Thomas Nägele on Regulation of Crypto, Defi & DAOs
What We Discuss With Thomas Nägele
The topic of regulation in the crypto space causes division. While some feel uneasy, the rest would welcome it as it’s a necessary evil for crypto adoption.
Until now, crypto has undoubtedly largely benefited from the lack of clear regulations.
Regulators around the world have struggled and been playing catch up with the pace of innovation in crypto, while trying to find a balanced approach between protecting investors and not over regulating and squashing innovation.
One country which stands out from the lot is Liechtenstein, as it’s one of the first countries to issue regulation on the tokenization of assets.
In this episode, you will learn;
- The proposed crypto regulation by the European Commission titled MiCA;
- How to regulate Defi protocols;
- The Blockchain Act of Liechtenstein and a future where everything is tokenized;
- Whether crypto needs its own regulator;
- The issue of the legal identity around DAOs, and much more.
As a disclaimer, even if Dr Thomas is an Attorney at Law, nothing in this episode constitutes legal advice.
Shownotes
- Dr Thomas shares his personal story how why he went all in into blockchain & tokenization [2:40]
- In terms of crypto regulations, what have been the main highlights of 2021 [9:06]
- What is being proposed by European Commission’s crypto regulation proposal titled Market in Crypto Assets (MiCA) [12:25]
- What is the distinction between MiCA and the Markets in Financial Instruments Directive (MiFID) [14:22]
- What have been the same criticisms of MiCA so far [19:29]
- Are the 3 categories of crypto assets identified by MiCA comprehensive for all the types of crypto assets on the market [20:59]
- What is the approach to take when regulating Defi protocols [30:14]
- Does crypto needs its own regulator and should crypto leaders be appointed instead of public officials who have limited understanding of blockchain [39:06]
- What is a Token Container Model as coined by the Blockchain Act of Liechtenstein, and how it provides the ability to tokenize any type of assets (Dr Thomas shares an example with NFT) [45:32]
- What kind of assets have been tokenized the most using the Blockchain Act of Liechtenstein [53:54]
- How does a future where ‘everything is tokenized’ look like [56:23]
- How should a DAO be regulated, and with the state of Wyoming being the first to recognize a DAO as an LLC, how should the issue of personal liability for the DAO and its members be tackled [59:39]
- Dr Thomas talks about his published book ‘Secondary Market for Security Tokens’ and the upcoming book ‘Legal Nature of Token’ [1:04:28]
