Top Lessons from Blockchain Tech Congress in Warsaw
The recent Blockchain Tech Congress in Warsaw - like most blockchain events - was a mixture of individual blockchain enthusiasts, professionals and companies. Like most events it covered some of the topics nearest and dearest to the hearts of those in the space - and also burning issues of today.
Although Warsaw is a long from what is traditionally known as Crypto Valley, some guests of the Congress are already present in Zug, some of them are even members of Crypto Valley Association.
LEXcellence Managing Partner Katharina Lasota Heller had the privilege to represent Crypto Valley in Warsaw and bring the CVA to Eastern Europe - and also to share a few thoughts on what is needed to grow Crypto Valley ecosystem.
Here are three key points- feedback from the world beyond Switzerland
1. Incumbent institutions still have advantage of brand equity, in particular consumers still seem to trust more if an organization where they deposit their money have a word “bank” in the name, however not many of those who report to use and trust for instance revolute were aware that revolute is actually not a bank. After that piece of information was revealed they said that they still trust the service, they trust the brand, their trust for the service is not connected to the fact whether it is or not a bank
2. Interpreting regulations is still a big challenge – clarity is needed in relation to regulatory requirements applying to cryptocurrencies. The biggest challenge concerns the definition of “financial instrument” and “legal tender.” This of course is not just a challenge in Switzerland, but in many different jurisdictions.
3. Many visitors claimed that their countries lack stability and predictability of political, legal and economic systems when it comes to the treatment of cryptocurrencies and blockchain projects. For this reason, the stability and predictability of the Swiss political and economic system would seem to be an advantage - although with regards to the specific area of crypto, there is still a fair amount of uncertainty. Obviously, in the first cycle of innovation there are still a lot of things that haven’t been figured out yet.
Going forward, we at LEXcellence will continue to build bridges to the ever-expanding blockchain ecosystem around the world. And we believe it is essential to bring feedback from beyond the borders of this country in order to build an even better, stronger ecosystem.