we achive a lot, from the idea to the team of 25 people, all in one heart to deliver the next home sharing platform. We are proud of what we achived.
Hugo: So promising, i am excited to hear this.
Katakuri: I want to know your personal history, such as age, education history, experience. 😱
Dr. Walter: You can check my linkedin: https://www.linkedin.com/in/cytoyue/
The part of Free Questions:
Asked by Akotovin:
Q1: How different PopulStay to other ICO?
Answered by Dr. Walter: A great and real team behind, dedicated to deliver product no matter market price. Token not listed yet.
Added by Senthil: Thats true, project is driven by team not price.
Q2: What security features PopulStay has?
Q3: Is there any Countries excluded in KYC?
Answered by Dr. Walter: Yes, Asian like China, Singapore, Korea, Japan are excluded, there are a list.
Q4: Is there different type of cards will be given to all holders..?or same?
Asked by TT s:
What’s the advantage of your team?
Asked by Kerryglobal123:
What is advantages of IEO? Why not Ico?
Answered by Dr. Walter: We are in talk with a few top 20 exchagns in the world
Asked by Reginald Darwin:
What is the price of pps?
Asked by color Bright:
Q1: Still recruiting?
Q2: Can Indians Play?
Q3: Can private equity funds be returned?
Q4: Is there a membership mechanism?
Q5: Are all currencies the same?
Q6: Will there be any harm? Like eating wind?
Q7: Warmly speaking, is currency worth fun? Futures itself is a life-threatening thing with great uncertainty.
Q8: Is a small amount of investment OK?
Q9: Is the value of Chinese currency the same as that of foreign countries?
Asked by TT s:
Q1: Is high profit as hosting?
Q2: Can Malysia stay?
Q3: When will populstay Dapp be launched?
Answered by Dr. Walter: End of 2019.
TT s: What DAPP will be? contains all traval information? or just house info?
Asked by INNOCENT:
Hi, sir. please do you have any plans for smart locks in the automobile industry?
Asked by 夜柳:
Q1: Have you been doing anything lately?
Q2: What Do you Think of the currently bear market? Does bear market affect Populstay’s progress?
Answered by Dr. Walter: Bear market affect the whole industry I think, if the ETH drop to 0 or Bitcoin drop to 0, the blockchain industry is gone. This will never happen. In the past 9 years, the media reported 167 times of dead bitcoin, but it become stronger and stronger.
Hugo: Good project is always to win the game.
Dr. Walter: This is the same with Ehtereum, a lot people say it will goes to ZERO, but I do not think so. ETH is improving and evolving itself also. Look at the devcon conference every year.
Akotovin: Will recover the soonest.
Ák: That’s very true sir, we believe the same.
Senthil: Thats perfect answer. Whenever it goes down, it will come back much stronger✌️🏻
夜柳:I wonder what can I do here.
Dr. Walter: Let’s hug.
Q3: Are there any private or public offerings?
Q4: Is there any nationality requirement for this project?
Q5: Do you see the potential of the tourism industry?
Q6: Changes in business and technology always move forward in controversy. Will PopulStay be better than the current platform?
Answered by Dr. Walter: Good question. We are improving on below points:
  1. better booking experience
  2. more social network function
  3. lower booking fee
  4. be part of project by holding our token (aka digital shares)
Q7: Whats the reason you launched Populstay?
Answered by Dr. Walter: I believe in that when the trust issues is solved by blockchain technology, the peer to peer home sharing is coming.
Q8: Do you see the potential of the tourism industry?
Q9: You type so fast.
Answered by Dr. Walter: I was a programmer.
Q10: When will Populstay be listed on exchange?
Answered by Dr. Walter: 2019
Maggie Mei: which exchange?
Dr. Walter: Top 20.
Toxic灬Mo: Which exchange is confirmed?
Dr. Walter: still confidential. For your information, I am part of Huobi ecosystem btw.
Asked by Kartukuri:
Q1: Why do you use the platform from ethereum. while there are many platform examples of stellar etc.
Answered by Dr. Walter: It is so far proven the most secure platform.
Katakuri: Yes recently I heard there is a bug in ethereum. Which can drain tokens?
Q2: Hi, Are there future plans to make the platform itself like Tron?
Asked by Ák:
Q1: Are you’ll going to implement your own blockchain very soon?
Answered by Dr. Walter: Not at the moment, we are discussing with Tron and EOS ecosystem, no need to reinvent the wheel.
Ák: Ok, thank you sir, good luck.
Akotovin: Wow.. so transparent.. i like it..
Q2: Will this blockchain have any ukulele chord and notes based calculations or computations?
Asked by Louis:
Whats the reason you launched Populstay?
Asked by Walkingalonedad:
What is the meaning of “ populstay” and logo?
Asked by David Sun:
Q1: What do you think of this bad market?
Q2: What’s populstay purpose?
Q3: What pain points do you want to solve?
Answered by Dr. Walter: Poor booking experience, high booking fee, bad checkin experience and can not share the growth of the platform.
TT s: Why it will be cheaper? by using Blockchain technology?
Dr. Walter: By our business model design, we charge 1.5% fees, and share 1.5% fee of each booking to the community.
Q4: How are you going to allocate it?
Q5: What is the proportion of the project team?
Asked by Senthil:
Q1: I love the Logo of Populstay, looks similar to Snails. Its really represent this projects vision — A snail’s shell is like a home it carries around on its back.
Who is the man behind this idea and logo design?
Katakuri: Yes, snails run very slowly, what about the project. What about the horse logo? 😂
Hugo: Tiny but promising!
Senthil: Slow and win the race😜
Katakuri: Yeah like a fairy tale about snails and monkeys.
Ák: Someday snails will evolve into beautiful turtles…
Answered by Dr. Walter: Snail carries a home on mobile, this is how the travellers looks like, we are tiny beings, and we love to explore, and we will grow while we travel. Thanks for your comments.
Senthil: First congratz for inventing smart-locks and won several awards. I heard the product Smart-lock will be safety for Guests, where they can purchase it? Is it available with hosts?
Dr. Walter: Yes.
Senthil: So, we can expect listing in Huobi after token sale🚀🚀🚀😍😍😍
Dr. Walter: We need many people like you to contribute to our project.
Toxic灬Mo: I think I’ll keep my eye on it.
Walkingalonedad: What is the price of smart lock?
Dr. Walter: 99 USD excluding shipping fee for our telegram users.
Toxic灬Mo: A complete system, the attitude of management team is very important.
Senthil: Smart-Locks looks good and looks like it can be fixed on any kind of doors.
TT s: Can we buy smart lock in the market?
Dr. Walter: Not at the moment, we will release on Amazon on 1st Jan 2019, stay tuned.
夜柳:Looking forward to your project.
Dr. Walter: if you buy then, please inform me and say you are our community users, then we will give you discount.
夜柳:Looking forward to supporting its future projects.
TT s: How much it will be ?
Dr. Walter: 149 USD.
Senthil: Thats really cool. Many more good news coming then. MVP in next month, Smart-lock ready to purchase from Jan. Populstay gonna rock soon🚀🚀
Asked by sun jiahui:
Q1:Do you see the potential of the tourism industry?
Q2: Is there a beta version of the project?
Answered by Dr. Walter: Yes,we plan to release the MVP next month, stay tuned. Meanwhile, we are actively looking for hosts and guest, please do join us.
Raymond Roosevelt: Do you mean December?
Dr. Walter: Yes, we are at the final stage of testing, it is MVP, not perfect, but enough to show the community to collect feeback. Also please bear in mind that Airbnb has 100 engineers to develop their project, but we only have 7.
Q2: How do you see the current bear market?
Q3: Where is the project now?
Answered by Dr. Walter: We are deliver MVP next month.
Asked by Dongtamduytan:
Q1: Blockchain is immutable, how do you resolve with people give bad rating to decrease rebutation of host?
Q2: China is the biggest market for any project, do you have plan to enter this market in future?
Q3: Do you think you can beat Airnbnb? Why Airbnb can enter China, and you can’t?
Answered by Dr. Walter: In 10 years yes.
Asked by Raymond Roosevelt:
When will Populstay be listed on exchange?
Answered by Dr. Walter: Once there are 10,000 active memebers who Join our platform, so I expect in the next 3 months? Our platform means our product not the telegram group:)
Asked by Colbert Milton:
Have you invested in any projects recently?
Answered by Dr. Walter: Not yet.
Toxic灬Mo:
Q1: Can I participate in this project?
Dr. Walter: As host, or guest or investor or ambassdor?
Q2: Are there any special requirements or restrictions?
Q3: Such as nationality? How much?
Q4: When is the public offering?
Q5: Are there any rewards for inviting more people?
Dr. Walter: Yes, token incentive
Q6: Is there a private placement?
Q7: Is PPS on the exchange?
Asked by Maggie Mei:
It will be cheaper pay by PPS than USD?
Hugo: Thanks a lot our dear CEO. Time is up.
Dr. Walter: Thank you everyone! Have a lovely day!

Thank Dr. Walter to participate in this AMA, good communicating to the community. Let us know more about PopulStay. Wish the project PopulStay success! As Dr. Walter said: In ten years, beat Airbnb! We want to see this happen as a community member! Go! PopulStay!
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With Technology Innovation Board and Emerging Policies, How Will STO Evolve?

With Technology Innovation Board and Emerging Policies, How Will STO Evolve?
This article is from China Binary New Fintech Group (ID: shenzhoushuzi_group). Author: SUN Jiangtao (CEO of China Binary New Fintech Group and founder of Goopal Group). Please indicate the author and source when reprinting.
Anyone’s personal efforts will seem insignificant in the face of the tide of the times, so at any time, everything should follow the tide of the time, otherwise it will be buried in the torrent of the times. Explorers of STO (Security Token Offering) should pay more attention to the trend, to avoid risks and take advantages of it.
https://preview.redd.it/hiezj116yy321.jpg?width=750&format=pjpg&auto=webp&s=7c1db82230c92171c76216a6243658d4de076922
In the previous articles, I think that STO (Security Token Offering), as a global financial practice, is moving in the right direction with the increasingly clear regulations. Relevant policy on digital currencies issued by the Securities and Futures Commission of Hong Kong in earlier Nov. also demonstrated this. However, as a new thing, it will not go smoothly. Any change in the policy level (policy is the greatest risk STO faces) will have a butterfly effect. Even some non-direct policies, such as the technology innovation board, which will be introduced by the Chinese capital market, have triggered concerns on STO among many people. They even believe that STO will be hit hard in China as a result of the technology innovation board.
In fact, the roll-out of the technology innovation board has only an objective impact on STO, and we don’t know how many related initiatives will be issued in the future. As the Sino-US trade war continues to ferment, the two countries rebuild bilateral relationships, which will definitely change pattern worldwide. Combined with the economic (financial) crisis in 2018, once over 10 years, it may significantly change the financial system worldwide. As a practitioner, “You cannot just walk with your head down, but have to look up at the stars.” Before studying the specific STO implementation paths and rules, you must know the trend of the times first. Otherwise, it may just be doing nothing, or even clearing away at once.
We need to know why China introduces the technology innovation board to better analyze and predict influences of technology innovation board on STO. We need to know that, despite the fact that China has not yet issued relevant policies on STO, China and the US, as the world’s two largest economies, are almost the same in attitude and practices for financial regulation, that is penetrating supervision, rather than sand-box supervision; We also need to know how to make the most favorable choice between the penetrating and sand-box supervision for practitioners who have entered or are preparing to enter the STO field, which is not only about the future development, but also the current survival.
I. Origination of technology innovation board and its relationship with STO
A week ago on Nov. 5, at the opening ceremony of the first China International Import Expo held at National Exhibition and Convention Center (Shanghai), chairman announced to establish the technology innovation board on Shanghai Stock Exchange and test the registration system. This is one important measure of China to continue to deepen the reform and expand new intersections at the background of the depressed global capitals and the long-term Sino-US trade. It has a far-reaching influence on China’s capital market and on STO, which is a financial practice.
1. As a national strategy, the technology innovation board has the important attribute of the top-level design, which will gather more resources, get the green access, expand the direct financing, and benefit innovative companies to have a negative influence for the relatively grass-roots STO in a short term.
At present, China’s capital market has formed a multi-level capital market system, which includes main board, second-board market, new three-board and regional stock trading market. The establishment of the technology innovation board at Shanghai Stock Exchange will enrich the capital market system and bring great changes to the ecosystem of the entire capital market. FANG Xinghai, Vice Chairman of Shanghai Stock Exchange, recently says that Shanghai Stock Exchange is accelerating implementation of the relevant rules of the technology innovation board. The technology innovation board and registration system must be carried out. Many industry giants, including MIUI chairman LEI Jun, have also expressed their supports.
This top-down support and the positive response from the Internet community and the investment community are not owned by STO, which owns grass-root attributes. It can be imagined that, with supports of policies, the two main attributes of the technology innovation board - contents inspiring companies to make innovations and the form of registration system, will help cutting-edge technology companies easier gain financing and enter the capital market. This will definitely have a shunting effect on STO with similar attributes.
2. The main function of STO, as a financial practice of asset securitization, is to broaden the financing access, reduce financing costs and improve liquidity, which is very similar with the technology innovation board’s original intention. Its relationship with the technology innovation board is not a deadly enemy, but a complementary relationship that can be integrated with each other.
The technology innovation board and STO are essentially incremental reforms. The technology innovation board is designed to complement the shortages of innovations in service technology in the China’s capital market, while STO can not only provide capital supports for blockchain companies, but also significantly improve the global liquidity of traditional assets through the borderless and natural token financial attributes of blockchain, and linking off-chain assets to chain, bringing new opportunities to the capital market. The focus of the technology innovation board and STO is to provide better supports for high-tech start-ups through the capital market. They are not in conflict.
It’s not my guess. Let’s look at recent policies and tendency in China. When determining to launch the technology innovation board, the People’s Bank of China issued a research report of 20,000 words on blockchain, explaining in detail what blockchain can do and what it cannot do. This could even be considered a quasi-official voice before issuing related policies; Securities and Futures Commission and even higher-level officials, have repeatedly expressed that they hope China’s capital market to attract more foreign capitals, to increase long-term capitals and improve liquidity; the domestic Internet giants, such as BAT, has already implemented blockchain and even explored the economics of token. According to various signs, compatibility and strong regulation should be the main direction of the future capital market reforms and practices.
XIAO Lei, having deep knowledge in the fields of traditional securities and blockchain, considers that STO will have more targets, but at present it is difficult to leave the centralized exchange system, so the technology innovation board may increase attention from regulatory agencies to all kinds of digital assets, and they even may leverage the blockchain technology to assist in regulation.
I agree with XIAO Lei’s opinion. Both STO and the technology innovation board are tentative, and play a positive role in helping capital market provide supports for the high-tech start-ups. Although they are different from each other and their innovation ways are different, they are not the opposite enemy, and they can co-exist. The essential attributes of STO - asset securitization + securities token may be introduced into the new technology innovation board. It is possible to implement the “Technology Innovation Board + STO” model.
II. Both China and the US will choose the penetrating supervision on STO
The military view of “Those who do not seek to last forever are not able to do so for a while; those who do not seek the overall situation are not able to seek a territory” is also applicable to the business. The introduction of the technology innovation board, as well as a series of relevant signs in China, have had a great impact on STO, but we want know that as a global financial practice, STO is not subject to a country’s policies and practices, so we should look at trends from a higher and global perspective.
Recently, one famous people gave his own interpretation and pre-judgment on the current world pattern and the economic trend: Henry Paulson, Chairman of Paulson Foundation and the 74th Treasury Secretary of the US, said that the Sino-US pattern had entered a new stage of reconstruction. Although the complete unhooking between two countries’ economy is not so impossible to lead to the economic iron curtain, the risks remain. Technological Balkanization as a result of the pattern reconstruction, that is, each country develops their own technology and technological standards, further threatens the global innovation and competitiveness of companies, and it has already happened.
A large part of the global economy will no longer allow free flow of funds and goods, if the unhooking of goods, funds, technology and personnel continue. This is the most fatal beat to STO, because asset securitization + securities token of STO is designed to solve the problem of free circulation of assets. If it is restricted by policies, the living space of STO projects will be greatly affected.
As we can know from the regulatory policy of STO, in fact, the US leverages the penetrating supervision on STO, and even the entire financial system: all projects to issue STO shall be in accordance with the relevant regulations or exemption regulations of the Securities and Exchange Commission, which have put in place relevant provisions for investors and the financing amount. This is very different from the sand-box supervision in the UK, Singapore and Hong Kong, etc.
So far, China has not introduced any relevant policy or regulation on STO, but looking from the emphasis of the country on treating the financial industry and the improving practices, the country will definitely leverage the penetrating supervision, rather than the sand-box supervision, in the future, when it permits STO.
This means that for STO practitioners, if they hope to develop projects between the two major countries: China and the US, they must adapt to this strict penetrating supervision and comply with their policies and the national will behind it. For example, most of the existing STO projects in the US comply with the exemption terms. Once stock exchanges, including NASDAQ, really join in, game rules may be changed. China’s technology innovation board may use securities token as a pilot in the future.
It is also worth noting that over the past year, Internet giant in China, such as BAT, and commercial giants at Wall Street, have arranged the business. Compared with the relatively grass-roots start-ups beginning with the blockchain business, these giants have the undisputed advantages in talent, user, capital and scenario. Combined with the tendency of policies, they will undoubtedly be leading in the technology innovation board or STO. For the start-ups beginning with the blockchain business, if they want to carry out STO in both countries, they should not only considers the issue on the penetrating supervision, but also accurately identify its own role. It is much possible for them to become one of the Internet giants or capital magnates.
III. Opportunities for STO under the sand-box mechanism
The economic crisis and capital winter ten years ago have not only changed the world’s financial structure and order, but also led to the renewal in the entire business world. New-generation Internet giants, including Google, Facebook, Amazon, Apple, Alibaba and Tencent, have gradually replaced the old-generation giants, such as Microsoft and IBM. Bitcoin was born at that time.
Accordingly, for start-ups in the blockchain field, it is not impossible to complete the transformation with STO, a financial practice. This is because there is the sand-box supervision, which is relatively looser and more inclusive, in addition to the penetrating supervision in China and the US.
The concept of “Regulatory Sandbox” was first introduced by the British Government in Mar. 2015. In accordance with the definition by Financial Conduct Authority (FCA), the “Regulatory Sandbox” is a “Safe Space”, in which, financial technology companies can test its innovative financial products, services, business models and marketing methods, without having to be immediately bound by the regulatory rules when the associated activities encounter problems.
It can be said that the sand-box supervision, through actively and reasonably easing supervision rules, reduces the rule obstacles to the innovations of financial technology, and encourages more innovative solutions to be proactively turned into reality from idea. This approach in the UK is followed by many other countries and regions, such as Australia, Canada, Singapore, and Hong Kong, which has recently issued the policy.
For innovative blockchain companies, once the restrictions are removed, it will show a great explosive potential, because they have a very special advantage compared with the Internet giants and capital magnates: a batch of blockchain talents, idealistic entrepreneurs, early potential investment funds, as well as the deep-rooted blockchain thought. These are not owned by non-blockchain practitioners and are difficult to make up in a short term.
So, start-ups with bigger dreams and ambitious goals can explore STO in countries and regions, where the sand-box supervision is implemented. With the relatively looser sand-box supervision policies, the only thing practitioners need to do is to completely run through all sections of STO, and turn asset securitization + securities token from the concept level into the practical level. It is especially important that over the past year, at the background of digital currency speculation recession, the second-level market has taken on a bad reputation, so STO needs to demonstrate itself in the first-level market. Only by doing so, it can be recognized by countries and governments, trusted by investors and understood and gradually accepted by citizens.
(To be continued)
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