University of Malaya, QRC Group collaborate in blockchain regulatory research

• The report does not claim to give comprehensive answers to all legal issues in the area
• With an interest in regtech, QRC hopes to encourage foreign businesses in Malaysia

IN COLLABORATION with Quanta RegTech Capital (QRC) Group, the Faculty of Law from University of Malaya (UM) launched its Malaysian Blockchain Regulatory Research Report on July 5.

The research team from the UM Malaysian Centre of Regulatory Studies (UMCoRS) comprised of project leader Nur Husna Zakaria, Dr Sherin Kunhibava, Dr Ershadul Karim, Raphael Kok, Professor Abu Bakar Karim and two research assistants, Thong Ming Sen and Ridoan Karim.

The day-long event also featured sessions on the adoption of blockchain worldwide; initial coin offerings (ICO); data protection and consumer rights and the way forward for blockchain regulations in Malaysia.

Among the speakers were Harpreet Singh, CEO of Blocklime and Paul Neo, executive director of Singapore Academy of Law Ventures.

“One of the most important aims of the Blockchain Regulatory Research Report is to encourage both economic development and innovation in Malaysia without compromising on consumer protection,” said the vice chancellor of UM, Dr Abdul Rahim Hashim in his opening address.

During a brief presentation on the research report’s content, Sherin reminded the audience that the report is aimed at providing a clear bird’s eye view of legal issues on blockchain technology. “Since many in the audience are legally trained, it is best I highlight that this report does not claim to provide a comprehensive answer to all legal issues in the blockchain space.”

With the 242-page report serving as an impetus to further research in the area, The Dean of UM’s Faculty of Law, Associate Professor Dr Johan Shamsuddin said, “This report produced in joint effort between academia and industry is the first of its kind in the region.”

The industry partner, QRC Group, has a venture capital arm that invests exclusively in blockchain regulation tech (regtech). The company provided the financial support and technical training necessary to produce the research report.

The CEO of QRC Group, Adam Vaziri’s interest in regtech stems from his five years of experience in blockchain and his desire to solve compliance issues.

Addressing media in a press conference, he says “Technology solves the problem. Regulation can be embedded in technology and in-built into blockchain systems.”

As for Vaziri’s interest in Malaysia, he says, “Our interest is in emerging markets that don’t have a pre-conception around blockchain technology. With Malaysia’s interest in a new industrial future, we can leapfrog in this market.”

In terms of whether the findings of the research will aid development of regtech, Vaziri said “For us, it’s about creating the frameworks around which we can encourage businesses to set up in Malaysia, innovate and bring in foreign capital.”

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