I’m fortunate that the events surrounding the collapse and demise of FTX appear to have had little impact on me personally or my network of friends and colleagues. Of course, the ‘ripple effect’ has again set the markets into turmoil and this clearly affects everything. The worst impact is that all the good work heading towards ‘RealFi’ as opposed to DeFi has taken a step backwards and means those perhaps considering a first foray into the blockchain world have used FTX as an excuse or reason to pause again.
Cryptocurrencies need regulation. Personally, I think the idealistic world of DeFi and its anonymity is unsustainable if crypto is going to ever going to go mainstream.
I advocate change in the financial world, wholeheartedly! Having been involved in the finance sector all of my working life I know first-hand that the system is not efficient as it stands.
Regulation is coming, KYC and AML procedures will be the norm, but that doesn’t mean they have to be there in the way the market looks today.
As you will know, I advocate SSI, and specifically IAMX’s implementation of it. IAMX to my knowledge is the only 100% GDPR compliant solution which conforms to the W3C open standards for DID’s.
IAMX is now in the process of scaling up significantly, with numerous strategic and significant partners becoming more involved.
The Cardano Summit 2022 in Lausanne was a hotbed of talk about RealFi and how the cornerstone of unlocking this trajectory for the industry lies in new, more convenient, more secure and innovative ways to perform the regulatory check we all know (in our heart of hearts) that must be in place to prevent financial crime.
December is nearly here, and often it heralds a time to reflect on the year past, honestly, I’d say let’s put 2022 into the history books quietly and spend December planning and developing the space for 2023.