Blockchain in NZ: What did Industry Leaders Have to Say About the Crypto Space?
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
On January 18, Ruby Play Network mobile gaming platform participated in a live webinar sponsored by the New Zealand Trade and Enterprise (NZTE). The webinar, coined “The future of blockchain in NZ”, was put together with the purpose of raising public and government awareness on blockchain technology by curating discussion around the new growth opportunities it presents.
Representatives from industry-leading crypto companies Coinpresso, Easy Crypto and Ruby Play Network, were there in addition to the NZTE advisors in attendance. RPN CEO and Executive Director, Benjamin Dellaca represented the blockchain gaming platform and answered questions directed to the panel. Heavy discussion was centered around the potential of future government involvement and policy creation and what that would do to either help or hurt blockchain adoption.
How should blockchain companies like Ruby Play Network operate?
The first question directed to panelists by RPN Growth officer Rob Carroll, was about the ease or difficulty in starting and operating a cryptocurrency and blockchain-aligned business. Liam Quinlin-Stamp, CEO of Coinpresso, an industry-leading crypto advertising agency, spoke of the need to overcome some difficulties in funding a startup company. He expressed that taking the steps to ensure documented legitimacy with proper legal infrastructure and transparency were key.
Janine Granger is CEO of Easy Crypto, a cryptocurrency retailer also helping NZ businesses scale globally through utilizing blockchain tech. Janine expressed the difficulty in starting and running a blockchain startup also. She highlighted the tough uphill beginning most companies face, and the need for open-book companies to operate like you were a regulated financial services corporation. Ben Dellaca agreed, reflecting on the approach of his own startup.
“I remember times not being able to find a dev that could code what we needed. You just have to keep moving forward. Eventually things work out. We started Ruby Play Network three years ago and we had so much to learn, but you do what’s necessary to move forward.” - Ruby Play Network Executive Director, Ben Dellaca
Does the government have a position yet, and if so, what is it?
Sandy Khaund represented the NZTE remotely from the US. Sandy is an advisor with New Zealand Trade and Enterprise and explained, as advisors he doesn’t work for the government directly, which enables him and other NZTE advisors, to provide counsel to startups. The goal being, to help corporations understand the business and statutory landscape in order to learn and adopt policy and business practices in accordance with legislation and regulatory perspective..
A question was directed at Sandy about the government’s stance on businesses operating within cryptocurrency and blockchain tech, and if he anticipated penalties to be handed down in the future for unregulated practices. Sandy, a blockchain-business owner himself, answered thoroughly and stated that the government acts slowly and gives practically no opinion until they have enough information to create specific guidelines. Sandy was clear and said he thoroughly expects the government to act retroactively in the case of any significant breaches of good business or legal practices by companies operating in the cryptocurrency market and decentralized finance space.
“The government will let you operate until they say, oh no you can’t do that. The best thing a company can do is make yourself be seen, and do everything you can to be compliant from the start. It keeps you covered later.” - Sandy Khaund, NZTE Advisor
Final takeaways and conclusion
The webinar hosted by the NZTE was filled with useful information and insight from seasoned professionals across the blockchain, operating in marketing, business development, cryptocurrency trading, and blockchain gaming. From its inception The Ruby Play Network has done everything in its power to understand existing laws and regulations surrounding the gaming sector as it relates to the blockchain - transparent in its intentions and operations.
The clear interest in being compliant and within regulation, has been openly evidenced by Ruby Play Network. The Ruby Play List is also an example of their compliance. The SAFT agreement entered into by winners who gain access to spots on the Ruby Play List presale, is an example of the extensive thought and care which goes into every move of the blockchain-based rewards platform. Extreme care given before taking the step. It’s the reason why the Ruby Play Network has been courted with backing by Binance Accelerator Fund, Coinpresso, Yellow.Org, Gate Labs in collaboration with Gate.io, and others.
What was made clear by panelists during the webinar, is that there is no shortcut for blockchain businesses, and as a matter of fact, when looking to make impact and create a business model that will last beyond the pop and fizzle that many cryptocurrency projects experience, companies should plan to work harder than normal to make that into a reality.