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Cryptocurrency & Blockchain Cryptocurrency & blockchain SPECIAL REPORT 2019 EVOLUTION FOCUS SECURITY Blockchain advances digitisation of Fund managers’ views on crypto/ Crypto custody solutions drive funds industry digital investing institutionalisation Featuring BVI Finance | Copper | Eversheds Sutherland | Harneys | RSK | Silver 8 Capital Imagine lawyers who eat crypto for breakfast. Blockchain, crypto currencies and digital assets are changing the financial landscape. Our clients trust Harneys to understand not only the law and regulation of blockchain, but the underlying technology too. We’re Harneys, a global offshore law firm with entrepreneurial thinking. harneys.com CONTENTS INSIDE THIS ISSUE… 04 BLOCKCHAIN TECHNOLOGY – A BEDROCK FOR DIGITISING THE GLOBAL FUNDS INDUSTRY By James Williams 12 BITCOIN, MONETARY INNOVATION AND THE BUSINESS CYCLE By Manuel Anguita, Silver 8 Capital 15 BUILDING A WALLED GARDEN Interview with Boris Bohrer-Bilowitzki, Copper 18 TURNING INFORMATION INTO CASH: PRACTICAL 04 ISSUES WHEN SETTING UP A CRYPTO-FUND By Ben Watford & James Burnie, Eversheds Sutherland 20 DIGITAL ASSET SPACE DEVELOPING AN INSTITUTIONAL IMAGE By James Williams 25 BVI TARGETS DIGITAL ASSET SPACE AS KEY GROWTH DRIVER Q&A with Simon Gray, BVI Finance 27 ROOTSTOCK’S RIF: THE FUTURE OF BLOCKCHAIN TECHNOLOGY Q&A with Diego Gutierrez Zaldivar, RSK 28 DIRECTORY 15 Published by: Global Fund Media Ltd, 8 St James’s Square, London SW1Y 4JU, UK 25 www.globalfundmedia.com ©Copyright 2019 Global Fund Media Ltd. All rights reserved. No part of this publication may be repro- duced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. Investment Warning: The information provided in this publication should not form the sole basis of any investment decision. No investment decision should be made in relation to any of the information provided other than on the advice of a professional financial advisor. Past performance is no guarantee of future results. The value and income derived from investments can go down as well as up. CRYPTOCURRENCY & BLOCKCHAIN REPORT | Oct 2019 www.hedgeweek.com | 3 OVERVIEW Blockchain technology – a bedrock for digitising the global funds industry By James Williams he digitisation of the alternative funds custodial solutions coming to market, insti- industry has the potential to usher in tutional-focused exchanges, and myriad Ta new investment paradigm; one that provenance tools developed by innovation labs offers fund managers and investors a chance and global financial institutions. for capital preservation by investing in compa- One of those innovation labs is Deloitte’s nies, real estate, infrastructure projects, and EMEA Blockchain lab in Dublin. crypto currency-backed projects that are free “At Deloitte, we collaborate globally with cli- of the influence of central bank intervention. ents, across every industry, on how blockchain For hedge fund managers, this could open is changing the face of business and public up new opportunities to invest in blockchain services,” comments Amy Pugh, Manager, companies that eventually go public, and Strategy, Innovation and Ventures. “Right now, change the way they run their funds, not to new ecosystems are developing blockchain mention cryptocurrencies, which are likely to solutions to create innovative business models continue to expand in number. and disrupt traditional ones. We help our cli- As we head towards 2020, there are signs ents understand the evolving momentum of that the digital asset space is beginning to blockchain use cases, prioritising blockchain become more institutional with more robust initiatives, and managing the opportunities and 4 | www.hedgeweek.com CRYPTOCURRENCY & BLOCKCHAIN REPORT | Oct 2019 OVERVIEW pain points associated with blockchain adop- tion efforts.” Both asset servicers and fund managers are looking at ways to use DLT technology to automate a range of operational activities, especially those in the back-office including trade reconciliation, regulatory reporting, inves- tor onboarding to name but a few. When asked how CFOs should be thinking about this technology, Pugh says it can be used to reengineer or innovate a wide range of finance processes: intercompany transac- tions (when there are multiple ERPs), rebates, warranties, financing (such as trade finance and letters of credit) in addition to upstream and downstream financial processes like: • Issuance • Trade • Post trade (clearing and settlement) • Asset Servicing Pugh outlines the following key steps for CFOs to consider: • Assign a blockchain champion Blockchain should be a business-led ini- Right now, new ecosystems are developing blockchain tiative, requiring strong sponsorship and solutions to create innovative business models and leadership provided from the ranks of disrupt traditional ones.” finance executives. They can start to envision how the various functions might Amy Pugh, Deloitte benefit from implementing blockchain, iden- tify value drivers, and build business case • Think big, start small, and iterate often frameworks. Understanding the “art of the possible” is • Invest in talent creating a lot of excitement, but where to Pull together a focused cross-section team start? Blockchain’s capabilities may be put from supply chain, customer/channel oper- to more efficient use in the external world, ations, service, and finance to identify and but as an introduction to the technology, it prioritise pain points that could be targeted may be best to focus on an internal issue, and develop a hypothesis around how the such as intercompany transactions. use of Blockchain will solve the business • Launch a pilot problem. Having identified finance / investment man- • Forget the technology agement pain points, select a use case Focus on how blockchain will potentially where blockchain will likely produce a disrupt or shift your operating model. The real return on investment (ROI). Track the process involves understanding the trans- results, especially transaction times and formative nature of blockchain, then talking costs, to judge the technology’s suitability with customers, suppliers, and C-suite peers for larger scale iterative processes. to identify potential use cases. Given that Deloitte’s EMEA Blockchain lab not only deliv- blockchain’s value proposition relies on ers value to clients via blockchain strategy multiparty transactions, select external part- design and technical implementation but also ners who share the business challenge you develops propriety solutions that are designed are focused on and are therefore likely to to accelerate its clients’ blockchain journey. be receptive to participating sometime in As Pugh adds: “Our multi-disciplinary team the future. collaborate to develop solutions that solve CRYPTOCURRENCY & BLOCKCHAIN REPORT | Oct 2019 www.hedgeweek.com | 5 OVERVIEW Some blockchain technologies are likely to become so important that we have to prevent certain entities from failing because the knock-on effect to global markets would be too great.” James Burnie, Eversheds Sutherland 6 | www.hedgeweek.com CRYPTOCURRENCY & BLOCKCHAIN REPORT | Oct 2019 OVERVIEW complex commercial problems and trans- Blockchain technology akin to first iteration form the way our clients do business across of iPad all industry sectors. Such solutions include; In Burnie’s view, we are only just at the start a blockchain enabled qualification and certi- of understanding the true potential of block- fication platform, a Track and Trace platform chain and how it could be applied to the asset portable for multiple industry sectors and a management industry, in particular for oper- blockchain enabled regulatory reporting solu- ational tasks. It’s a bit like the launch of the tion, plus more.” iPad: you get the first innovation and everyone This is certainly an exciting time for all gets excited by it. key service providers within the hedge fund “In terms of the application of blockchain industry, including law firms. One of those is to the asset management industry itself, it is Eversheds Sutherland, which has built a lead- clear that there is a role, in particular in rela- ing practice covering the digital asset space. tion to repetitive operational tasks, such as “We advised on the first ICO in the UK and automation of distribution. In terms of where from there we’ve grown,” states Ben Watford, we are at in the development of this technol- Partner, Financial Institutions. To clarify, an ogy, at first there was the stage where it was Initial Coin Offering (ICO) is a process for a bit like the launch of the first iPad: there is selling cryptocurrency “tokens” in exchange the first major innovation and everyone gets for conventional or “fiat” currency or other excited by it. cryptocurrency. “The next step is adapting blockchain tech- “We’ve advised a range of firms in the FCA’s nology so that it is used in a way that best regulatory sandbox and we are advising every- works for a business and has proper commer- one from crypto-funds to token developers, cial scale. This is roughly where we are at the blockchain platforms, crypto-exchanges, cryp- moment, with businesses testing out ideas in to-custodians and crypto-brokers. We were a large professional setting: similar to when also the first law firm to give evidence to the all the different applications were introduced UK parliament on blockchain developments.” to the 2nd and 3rd iterations of the iPad to The FCA’s
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