IDCAP Certification for crypto native companies and protocols
A decade after the financial crisis that spawned Bitcoin and ultimately the other crypto assets, crypto native companies and protocols are experiencing an unprecedented are of opportunity: the world of mainstream financial services is finally paying attention. Whilst crypto assets had a good ride for those who joined early, in the global context crypto assets are still small. In other words: crypto assets have still very very far to go, and crypto veterans are in a prime position to profit from this opportunity – provided they can convince their clients and regulators that they have the regulatory angle under control.
This is the key benefit of IDCAP Crypto Asset Certification: it is a credible signal and proof that companies and individuals are serious about regulation.
In this words of Jim Bianco, a successful and well known veteran investment analyst: “Crypto is going to be the most significant macro event of my career”. Tradfi is paying attention, and so are tradfi regulators. SEC Commissioner Hester Peirce is rather upbeat about the opportunities in crypto when she is making a [speech about Defi] that concludes “a successful regulatory framework for the digital economy will unleash its ability to empower individuals to build better futures for themselves, their families, and their communities." Christine Lagarde, President of the ECB is more cautious however when she refers to Bitcoin as a “highly speculative asset, which has conducted some funny business [sic] and some interesting and totally reprehensible money laundering activity” and she concludes that “there has to be regulation. This has to be applied and agreed upon … at a global level because if there is an escape that escape will be used”.
So for crypto native players this is a good new / bad news situation: everyone agrees that there is an opportunity – or risk – in crypto assets going mainstream. However whilst some regulators are supporting it others are more sceptical and this is an uphill battle. The bad news here is that regulatory battles is something that mainstream financial services companies excel at. Ultimately the competitive situation will come down to whether mainstream companies can learn crypto faster than crypto players can get on top of regulation, or vice versa. This is not a level playing field however, and the mainstrean companies do have contacts and connections that can be hard to replicate for the new kid on the block.
Now is the time where this is all playing out. We have seen a number of highly respected mainstream financial services companies entering the crypto markets decisively, with Goldman Sachs and Fidelity just two of the names. Conversely, crypto players go mainstream, eg with Coinbase entering the public markets at a 100bn valuation. One thing that is well known in financial services is that things might move slowly for a while, but when the avalance gets rolling there is no stopping it and you either get ahead of it or out of the way.
IDCAP – founded by University of Nicosia and yet to be disclosed launch partners – is in a unique situation to lead the charge on regulatory certification. UNIC was the first university to offer a crypto MOOC, the first university to offer and accredited MSc on crypto asset, and it made news when it was the first university to accept Bitcoin as payment for all its programmes in 2013. IDCAP’s CEO, Stefan Loesch is a financial services veteran, an advisor in the defi space, and the author of a highly successful book on financial services regulation. IDCAP’s current board is Antonis Polemitis, CEO of UNIC and a highly regarded pioneer in the crypto space who lead the charge to establish the first crypto MOOC and MSc in the world. George Giaglis is the Executive Director of the IFF, a world leading crypto asset research institute and academic lead on the European Blockchain Observatory and Forum. Jeff Bandman is a regulatory lawyer who used to be in a senior position at the CFTC and is now advising companies and regulators on crypto assets. All of the above are teaching in UNIC’s highly regarded blockchain programs.
Like the CFA, the IDCAP certification programme is a three stage programme, with Level 1 being “Proficient”, Level 2 being “Advanced” and Level 3 being “Expert” level. Contrary to the CFA there is no requirement to take all three exams to become an IDCAP Certified Crypto Asset Professional – our certification and community is meant to be inclusive and we understand that not everyone needs to an expert in the field. IDCAP Certified Professionals receive a blockchain registered diploma, administered by our sister company Block.co. IDCAP Members will follow continuous professional development (“CPD”) courses to maintain their level of knowledge. Those courses cover a wide range of topics, and they are offered by IDCAP as well as by our academic and training partners. IDCAP is also running Decentralized, the thriving global crypto and blockchain community, and is organising numerous events, including the eponymous flagship conference.
For companies that sign up their employees as a group we offer additional services. We allow for central management of the purchasing and sign-up process via HR or business units, making the whole process painless, especially for large companies involving bigger number. If you are a company that signs up their staff centrally we also provide you with official reports on the certification status of your staff, which you can share with clients and regulators as a signal that they can trust you in this matter.
Getting started is easy: just sign up for our first cohort that will launch in H2 2021. Please contact us via email, phone or our form if you are interested participating in our pioneer cohort. Please be mindful though that places are limited. We ensure that everything runs smoothly and we offer the best possible experience to our participating professionals. If you miss it you might not only miss out on the distinguished pioneer diploma on the blockchain that will be yours for life. You may also miss out on opportunities that present themselves in the crypto asset markets because regulators and client would have needed that last little push of trust to cross the line.