Business

The Blockchain.com co-founder believes the EU and UK are “progressive” crypto regulators

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Cointelegraph reporter Joseph Hall caught up with Nicolas Cary, the co-founder and president of Blockchain.com, at the Paris Blockchain Week Summit (PBWS) last week. Cary’s other responsibilities include founding the Blockchain Commission for Sustainable Development and co-authoring a white paper for the United Nations Development Program called The Future Is Decentralized.

Hall and Cary discussed the regulatory landscape of the European Union and the UK, and Cary’s optimism for the evolution of money in the Web3 space. Cary acknowledged the recent “progressive” momentum of policymakers taking digital assets more seriously in the EU and the United States, where President Joe Biden signed an executive order on cryptocurrencies last week.

In the case of the UK, Cary pointed to examples of his pro-innovation stance, such as the issuance of stablecoins, the Royal NFT Mint and his “advanced work on the legal status of decentralized autonomous organizations” or DAOs. He said the UK “could be a real dark horse in Europe” and could emerge as an unexpected power player when it comes to investing in Web3 and crypto, especially in light of Brexit.

He added that “crypto is intimidating” for policymakers who still need significant education. But that it shouldn’t come as a surprise that new generations are now collecting digital tokens and showing them off on the internet much like “so many of us grew up” collecting trading cards or beanie babies or seashells.

Cary spoke about the main factors that he believes are affecting the markets; namely high inflation rates. As a result, people will find new ways to diversify their wealth. He also claimed that large allocators and institutions are making a meaningful transition into the space, while at the same time their talent could flow into blockchain startups. Finally, creators, musicians and artists are using the blockchain and Web3 as a new way to monetize their work and art.

When asked what motivates Cary, he replied that he is driven by passion and a genuine interest in how the role of money will evolve in the future. “There is so much to learn,” he said, of the democratization of financial services, both for the masses and for regulators. He added that regulators in Europe should not focus on controlling these new mechanisms, but instead rely on the values ​​of creating a level playing field for all while reducing transaction costs.

In the end, Cary suggested that more patience and politeness is needed in the crypto community because it “can be a little too tribal at times. We shouldn’t remain divided – remember we have a common global mission to make the world a better place.”

Additionally, Cary chatted with Cointelegraph Editor-in-Chief Kristina Lucrezia Cornèr, where he addressed some of the values ​​required for the growth of the crypto industry and community.

“In the long run, we rely on some basic human values ​​like an open source system that is very different from traditional finance. We build systems upon which anyone can build tools to protect their own wealth.”

Reflecting on the difficulties of running a blockchain company since 2011, he encouraged viewers to do more research before investing and urged current players to take a more collaborative approach.