I’m also the creator of bitSecurities in Jan, 2018 (Medium, here: https://medium.com/@MarioSpercz/why-have-i-started-bitsecurities-io-6bad0a971afa) , and I’d like to take you on a retrospective journey through the trials and triumphs of our tokenization dreams. Back in January 2018, I penned a vision for bitSecurities that was as ambitious as it was ahead of its time. Today, with the much-awaited MiCA finally in sight (or even in effect), I can reflect on those heady days of blockchain ambition, regulatory limbo, and a dash of EU-induced inertia. So, buckle up for a humorous yet professional dive into this rollercoaster ride! 🎢

The Original bitSecurities Vision: A 2018 Flashback

In my 2018 introduction for bitSecurities, I laid out a bold plan for integrating blockchain into the fintech and banking worlds. I envisioned a platform that would use smart advisors to help tokenization comply with traditional financial regulations. The idea was simple yet revolutionary:

“bitSecurities Protocol is a system that allows blockchain investors to determine the degree of compliance of ICOs/ITOs for Equity Tokens or Tokens Selling Securities with traditional financial instruments legislation.”

We talked about self-regulation, market credibility, and even the “grammar office” for tokens — a way to characterize tokens much like hallmarking gold bars. In short, it was an ambitious blueprint for the tokenized future of finance.

The EU Regulatory Wait: A Seven-Year Test of Patience ⏳

Fast forward seven years, and here’s where the plot thickens. While I was busy trading cryptocurrencies in Europe (because any attempt at tokenizing Real-World Assets or novel economic models got flagged as potential MiFID2 violations), the EU was on its own, slowly churning through regulatory red tape.

Key Points:

• MiCA Delay: It took a full seven years for the EU to finally provide a legal framework (MiCA) that enables the lawful tokenization of assets with investor protection. Imagine waiting for a party where the invitation never seems to arrive — but hey, I brought my own snacks! 🍿
• Stuck in Trading Mode: During those years, my only viable option in Europe was regular crypto trading. Any bold move towards tokenizing innovative asset classes was met with regulatory suspicion. It was like trying to innovate while someone’s constantly peeking over your shoulder and asking, “Are you sure that’s legal?”
• Comparing Notes with the USA: Meanwhile, across the Atlantic, the United States evolved from a skeptic of tokenization to embracing it across multiple facets of life and business — all under a general legal umbrella. The US proved that you can innovate without needing a special “tokenization law” if you’re willing to work with existing economic regulations. Talk about a case of creative bureaucracy in the EU! 😅

Reflecting on the Journey: Lessons Learned and Future Hopes

Despite the hurdles and the seemingly endless wait, I managed to keep the vision alive. Here’s what I’ve learned along the way:

• Patience is a Virtue: Waiting for regulatory clarity is like waiting for your favorite band to release a new album — you know it’s coming, but the anticipation can drive you mad. Thankfully, the MiCA framework is here, and it’s a game-changer.
• Adaptability is Key: In the absence of tokenization-friendly regulations, I pivoted to conventional crypto trading. Sometimes, survival means doing what you can with what’s available until the broader ecosystem catches up.
• Innovation Needs Support: The EU’s sluggish pace in embracing innovation reminds me that regulations should ideally nurture creativity, not stifle it. Kudos to our American friends for showing that robust, general laws can indeed foster technological progress without needing overly prescriptive rules.

Looking Ahead: MiCAI and the New Era of Tokenization ✨

With MiCA (and my hopeful nod to MiCAI) now on the horizon, I’m excited to finally implement the tokenization vision I had back in 2018. The regulatory environment is finally aligning with the innovative spirit of blockchain, and I can’t wait to bring a compliant, investor-protected tokenized ecosystem to life.

So here I am, with a few more wrinkles but a lot more determination, read to transform those seven years of waiting into a future where legal tokenization is not just a buzzword, but a fully realized reality. Stay tuned — this is just the beginning!

Thank you for joining me on this reflective journey through the evolution of bitSecurities and the broader tokenization landscape. Let’s continue to innovate, adapt, and maybe even have a laugh at the bureaucratic twists along the way!