Saurabh Kumar, CEO of the World Crypto Council, sat down with Henzie Healy of VA Consultancy to share insights into his organization’s efforts in shaping blockchain and cryptocurrency regulations globally. With a presence spanning regions from Europe to the Middle East and Asia, the World Crypto Council has emerged as a key player in harmonizing the evolving blockchain industry with regulatory frameworks. Kumar’s candid interview shed light on the challenges, strategies, and vision of the Council’s work.
See Video Interview: https://youtu.be/bHoF7mYiwYc
The Genesis of the World Crypto Council
Saurabh began by explaining the inception of the World Crypto Council during the pandemic. As a seasoned entrepreneur and advisor to United Nations agencies, Kumar noticed a critical gap in communication between regulators and the blockchain industry. “The industry had its own ideas of what regulation should look like, while regulators were often misinformed about blockchain and crypto,” Kumar explained. This misalignment often led to unproductive discussions and stifled innovation.
Recognizing the need for a bridge between these two worlds, Kumar founded the World Crypto Council in 2022. Based in Tallinn, Estonia, with subsequent expansions to the UK and other regions, the Council quickly positioned itself as a mediator. Its goal: to distill the pain points of blockchain innovators into actionable insights for policymakers while educating regulators about the nuances of emerging technologies.
A Global Impact on Regulation
The World Crypto Council operates at the intersection of technology, policy, and business. Kumar emphasized that the Council’s for-profit model differentiates it from typical think tanks or non-profit organizations. This commercial approach enables agility and results-oriented strategies.
The Council’s accomplishments include contributing to Estonia’s pro-blockchain policies and advising countries such as Kazakhstan, Azerbaijan, and Georgia on fostering blockchain ecosystems. Leveraging its status as a registered service provider for 23 United Nations agencies, the Council has facilitated direct engagement with senior policymakers globally.
For example, Kumar highlighted Georgia’s innovative approach to retaining blockchain talent. By creating a dedicated free zone for IT professionals, the government incentivized blockchain developers to stay in the country, offering tax benefits and freelancer visas. This, in turn, helped the government tap into local expertise to inform regulatory decisions.
Bridging Industry and Regulation
Kumar outlined the Council’s methodology for working with regulators, emphasizing the importance of understanding local contexts. “Each country is different—its cultural, geopolitical, and financial landscapes shape its regulatory priorities,” he noted. Before engaging with regulators, the Council thoroughly examines their recent technological and financial initiatives, identifying patterns that can inform policy recommendations.
For instance, in countries with strong developer talent but limited financial resources, the Council advocates for frameworks that support innovation while enabling governments to capture economic value through taxation or licensing. Kumar cited examples of countries allowing blockchain companies to operate while gradually integrating regulations, ensuring compliance without stifling growth.
The Role of the UN in Blockchain
When asked about the role of the United Nations in blockchain adoption, Kumar clarified that the UN does not set global policies for virtual assets. However, UN agencies like UNICEF have embraced blockchain for specific use cases. For instance, UNICEF now handles 70-80% of its donations on blockchain, accepting cryptocurrency and using smart contracts to manage funds efficiently. This approach not only enhances transparency but also allows the agency to cater to donors preferring digital assets.
Kumar contrasted UNICEF’s success with UNDP’s challenges. While blockchain can streamline donations, its volatility makes it less practical for large infrastructure projects like bridge construction, which require stable, predictable funding. Nevertheless, these examples illustrate blockchain’s potential to revolutionize operations across various sectors.
Challenges in Shaping Regulations
The path to regulation is rarely straightforward. Kumar discussed the challenges of entering new regulatory landscapes, particularly in regions with entrenched skepticism or geopolitical sensitivities. For example, he noted the difficulty of working with regulators in Ukraine while maintaining partnerships in Russia. Understanding and navigating such sensitivities is crucial to building trust and aligning regulatory goals with national priorities.
The Council also faces the challenge of educating regulators who may lack technical expertise. Kumar’s approach involves assembling panels of experts, including blockchain developers, crypto exchange operators, and entrepreneurs, to provide technical insights. This collaborative model ensures that policymakers receive well-rounded advice while Kumar and his team focus on bridging business and regulatory interests.
A Vision for the Future
Looking ahead, Kumar is optimistic about the continued convergence of blockchain and regulation. He believes that regulatory clarity will unlock significant growth, particularly in areas like tokenization, decentralized finance, and digital asset custody. “Regulators want frameworks that enable innovation while protecting consumers and ensuring compliance,” he said. The World Crypto Council’s mission is to make this vision a reality.
Kumar’s pragmatic approach—grounded in business acumen, global experience, and a collaborative spirit—has already yielded results in 13 countries and counting. By fostering dialogue and understanding between innovators and regulators, the World Crypto Council is helping to shape a future where blockchain technology can thrive within clear and consistent regulatory frameworks.
As blockchain continues to evolve, Kumar’s work serves as a reminder that collaboration, not confrontation, is the key to driving meaningful progress in this transformative field.
