Thoughts on the Strategic Positioning of Blockchain Entrepreneurship Project under the Supervision Policy

National regulation

Recently, China's regulatory policies on blockchain technology have been intensively introduced, and many countries in the world have also been active in this field. After reading this information, it creates an intuitive feeling. The world is very big, because there are so many different ideas about the same problem, and the world is small, because no matter which country or country is on the same track, trying Preemptive and hegemonic financial world's right to speak and rule.

At present, when the 10.24 speech successfully completed the popularization of the blockchain common sense in the whole country, it also guided domestic attention to the technical field. Interpretation of relevant policies, countless opinions, similar views, and unanimously believe that the current development of the blockchain industry needs to give priority to R&D and innovation of blockchain core technologies and integrated applications, especially in the field of promoting real economic development. Big dry and quick dry.

Obviously, in the future, it is expected that countless alliance chains will be released in large numbers, becoming a new infrastructure that breaks through the constraints between enterprises, industries, and supply chains, focusing on the two functions brought by blockchain technology: The high-efficiency, low-cost communication utility brought by the distributed architecture is the efficient cross-border settlement layer utility.

The entrepreneurial and reform behaviors implemented within these frameworks have low compliance risks and the potential for promotion and application in the Chinese market. However, it is worth considering that if we are developing a development strategy, we will start with simple and simple Going down the current regulatory logic will form the core competitiveness of the blockchain entrepreneurship project and a strong moat?

On November 6, the Hong Kong Securities Regulatory Commission issued a "warning about virtual asset futures contracts" (hereinafter referred to as the warning) and "position book: supervision virtual asset trading platform" (hereinafter referred to as the position book) as an example. As the first domestic regulatory body to face the blockchain, the Hong Kong Securities Regulatory Commission is very representative and a mirror that reflects the high-level views of the top.

In the warnings and position papers issued, the Hong Kong Securities and Futures Commission is empowered to grant licences to those who carry out "regulated activities" as defined in the Securities and Futures Ordinance. Under this regulatory framework, if the platform operator operates a central online trading platform in Hong Kong and provides at least one type of securities-based token transaction on its platform, it will be within the jurisdiction of the CSRC and must have the first License for regulated activities of Class (Securities Trading) and Type 7 (providing automated trading services). Where the qualified platform operator complies with other licensing requirements (including appropriate candidate criteria), the SFC may grant a licence to the business of the virtual asset transaction.

In Feng Qingping's view, this is to include the currency exchange, wallet, project party, etc. in the cage of supervision. It is a symbolic action with transcendence. However, for the current regulatory dilemma, The practical significance is worthy of scrutiny. To put it simply, in addition to the project tokens that Bitcoin, Ethereum, etc. can't control, the other projects that can find the main are estimated to be included in the securities, and are treated as securities, according to the standards of listed companies. To perform regulatory operations and coordination. As an operator of a wallet, an exchange, etc., if the operation target involves any one of the tokens that are characterized as securities, then it must be declared after obtaining the license, but the application is voluntary. If you do not apply but involve securities tokens, you cannot conduct business activities in Hong Kong. If I am a wallet or an exchange institution, I will secretly try to figure out whether the current Hong Kong market is worth doing. After all, the time cost is still quite high. It is estimated that most institutions will adopt a wait-and-see attitude and will not actively apply. After all, Hong Kong is not a mainland, and market space cannot be compared with it.

In this sense, Hong Kong's submissions will also bring the relevant startups out of the door while facing the pass-through economy. From the perspective of a region in Hong Kong alone, it is pessimistic to interpret it from the local and short-term perspectives, but in terms of the country's dimensions, the conclusions are completely different. The mainland's regulatory policy is currently vague and majestic to the currency circle. The currency circle has no confidence in the mainland. However, Hong Kong is a very special part of China and can have its own independent governance system. In the country's development of blockchain technology, rumors do not mention the currency circle, through the mainland financial offshore center Hong Kong, release the financial regulatory policy of the currency circle, and open a green channel to help compliance, the deep meaning behind this combination of boxing, Unusual.

From the mainland, the currency circle is pessimistic. From the perspective of Hong Kong, it is not optimistic. However, if we think together, we may find that the country's overall strategic positioning and staged development of blockchain development. Under the impact of unprecedented blockchain technology, the state is not fully prepared. However, this does not affect the country's small-scale trial and error, and gradually open up the priority to prioritize the development of blockchain technology. The controllable scope eases the dilemma of the real economy and creates new economic growth poles. At the same time, it opens the door from the other end, simultaneously conducts social experiments of the general economic system, and participates in the unstoppable competition of the global financial highlands. It seems foreseeable that the diameter of Hong Kong's green passage will gradually widen until it reaches the mainland. This process may be faster than Feng Qingping imagined.

If we cast our eyes farther away, the conclusion may be more three-dimensional.

Supervision

Projected to Europe.

As the core country and leading force of the European Union, Germany can grasp the attitude of the EU by studying German policies. From February 20th to March 30th, 2019, the German government launched a blockchain strategic opinion solicitation activity, and the final submissions formed a 1048-page document. On September 18, 2019, the German Ministry of Economics and Energy and the Ministry of Finance jointly issued the "German National Blockchain Strategy" (hereinafter referred to as the German Strategy) (Blockchain-Strategie der Bundesregierung).

The German federal government has developed a comprehensive blockchain strategy in this regard, which considers the relevance of blockchain technology, which can set the framework for innovation based on blockchain technology. In Feng Qingping's view, the core feature of the German strategy is comprehensive. It does not evade any problems including the currency circle. It has a clear description of the road to the CIS economy. Even for the public offering of the crypto-pass, the federal government will The draft legislation is published for regulation. This is a bold and ambitious blockchain industry strategic plan and the most exciting horn in the digital economy competition. There is no evasiveness, no ambiguity, no timidity. What is conveyed from this German strategy is the rationality and calmness of the Germans, and the talents of the deserts and oceans.

As a German or EU person, it is rejoicing, but as a Chinese, with national color, there is some anxiety and anxiety. In the future, we took a cautious step, but we found that people are open-minded and ready to sprint!

Competition on the financial front plays a leading role not only in technical level competition, but also in institutional system competition, extending to the superstructure, which is the competition of the legislative system and the competition of the thinking mode. Unfortunately, the strategic measures for building high-rise buildings in China have been misunderstood by many startup companies. The consequence is that the strategic positioning is not accurate. In the face of future global competition, there may be serious consequences of insufficient stamina and insufficient preparation.

The lack of supervision law and the lag, the effect is to "use the sword of the former dynasty to smash the official of the dynasty", but if you use the series to define a small circle, take the chain of alliances, to meet the willing to come The class nodes are distributed all over the world, the developers are all over the world, and the interest community radiates the global public chain. There is no doubt that this is simply the tragedy of cold weapons against aircraft cannons. It is not a battle in one dimension, and winning or losing can be foreseen.

In the short-term, competition in the blockchain industry is the competition of core technologies. In the long run, it is the competition of the generalized economic system. The blockchain project stands out. In the short term, it is the landing point application. In the long run, it is better than the strategic positioning.

If these are not enough, then Feng Qingping will then strip away from the perspective of capital.

Dominoes

On November 7, the State Council issued an opinion on further making good use of foreign investment. The opinion pointed out that the restrictions on the business scope of financial institutions such as foreign banks, securities companies and fund management companies in China were completely abolished, the market supply was enriched, and market vitality was enhanced. Expanding the shareholder's scope of investment in foreign-funded banks and foreign-invested insurance institutions, canceling the requirement that the only or major shareholder of a Chinese-foreign joint venture bank must be a financial institution, allowing foreign insurance group companies to invest in the establishment of insurance institutions. In 2020, the restrictions on the foreign shareholding of securities companies, securities investment fund management companies, futures companies and life insurance companies shall not be reduced by more than 51%.

The interaction of blockchain ecological networks not only has information flow, commodity flow, logistics, but also capital flow, and whether funds are integrated is the fundamental underlying basis for decisive success in the globalization architecture. This is also an indispensable condition for the open finance that Meng Yan has repeatedly mentioned.

The reform and opening up measures of these traditional capital markets directly announced the opening of China's capital market. Its great significance and far-reaching influence are no less than the reform and opening up of the first market economy. Finance has always been a high-dimensional competition. The blockchain's natural financial assets will also greatly change and reorganize the infrastructure of the financial industry. Its economic system is embedded in economics and histology, and it also produces many financial products and financial derivatives. Then, in Feng Qingping's view, the introduction of this move is not only for the purpose of attracting foreign capital to stimulate market vitality and boosting investment confidence, but also provides a legal basis for the opening and integration of the public chain economic system. This opened the door to the world and laid a solid foundation for the development of the public chain.

As an investor, you need to pay close attention to this strategic positioning, because this will bring the results of the series. I am very pleased that Feng Qingping has also discovered some project representatives who dare to express their insights and bold practice.

On November 8th, the "2019 World Blockchain Conference" hosted by Babbitt, especially the view of the original chain CEO Lang Yu, especially attracted Feng Qingping's attention and admiration.

Positioning accuracy

He said that the domestic heavy-duty, foreign heavy technology, the difference from the original chain lies in its strategic positioning, based on China, based on the Bass platform Bystack, actively respond to the domestic policy on the blockchain, and continue to push the industry chain than the original chain. Floor application. More importantly, it is necessary to adhere to the two legs to walk, to participate in international competition than the original chain, so that the public chain can gain a dominant position in international competition.

"If you don't seek the world, you don't want to make a fuss; if you don't seek the overall situation, you don't want to find a domain." In a call to support the blind chain of alliances, Lang Yu’s speech is not afraid of a loud noise, closer to the standard answer, and may warn many entrepreneurs of blockchain projects how to correctly and accurately interpret the national blockchain strategy. The layout and promotion rhythm should not only focus on national regulatory policies, but also carry out entrepreneurial innovations in a compliant manner, so that blockchain technology can truly land, “fly into the homes of ordinary people”, adopt realistic practices that conform to the present, and face reality and clear understanding. Go to the blockchain industry's cross-temporal characteristics and the power of all-round penetration, find your own position, establish an objective and comprehensive competitive thinking, and do everything you can to do everything you can, beyond the shackles of time and space, build a multidimensional and future-proof Planning for regulatory rhythm.

On October 28, at the first "2019 Bund Financial Summit", Huang Qifan, vice chairman of the China International Economic Exchange Center, said that the People's Bank of China has been studying DCEP (central bank digital currency) for five or six years and is maturing. China The People's Bank is likely to be the first central bank in the world to introduce digital currency. After the sound of the TASS, the Tunisia central bank digital currency E-dinar entered the test phase and will soon take the title of NO1. Holding the same wish, that is, bypassing the pit of the US dollar, Tunisia may not have much impact on China. However, when the Chinese people are waiting for it, it’s cold to be taken over by Tunisia. It can be seen that this action is similar. The dominoes that changed the world pattern and the blockchain stadiums including the legal digital currency have already been a scream.