OmiseGO AMA #25 - with Vansa, OmiseGO CEO

Okay, Okay Hi OmiseGO Community My name is Vansa I'm the CEO of OmiseGO. So, you might have read it in my blog, recently I took part in the World Economic Forum's first blockchain council meeting in San Francisco
What became very clear to me is that we need both civil servants businesses and government to come together and try to forge cross-border as well as national regulations around blockchain and crypto currencies.
So this month's AMA questions were circled around the blog posts that I made which you can look at the link below and I'm gonna go through the top four that we had. So here we go.


Q1:
Can you name ways in which the team's commitment to regulatory compliance has directly resulted in or will result in the onboarding of one or more major business partners to use the OmiseGO Network?
So I think it's important for us to recognize that the regulations both in the local and international level is still very gray and new regulators are still trying to catch up to figure it out how do we regulate decentralized platforms as well as cryptocurrencies right.
You already see major jurisdictions like the UK the US as well as a couple Asian countries like Japan Singapore and Hong Kong starting to form an opinion around crypto assets as well as blockchain the technology itself what we think is the other jurisdiction we'll start to look at them as best practice and follow suit.
So as a team we're keeping a very close eye across all of these major jurisdictions and we're making sure that whatever that we build in the infrastructure layer will be able to support the decentralized applications that are built on top right so we don't want to close off any opportunities.
Concretely, we've been in discussion with the UK FCA as well as Singapore MAS and Thailand BOT, so Bank of Thailand, as well as the SEC.
We're also in discussion with the Japanese regulations and Association that are working around blockchain at the International cross border level.
We're also talking with the WEF as well as the World Bank in hopes that we can provide input that is helpful when they go and shape cross-border regulations.
So, as you can probably tell from my answer it's still a very new area we're all trying to figure it out and the best thing that we can do as a team building the infrastructure is make sure that we don't close off any opportunities in the future.


Q2:
How does OmiseGO intend to incorporate Fiat into the network when there's such heavy government regulations surrounding national currencies?
So, OmiseGO itself is a network and we're essentially token agnostic so in our interaction with Fiat would be something along of the USDT where somebody else has already tokenized and issued out a stable coin version and so we're not engaging with the government regulation as an issuer in a sense.


Q3:
How hard will it actually be to have a peer-to-peer currency agnostic decentralized world exchange that can transact any asset in comparison to loyalty points as a main initial Avenue for transactions in the face of regulations?
So, similar to question two, OmiseGO Network is essentially currency agnostic what that means is we facilitate the different tokens and applications that run on top of the network.
Right. If you look at the internet and how its formulated with the TCP/IP even though there are standards, it's actually open in terms of regulations and so OmiseGO can be looked at in the same way.
Where we're just a facilitator of financial applications and so the regulations will actually happen the stacks on top of the network itself.

Q4:
Initially it was communicated that clients would be the ones to ensure necessarily compliance with the jurisdiction that they're in while using the OmiseGO Network is this still the case? If not, what is your plan to address these regulatory concerns on the network layer?
So this is still very much the case where we ask the clients to be responsible for compliance and regulatory requirements given that the network is global and there are multiple use cases that can be built on the network itself we as a company can't cover all the jurisdictions.
So we've worked with our clients essentially to try to help them address all of these issues around compliance and regulations.


So that's it for this month AMA guys. If you're curious about our development and you want to follow our progress, please subscribe to the newsletter as well as follow our blog posts and various social media outlets . Thank you again for your time and for tuning in. We'll see you next month.