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As former general advisor and chief compliance officer of Circle Internet Financial, a global encrypted finance company, John Beccia knows all about the uncertain legal and regulatory world of cryptocurrency. Rules of international trade, taxes on capital gains, appropriate investment practices–they are all problems that also block the most experienced legal teams. & Nbsp;
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Beccia hopes to overcome confusion with FS Vector, a consulting firm that aims to "help policymakers understand the risks and challenges of cryptocurrencies and help companies navigate those murky waters". In this interview with Forbes Insights, Beccia discusses the jump from general advice to the CEO, the fast pace of FinTech and the slow response of regulators.
Why did you decide to start Vector FS?& Nbsp;
I really enjoyed being a general consultant, but we are in a really unique moment in financial services. Things are moving fast enough and new products and services are entering the market. But there are not many experts out there who can advise companies and help them resolve issues related to policies and regulations. FS Vector is a one-stop shop that allows customers to take advantage of what is happening on the market and to build a company that can help customers solve these problems.
What is causing the climate of confusion today?& Nbsp;
Regulations and laws always tend to be reactive, but now we are in a space where things are moving too fast for regulators to recover. The challenge is to really understand what these technologies are [i.e., blockchain and cryptocurrencies] they are and what they can do. They can offer great benefits, but they also bring risks and challenges. Therefore, it is necessary to work on these issues and try to develop best practices, be more proactive in addressing risks and understanding what the expectations are from a regulatory point of view.
How can the financial sector bridge the gap between fast-moving emerging technologies and slow-moving regulations?
Only a few years ago we were talking about blockchain and Bitcoin and how this could change the payment space. Five years later, we are talking more about ICO [initial coin offerings] and different types of cryptocurrencies. So when it comes to regulations, I think it is important to develop spatial rules of broader principle that protect against risks, but also to provide the opportunity for these things to develop and change over time.
Speaking of change, how are you finding the transition from the general council to the CEO?& Nbsp;
When you are a legal advisor with a FinTech company or a smaller startup, you quickly learn that you need to be agile and really understand all aspects of the organization. It's the same for a CEO. The difference is to have a broader prism and understand what is needed to build the organization. You need a high-level perspective as a CEO and be a strategic thinker. But you also need to bring the right people and put together the tactical pieces to make sure that the organization succeeds.
What could legal professionals surprise in working in the FinTech space?
Peace. Sometimes it is necessary to make decisions quickly; you must be creative. You must make sure you are very aware of the risks, but you must also find a way to have practical solutions and work in an environment where the regulations are not entirely clear.
Many of today's laws are not oriented towards things like cryptocurrency. So, companies must find a way to respect not only the letter of the law, but actually the spirit of the law, and find a way to show that it can never be a risk elimination exercise; it's an attenuation exercise. It's about trying to put your foot forward.
The other thing is, in FinTech, more than in any other space, the external consultant does not have all the answers. There are many gray areas, so you need to feel safe and be able to work in a darker environment.
What does the future hold for cryptocurrency?
We are approaching a wide range of business models, which is a lot of fun. I am impressed by how many really intelligent people there are with many great ideas. We are still in the early stages, so we have not even seen where this can go.
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As former general advisor and chief compliance officer of Circle Internet Financial, a global encrypted finance company, John Beccia knows all about the uncertain legal and regulatory world of cryptocurrency. Rules of international trade, taxes on capital gains, appropriate investment practices–they are all problems that also block the most experienced legal teams.
Beccia hopes to overcome confusion with FS Vector, a consulting firm that aims to "help policymakers understand the risks and challenges of cryptocurrencies and help companies navigate those murky waters". In this interview with Forbes Insights, Beccia discusses the jump from general advice to the CEO, the fast pace of FinTech and the slow response of regulators.
Why did you decide to start Vector FS?
I really enjoyed being a general consultant, but we are in a really unique moment in financial services. Things are moving fast enough and new products and services are entering the market. But there are not many experts out there who can advise companies and help them resolve issues related to policies and regulations. FS Vector is a one-stop shop that allows customers to take advantage of what is happening on the market and to build a company that can help customers solve these problems.
What is causing the climate of confusion today?
Regulations and laws always tend to be reactive, but now we are in a space where things are moving too fast for regulators to recover. The challenge is to really understand what these technologies are [i.e., blockchain and cryptocurrencies] they are and what they can do. They can offer great benefits, but they also bring risks and challenges. Therefore, it is necessary to work on these issues and try to develop best practices, be more proactive in addressing risks and understanding what the expectations are from a regulatory point of view.
How can the financial sector bridge the gap between fast-moving emerging technologies and slow-moving regulations?
Only a few years ago we were talking about blockchain and Bitcoin and how this could change the payment space. Five years later, we are talking more about ICO [initial coin offerings] and different types of cryptocurrencies. So when it comes to regulations, I think it is important to develop spatial rules of broader principle that protect against risks, but also to provide the opportunity for these things to develop and change over time.
Speaking of change, how are you finding the transition from the general council to the CEO?
When you are a legal advisor with a FinTech company or a smaller startup, you quickly learn that you need to be agile and really understand all aspects of the organization. It's the same for a CEO. The difference is to have a broader prism and understand what is needed to build the organization. You need a high-level perspective as a CEO and be a strategic thinker. But you also need to bring the right people and put together the tactical pieces to make sure that the organization succeeds.
What could legal professionals surprise in working in the FinTech space?
Peace. Sometimes it is necessary to make decisions quickly; you must be creative. You must make sure you are very aware of the risks, but you must also find a way to have practical solutions and work in an environment where the regulations are not entirely clear.
Many of today's laws are not oriented towards things like cryptocurrency. So, companies must find a way to respect not only the letter of the law, but actually the spirit of the law, and find a way to show that it can never be a risk elimination exercise; it's an attenuation exercise. It's about trying to put your foot forward.
The other thing is, in FinTech, more than in any other space, the external consultant does not have all the answers. There are many gray areas, so you need to feel safe and be able to work in a darker environment.
What does the future hold for cryptocurrency?
We are approaching a wide range of business models, which is a lot of fun. I am impressed by how many really intelligent people there are with many great ideas. We are still in the early stages, so we have not even seen where this can go.
