Describe the company:
The real world application of blockchain technologies today has allowed for money laundering scams and fraudulent transactions, which regulators, auditors, and government officials must investigate. To improve AML (Anti-Money-Laundering) and KYC (Know-Your-Customer) standards, utilizing blockchain smart contracts for compliance and AML policies are both a necessity and an ethical solution to wrongful blockchain practices. BICRA will guide the blockchain industry in improving transparency of transactions and ensure user privacy.
Maybe we can cover all the regulations which are appearing around the world regarding cryptocurrencies. AML and KYC are important of course but taxes, privacy, disclosure, payments, to name a few, are also essential regulation topics which are being discussed in ever more countries. Both opportunities and threats are appearing nearly every day and BICRA should become the obvious source for its members to stay on top of this fast-moving industry.
I believe that our elevator pitch should be opportunity focussed so that anybody who reads or hears it cannot help asking himself “can I really afford missing out on this?”. As Florian would say “feed the fear and the greed”, so that would be scams, taxes, opportunities and crypto-havens.
How are you different?
Contrary to what some may think the blockchain technology is not very complicated, the main novelty is the different consensus mechanisms. Even the smart contracts are quite basic to set up. As everyone knows the true game changer brought about by blockchains are ledgers which cannot be tampered with (hence Bitcoin becoming for many a safe haven cross-border currency). Now this is huge because no state can bend it or break it. In a way it is similar to a new Law of Nature which can not be changed but which needs to be dealt with. So regulations are being worked upon all around the world, some countries embrace the blockchain technologies as an opportunity whilst others are wary and need time to work with it.
The BICRA founders have been following and monitoring the rise of the regulations with both fascination and great care. BICRA’s goal is not to simply bring together some big boys and girls to figure out the next crypto tax haven or to moan about some crippling crypto regulation, it is to understand the impacts of the blockchain on the world and to anticipate the coming decisions. This knowledge, in turn, will enable BICRA to take an active lobbyist role to ensure both a safe and prosperous growth of the blockchain industry. There is so much to come!
Why will you do well?
To date, blockchain associations are made by a couple of big guys defending their interests. We are exactly the opposite. Many smaller actors, defending everyone’s interest.
I believe that our assets should be network, experience and passion. These are often the seeds to success stories.
Where are you based?
BICRA is starting right now in six countries, USA, Canada, UK, France, Switzerland and Israel. We hope to open Asia before the end of the year.
When was the company launched?
Founded in 2018 by privacy regulation professionals, Blockchain Industry Compliance and Regulation Association (BICRA) is a non-profit created to fill the gap between the worlds of blockchain and regulation. By forming a community of blockchain professionals, BICRA aims to ensure that members are in compliance with regulations all over the world through transparency and integrity. BICRA hopes to recognize those who are encompassing our values.
What have been your biggest wins to date?
Honestly? At this stage, coming into existence.
Who are you trying to attract to your product?
A growing community of compliant players with a strong ethos to promote integrity and transparency in the blockchain space.
What tips would you give to others looking to build their business?
Tell us about your team?
BICRA is composed of passionate people who come from different backgrounds, ie compliance, finance, banking or privacy. They share a common strong interest in key issues underlined by blockchain and thus they show an appetite for existing and evolving regulatory frameworks that are being built in the blockchain industry.
What are your plans for the future?
We have over 120 members to date. BICRA is growing fast, with many exciting things coming such as resources, newsletter, member directory and a bunch of perks we are putting together. We plan to use the blockchain to manage our membership program.
What are your favourite tech gadgets?
We will equip our members with a black card they can use to validate their on-site perks. Each transaction will be recorded in the blockchain for transparency and efficiency. Note: We may be the first to provide this kind of blockchain service.
What tech gadgets do you wish you could use to help you?
Allowing crypto exchanges between members inside BICRA community.
Anything else we should have asked?
How about: Where will the blockchain industry be in three years time?
Like most innovations the first to come aboard are thieves or scammers. The well-known example is that of the car industry where bank robbers would use the first cars to outrun the police forces on bicycles. In the same way scams, ransomware and illegal trading have thrived over the last years thanks to the cryptocurrencies but that simply proves the incredible potential and the need for regulations. A shift is taking place as we speak and serious blockchain projects are growing or being thought about. Our understanding is that the regulatory scenery in three years time will have provided a more serene landscape for this new universal, and unstoppable, technology to benefit the world and probably redistribute the wealth.
How do people get in touch with you?
People can join the community via social media:
And don’t forget https://www.bicra.org where you can subscribe to our newsletter focussed on the regulatory landscape.