Blockchain: a revolutionary technology for the financial sector?
Answers on February 22nd.
Nowadays there is much talk about Blockchain and its implications are labelled as being as revolutionary as the internet. Although there is no existing regulation on the technology and its derivatives, the financial sector has been pioneering the case for Blockchain technology.
According to Thibault Verbiest, Partner at DS Avocats, one of the most important applications of Blockchain today within the financial sector is that it proposes solutions for the growing challenge related to KYC & AML compliance. The case study of the “Granada Project” illustrates this point, and will be presented by Guillaume Langéac, Partner at Fairman at the upcoming CREOBIS conference in Brussels on February 22nd2018.
During his presentation at the previous CREOBIS Blockchain & Cryptofinance conference in Luxembourg in January of this year, Damien Vanderveken, Head of R&D, SWIFTLab and User Experience at SWIFT, emphasised the importance of the technology to allow banks to meet their regulatory requirements. By developing projects and working with a consortium of banks through their DLT Sandbox, SWIFT is trying to create an environment for the application of Blockchain technology which meets the regulatory standards that banks are subjected to. Mr Vanderveken will be discussing the reconciliation of Nostro Accounts through Blockchain on February 22nd.
In Belgium, KBC Bank is one of the main actors within the financial sector which is developing solutions based on Blockchain technology. Koen Vingerhoets, Distributed Ledger Technology Advisor at KBC Bank, will introduce the different projects that KBC Bank is working on, giving the opportunity to grasp the potential of this technology and what it will mean for the sector.
What about regulation within this innovative and disruptive context?
The emergence of Cryptofinance and ICO’s have shaken the traditional mode of functioning regarding investing. Will this also be the case for payments? Suggested approaches range from encouraging to banning this new aspect of finance. However, one element seems to be clear: all parties long for clear regulation in order to protect investors, financial institutions, and ultimately the consumer.
In this contexte, the path and regulatory struggles towards launching an ICO will be discussed by Roderik Van der Veer, Co-founder and CEO of SettleMint, during the CREOBIS conference in Brussel.
The discussion panel of the Luxembourg conference proved to be rich in information on the state of affairs at the European level. Although there is no existing regulation, it is essential to hear the views and efforts of both the European Commission, as well as our Belgian regulator, the FSMA, to sense where this is all going.
As Pierre Marro, FinTech Team Leader DG Connect from the European Commission, discussed in Luxembourg, Blockchain technology is an opportunity that cannot be missed and as such it receives very high political attention. This is a testimony of the open-minded approach the European Institutions are taking regarding this revolutionary technology.
Mrs. Monica Monaco, Head of the Blockchain and Virtual Currencies Working Group and working closely with the European Commission, echoed this vision during the discussion panel in Luxembourg. In Brussels on the 22nd, we have the privilege to hear Mr. Pēteris Zilgalvis, Head of DG Connect and Co-Chair of the FinTech Task Force at the European Commission on this topic.
We are standing at a major crossroad. The financial sector will be strongly affected by Blockchain technology as it completely challenges the established rules and modus operandi. Understanding where we are at and where this is going is crucial.
Don’t miss the opportunity to gain the necessary insight into this new technology, as well as its potential future regulations and trends that will impact your day to day work.
Looking forward to welcoming you at this CREOBIS event!
The CREOBIS team
+32 (0)476 72 53 41