DRC Founder Selina Lin was invited to attend the 2018 The Future of Token Economy Summit held by SUSS on November 30 in Singapore. At a separate interview held during the Summit, Selina and Anson Zeall, Chairman of ACCESS (Association of Cryptocurrency and Startups, Singapore) explored the importance of establishing a self-regulatory framework for the blockchain industry. Anson stated that the cryptocurrency ecosystem will eventually be granted access to mainstream financial services, and it is necessary to forge a standard framework that reaches consensus.
Access has more than 300 members and 200 corporate members, including accounting firms Ernst & Young, PwC and Deloitte, and large exchanges Binance and Huobi in China. ACCESS recently launched a SPICE platform that strives to reach a consensus between regulators and other stakeholders on how to help cryptocurrency companies to advance their access to the mainstream financial industry, and to formulate a set of best practices in the blockchain sector, including a white list for reputable companies companies. In the first stage AML/KYC standards that are compatible with banks is now under discussion to help cryptocurrency companies to connect to mainstream financial services.
Many associations will write their own self-regulatory framework, but it’s likely that regulators cannot recognize the framework, which means they will have to spend large amount of time negotiating. Moreover, a framework that regulators do not recognize will not function properly.
Unlike them, ACCESS communicated with regulators and stakeholders before writing their framework. With the full support of members and all necessary data, the first structure is expected to be completed in January 2019.
In addition, ACCESS works with TEA SG (TOKEN ECONOMY ASSOCIATION) which will incorporate their ICO governance framework into SPICE. One of the biggest problems in the blockchain industry is that banks do not comprehend the business cryptocurrency companies do, and the companies are not aware of the banks’ point of view. Therefore, SPICE seeks to build a bridge of mutual understanding for both parties.
Anson introduced that MAS is supportive of the SPICE platform. As the cryptocurrency ecosystem will enter the financial services ecosystem sooner or later, SPICE is working with banks and the MAS to build a regulatory framework that all parties agree on, making the platform compatible with banks, and eventually compatible with the MAS.
DRC is also a Regtech platform that has offered a distributed due diligence framework for blockchain projects with 108 indicators, covering business plans, technology, economic models, and governance structures. As the founder of DRC, Selina Lin is willing to share DRC’s project rating framework in the industry to help projects identify the risks that they may face. Anson also welcomed DRC's participation in ACCESS to promote the establishment of industry standards and enhance ecosystem value.
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