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Regulatory Ramblings

Regulatory Ramblings: Episode 53 – Advanced Quantum Computing Threatens Blockchain Transactional Security and Anonymity with Kapil Dhiman (Quranium)

Mumbai-based Kapil Dhiman is the co-founder and CEO of Quranium. An entrepreneur to his core with a creative and artistic side—coupled with a passion for problem-solving—Kapil is a seasoned leader with 12 years of diverse international consulting experience in dealing with enterprises, startups, and funds.

He is also a former Web 3.0 leader at PwC India and an award-winning CEO who crafted the Metaverse Startup of the Year 2023 from scratch. Kapil, a distinguished global speaker and author, has helped over 20 startups in the Web3 ecosystem with their go-to-market (GTM) and product strategies.

In this episode of Regulatory Ramblings, Kapil chats with host Ajay Shamdasani on how advances in quantum computing can compromise Blockchain transactional security and anonymity.

Much has been said about quantum computing and how it will revolutionize the world—and part of that is reflected in the new Cold War between the US and China. Beijing is constantly eager to tout its advances in the field, and the American and European mainstream press clamor about how the collective West is falling behind—in a manner almost reminiscent of the US response to the USSR’s 1957 Sputnik launch.

Some, such as Kapil, contend that quantum computing can breach the security of cryptocurrency transactions, notwithstanding the much touted ‘National Security Agency (NSA)-level encryption’ that Polish virtual asset advocates say exists when using a Blockchain.

Kapil shares a bit about his background and the challenges of growing up in a military family with a father he was very temperamentally different from. He recounts the difficulties of starting his firm, the joys and hurts of following an entrepreneurial path, and what he envisages for Quranium.

The discussion defines quantum computing, whether it should be regulated globally, and whether each industry using such computers should devise its own rules. Kapil concludes that each country must decide for itself—in the same way artificial intelligence is regulated globally.

Kapil also shares his thoughts on the notion that AI will come alive once quantum computing reaches a mature state. He addresses the issue of whether there is a mismatch between computing power and the ability to use AI to its fullest potential.

A lingering concern is that AI in its current state is not ‘ real AI’ and that the purest version of AI will require more advanced quantum computing.

The conversation concludes with Kapil commenting on what Web 3.0 means on a practical level. He dispels the cliché that creative and artistic types like himself are not practical and business-savvy, stating that such things can be learned if one is diligent and motivated enough.

We are bringing you the Regulatory Ramblings podcasts with assistance from the HKU Faculty of Law, the University of Hong Kong’s Reg/Tech Lab, HKU-SCF Fintech Academy, Asia Global Institute, and HKU-edX Professional Certificate in Fintech.

Useful links in this episode:

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Innovation in Compliance

Innovation in Compliance – Keith Laska – Bitcoin: Investment or Monetary System?

Innovation comes in many forms, and compliance professionals need to not only be ready for it but also embrace it. Today, I visited Keith Laska to talk about his work in the realm of bitcoin and as a blockchain educator.

Keith Laska, a professor at Fordham University and founder of learnbitcoin.io, says that Laska’s perspective on bitcoin is that it can serve as both an investment and a monetary system, depending on the individual’s location and use case.

In the United States, he sees bitcoin as a high-growth investment that can outpace inflation, while in countries with high inflation rates like Argentina, Turkey, or Lebanon, he views bitcoin as a more stable and reliable monetary system compared to their local currencies.

This dual perspective is shaped by his extensive experience and dedication to staying at the forefront of the evolving field of bitcoin and blockchain.

Key Highlights:

  • Evolution of Bitcoin from 2009 to ETFs
  • Blackrock’s Successful Spot Bitcoin ETFs Approval
  • Enhancing Compliance with Blockchain Contracts and AI
  • Fluency in Bitcoin: Educating Future Industry Professionals

Resources:

Keith Laska on LinkedIn 

Tom Fox

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Categories
Daily Compliance News

November 28, 2022 – The Back to Venezuela Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you four compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network. 

Stories we are following in today’s edition of Daily Compliance News:

· Chevron is going back into Venezuela. (WSJ)

· Amazon is hoping to settle by year-end with the EU. (Reuters)  

· Don’t let crypto fraud diminish blockchain. (FT

· Huawei and ZTE banned. (Bloomberg

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Daily Compliance News

July 15, 2022 the To Die In Texas edition


In today’s edition of Daily Compliance News:

  • Using blockchain to disrupt corruption. (CityAM)
  • SEC is looking into Musk’s actions re: Twitter. (NYT)
  • Whistleblower protections for reporting aliens. (Politico)
  • The state of Texas sues to block fed order on abortions to save mother’s lives. (Reuters)
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Daily Compliance News

June 8, 2022 the Gupta Brothers Arrested Edition


In today’s edition of Daily Compliance News:

  • Vietnamese minister sacked in corruption scandal. (Bloomberg)
  • Gupta Brothers arrested in Dubai. (WSJ)
  • ABC programs blockchain and crypto. (Kroll)
  • Wells Fargo halts fraudulent hiring program. (NYT)
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Daily Compliance News

April 26, 2022 the Trump Ordered to Comply Edition


In today’s edition of Daily Compliance News:

  • Toll Holdings agrees to sanctions violations. (WSJ)
  • NY state judge holds Trump in contempt. (NYT)
  • Using blockchain to help fight corruption. (YaHooNews)
  • Musk buys twitter. (Bloomberg)
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Daily Compliance News

March 18, 2022 the IRS in the Oligarch Hunt Edition


In today’s edition of Daily Compliance News:

  • IRS in on oligarch asset hunt. (NYT)
  • Blockchain for baseball investors.  (Bloomberg)
  • Federal judge cautions hiring those who protest. (Reuters)
  • Corruption impacts almost half of Indian citizens. (Business Standard)
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Daily Compliance News

February 27, 2021, the Coaching as a Crime edition


In today’s edition of Daily Compliance News:

  • How coaching came to be seen as a crime. (WSJ)
  • Robinhood in talks to settle probes. (WSJ)
  • BakerHughes under investigation. (WSJ)
  • We built this City on Blockchain? (WSJ)
Categories
31 Days to More Effective Compliance Programs

Blockchain will transform compliance


One of the most significant innovations in compliance will come through the incorporation of blockchain into compliance. I see great value propositions for the compliance function. There are two specific areas where I see blockchain directly impacting the compliance profession. The first is with third-parties. The second area where blockchain provides a potential game changer is contracts, specifically around compliance terms and conditions.
This final point is operationalizing compliance. It will be interesting to see when the DOJ or SEC will begin to comment on blockchain as a part of a best practices compliance program.
Three key takeaways:

  1. Blockchain has great potential for the compliance profession.
  2. Blockchain can facilitate the third-party due diligence and update requirements.
  3. Blockchain can provide a clear trigger for compliance terms and conditions.
Categories
Daily Compliance News

Daily Compliance News: May 18, 2019-the more bad news from Brazil edition

In today’s edition of Daily Compliance News:

  • Four more banks named in London bribery suit. (Bloomberg)
  • Can blockchain help in the fight against corruption? (World Economic Forum)
  • South African President appoints new head of bribery unit. (Reuters)
  • FBI targets Johnson & Johnson, Siemens, GE, Philips in Brazilian graft case. (Reuters)