These days, I listened to some stories about Backpack shared by Can boss at the end of May:
The story of sharing weal and woe also applies to today's industry, exchanges, and you and me.
I have listened to it many times: I will share with you a lot of valuable information about the issuance of platform coins and prospects.
1. Background of CAN Boss, Co-founder of Backpack Exchange
I joined crypto in 2013 and joined Fenwick (a top law firm in Silicon Valley). Later, I created a practice and came into contact with hundreds of projects. I participated in the Coinbase listing and some Binance activities. I know many big guys.
2. Current forms of supervision around the world:
Currently, the supervision in the world can be divided into two categories: The first type believes that the public has no self-control over the digital currency industry, and if there is hype, they will jump in and throw all their money into it. For this type of regulatory authorities, they generally take very strict measures against digital currencies.
The second type of regulatory authorities view digital currency more as another new financial product. As long as it complies with the existing financial regulatory framework, it does not even need to comply with every item of the legal framework.
3. Dubai’s regulatory model
Dubai has become a financial center in the Middle East and even in South Asia and North Africa. For them, digital currency is a brand new financial industry. They have launched their own set of regulatory systems for all different players in the industry, including market makers, exchanges, securities firms, issuers, and project parties. Basically, they have launched a relatively complete system.
4. The latest EU crypto regulatory developments
MiCA, which will come into effect in the EU at the end of this year, certainly has some drawbacks for digital currencies, but it is remarkable that such a large alliance of financial entities in the world can introduce a unified set of regulations for digital currencies.
5. Backpack’s Goal
We hope to reach the previous license level of FTX in one year, which is the goal of more than 40 licenses.
6. How does Backpack better protect user assets?
Backpack is different from other centralized exchanges: the entire trading engine is a blockchain, and users can replay to any point in time to check assets
7. Polarization of Web3 industry regulation
From the perspective of supervision: either it is completely decentralized, without a centralized entity, supervision will be easier, or even no supervision. However, this requires the project to be completely decentralized.
Otherwise, all centralized parts need to comply with regulations.
8. Backpack’s future vision
Backpack hopes to combine web3 wallets and exchanges to create a one-stop service platform, with the interaction between web2 and web3 fully and deeply integrated.
9. How to stand out in the fierce competition among NFT, wallets and exchanges:
The industry faces conflicts between compliance and growth, technology and culture, and the combination of the East and the West.
Different people in the Backpack team have different abilities, which can resolve the above contradictions. This is the unique advantage compared to other teams and the breakthrough point for achieving success.
10. The biggest advantage and focus of user growth
Backpack products will be available on the contract soon. Backpack will deeply integrate web2 and web3 and will also deepen its expansion in different countries and regions.
What's more important is that I followed Sol and FTX together and shared the same hardships.
Finally, everyone knows: the first exchange listed in the sol ecosystem: Backpack
11. Will Backapck issue coins in the future, or will it be compliant?
These two paths are not contradictory, and they can be taken together. This basically shows that Backpack has the expectation to issue coins, and also has the ability and expectation to do deep compliance. It promotes progress through innovation and achieves success through differentiation.