On November 8th, the “2019 World Blockchain Conference·Wuzhen” hosted by Babbitt was officially opened. The conference gathered more than 100 global blockchains, digital assets, AI, 5G experts and scholars, and technical geeks. Opinion leaders and founders of popular projects, with the theme of “application unbounded”, explored the application of blockchain, technology frontiers, industry trends and hot issues, and promoted blockchain technology and industrial innovation. Nico Büchel, CEO of Dcoin, delivered a keynote speech, Future Compliance Exchange.
Büchel mentioned that the big currency network has become a compliance exchange in Switzerland. Exchange compliance can attract institutional investors while preparing for a comprehensive regulatory cryptocurrency exchange. In addition, he also revealed that the main "battlefield" of the major currency network in the Asia-Pacific region and Europe, of which the European market accounts for more than 40% of the global cryptocurrency exchange, is the largest cryptocurrency exchange market.
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The following is the full text of Büchel's speech:
My theme may be different from previous speakers and not so exciting. I want to talk to you about the current supervision of the Swiss exchange. My name is Nico Büchel. I am the CEO of the big currency network. Before I became the chief technology officer and CEO, we established a series of payment systems, of course Based on blockchain.
Different countries have different legal systems, and these legal systems are completely different. Some European investment institutions are very interested in virtual currency or digital asset exchanges, and they want to invest more. We have established a variety of digital asset exchanges around the world. We offer exchange services between French and cryptocurrencies on these exchanges, which means we may face the risk of money laundering. Our solution is to strengthen supervision. Switzerland is a global financial centre and an academic sacred place. Most importantly, there is a stable regulatory framework and system. Switzerland has just recently published a legal report on financial blockchain and distributed ledger technology. In the future, we will adjust relevant laws and regulations according to the needs. However, from the perspective of the entire supervision, most organizations are self-regulated. We call it SCO (self-regulatory organization), also known as VQF. However, this background does not meet the current situation of the development of financial asset exchanges. Therefore, VQF has at least one year of operation time, and it must comply with anti-money laundering regulations to ensure compliance.
In order to meet regulatory requirements, we need such a setup. We have a customer login system where customers can make (account) applications and logins for face-to-face communication. Another method can be implemented online by making a video call. And we also have some very high-tech processing techniques. Once the certified files have been collected and uploaded to the bank's system platform, we will perform real-time checks.
We check if the applicant is involved in smuggling and fraud, and once they have successfully passed the audit, they can truly become our customers. In addition, we will continue to monitor the transaction. Therefore, we have an internal risk control department and team that can view financial and cryptocurrency transactions in real time. We find that the results of the anti-money laundering regulations are positive, then accept this model. This is the advantage of a compliance exchange. Once the compliance is achieved, the trading portal can be used to trade, which can attract institutional investors with higher compliance requirements. It can also be prepared for a fully regulated cryptocurrency exchange.
In addition, by establishing exchanges in Europe and Asia, you can get close to your target market. The European market accounts for more than 40% of the global cryptocurrency exchange, and this is the largest cryptocurrency exchange market. You can look at our IEO section, especially in 2018, it has not yet occupied a certain market share. But after 2019, we have witnessed the rapid growth of IEO. For our customers, IEO is a very positive product because we have a very good way to regulate the exchange. In the near future, we can allow these customers to move from the secondary market to the primary market.
I want to announce our market share. Our market share in Asia Pacific is 40%, and in Europe is 18%. The big currency network focuses on Europe and Asia Pacific.
We have previously discussed operations in countries such as South Korea, Singapore and Switzerland. We have branches in Switzerland and Asia and are a global company. Welcome to contact us, we can answer your questions.
Thank you, I hope that I will have the opportunity to explain to you the future compliance exchange, because we are already running a compliance exchange, and it is ready for the future, thank you very much!