2016 Blockchain Industry Legal Compliance Seminar Experts’ Opinion Show

On March 19, the "2016 Blockchain Industry Legal Compliance Seminar" held its first meeting at the Beijing International Finance Museum. The meeting was hosted by the China Blockchain Application Research Center and the Asian Blockchain DACA Association, and chaired by Xu Yiji, founder of the Blockchain International Summit. Han Feng, Secretary General of the Asian Blockchain DACA Association, Chu Zhuang, General Manager of the Information Department of CITIC Trust, Yang Dong, Vice Dean of the Law School of Renmin University of China, Ji Feifei, Dean of the Cultural Branch of the New Third Board Academy, Chen Aiping, Secretary General of the Blockchain Industry Promotion Association of the Nanjing University Alumni Venture Capital Alliance, Ding Jiang, a blockchain technology expert on Wall Street in the United States, and lawyers from well-known Beijing law firms such as Dacheng Law Firm, Jincheng Tongda Law Firm, and Yingke Law Firm, as well as blockchain startups in Beijing, also sent representatives to participate in the seminar. The seminar aims to promote the healthy, compliant and sustainable development of the entire industry through legal discussions under the current rapidly changing blockchain industry situation.

Trust will play an important role in the blockchain industry

Chu Zhuang, general manager of the information technology department of CITIC Trust, said that any form of blockchain application, in the process of mapping virtual assets to physical assets, must solve the problem of an agent, and trust has a unique advantage in this regard because of its special legal status. Chu Zhuang also proposed that in the field of intangible assets, blockchain can transform intangible audiences and fan relationships into a new type of valuable assets, thereby creating an economic form in which netizens and authors co-create and share intellectual property rights. Blockchain technology may solve the IP sharing and protection on the network platform. In particular, Baidu Tieba had problems not long ago, mainly because the property rights relationship was not straightened out, especially the platform operator could not unconditionally obtain the IP assets of netizens.

Blockchain technology is booming and has great potential

Han Feng, Secretary General of the Asian Blockchain DACA Association, believes that "the development of the Internet has its own internal logic, and the emergence of blockchain technology is a natural result of the development of the Internet and has its own rationality." When it comes to blockchain, many people think of "Bitcoin" first. Bitcoin is not issued by a specific monetary institution, but is generated through a large number of calculations of a specific algorithm. In fact, the core that truly supports Bitcoin is blockchain technology. Although blockchain appears with Bitcoin, the derivative value of this technology has surpassed digital currency. At present, in addition to the field of Internet finance, blockchain technology has been applied in many fields and has shown great prospects. However, from the perspective of specific applications, blockchain technology is still in the exploratory stage, and it is still unknown when it can be widely launched; in addition, blockchain technology itself is not mature enough, and technology suppliers need to prove the maturity of technology and application stability to the market. For example, whether the technology capacity can carry tens of billions of daily transactions will be an important challenge facing future technological development.

Blockchain technology will also have a significant impact on the judicial field

Yang Dong, deputy dean of the Law School of Renmin University of my country, mentioned that the Chinese government has always been encouraging and supporting blockchain technology. Although it is currently facing many bottlenecks, it is believed that with the deepening of technology and changes in the transaction value chain and participating entities, the construction of laws and regulations related to new technologies will gradually improve, and blockchain can also play a big role in the judicial field.

Future prospects of the blockchain industry

Chen Aiping, Secretary-General of the Blockchain Industry Promotion Association of the Nanjing University Alumni Venture Capital Alliance, proposed at the meeting that blockchain has raised a series of new issues for the legal community. To build a blockchain compliance system, it is necessary to regulate in three areas: policy compliance, financial security, and internal risk control.

Guo Qingui, a well-known Internet finance expert, said that in view of the development of Internet finance, the development of blockchain should be studied in advance, the legal framework should be clarified, and a standardized legal system or guiding opinions should be established to avoid detours in the development of the industry. He supports the establishment of a blockchain industry legal expert committee to promote industry experts in this field to form a unified opinion as soon as possible.

Deng Di, Chairman of Yuanbao.com, said that with the development of the blockchain industry, digital assets have now shifted from being completely virtual to being closely integrated with entities. The entire industry will face great opportunities as well as huge challenges. Building a good blockchain industry ecosystem requires efforts from all sides. Yuanbao.com will actively collaborate with legal experts and industry peers to continue exploring the issuance, circulation and trading of blockchain assets.

In addition, Ji Feifei from the New Third Board Academy, Zhang Shousong, CEO of Bitcoin Exchange Network, Qiao Lu, partner of Dacheng Law Firm, and Cao Xue, CEO of Financial School, also made wonderful speeches and interacted at the meeting.