Mr. Lam, a serial entrepreneur, investor, product engineer, and advisor, sees regulation and legal factors as two of the biggest issues and obstacles on the way to the mass adoption of blockchain technology.
"One of the largest challenges is legal. It's like musical chairs: the laws change every month, and every lawyer will tell you different advice. Everything is different, depending on which country you are incorporated and it is not just a security law, but also a taxation law as well. So it's a minefield out there."
The United States has one of the strictest governments in the world when it comes to securities laws and taxation laws, which hampers a lot of innovation and resources and puts American projects at a disadvantage to non-American projects. These challenges had forced a lot of companies to move offshore. However, now the trend has reversed, and many of them are coming back, Mr. Lam says.
He explains this phenomenon by the bear trend on the cryptocurrency market that made utility ...