'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAAHAAoDASIAAhEBAxEB/8QAFQABAQAAAAAAAAAAAAAAAAAAAAb/xAAiEAACAQIGAwEAAAAAAAAAAAABAgQAAwUGERIhQQcVMVH/xAAVAQEBAAAAAAAAAAAAAAAAAAAAAv/EABgRAQEAAwAAAAAAAAAAAAAAAAEAAhIx/9oADAMBAAIRAxEAPwCmh5OziuCYZFWFFdoctHttekKbrWzcZnbd8HG0Be9OalJfjPN7SrzFpZJdjr7bTv8AAKUqdMXpEv/Z'%3E%3C/image%3E%3C/svg%3E)
In a 2021 interview with The National News, entrepreneur and Shark Tank investor Kevin O'Leary discussed Web 3.0 and its impact on financial services. During the conversation, the interviewer asked how entrepreneurs in the Web 3.0 space could attract the attention of investors like him and why he considered this development a significant Web 3.0 story. O'Leary responded by stating,
"I've been looking at this now for four years and realized well this is going to be a fundamental change to an industry that I've made my living in for decades and I have to be part of it."
The Shark Tank investor underscored that the adoption of blockchain-based financial services was progressing, with regulatory bodies worldwide determining the pace and policies of integration.
Shark Tank investor Kevin O'Leary on Web 3.0 and the future of financial services
Kevin O’Leary emphasized that financial services are experiencing structural changes due to blockchain technology. He highlighted the role of regulators in shaping the adoption of decentralized finance and cryptocurrency. O’Leary explained,
“You have to start with the premise that there’s a fundamental change occurring in financial services, and many people tried to ignore decentralized finance and cryptocurrencies for quite a while, thinking the regulators would just stamp it out, but that’s not what’s happened.”
The Shark Tank investor further pointed out that blockchain’s potential in financial services is significant. According to O’Leary,
“The potential for the productivity of blockchain financial services products and services is so compelling that it’s really now on the back of the regulators around the world to decide at what pace they’re going to adopt it.”
Regulation and its impact on investment decisions
O’Leary underscored the importance of regulatory clarity in investment decisions, explaining that his approach to investing in blockchain-related projects is influenced by government policies. O’Leary stated,
“For investors like me, we’re just trying to go meet governments and say what is policy for centralized, decentralized, and cryptocurrencies? Where are you on it?”
He elaborated on how Canada was among the first to introduce a regulated Bitcoin exchange-traded fund (ETF). He noted that Canada’s decision to approve a Bitcoin-backed ETF led to a significant inflow of investment, with billions of dollars entering the market within hours. O’Leary also pointed out the evolving stance of other jurisdictions, saying,
“Other regulators looked at that, including the government here, and said, ‘Wait a minute, this is real.’”
The Shark Tank investor noted that this shift in perspective has contributed to increased interest from investors and policymakers.
Abu Dhabi’s role in Web 3.0 development
O’Leary discussed his visit to Abu Dhabi and its approach to regulatory frameworks. He noted that engaging directly with regulators in Abu Dhabi is more efficient compared to other jurisdictions. He explained,
“The thing about this state is you can actually talk to the regulator. There’s not many places you can do that, and you can do it here and get a candid conversation one-on-one and get guidance, which is remarkable.”
O’Leary contrasted this with other regions, emphasizing that in many jurisdictions, engaging with regulators requires extensive processes involving lobby firms, legal representation, and long waiting periods. In Abu Dhabi, however, he noted that direct discussions with regulators can take place within a much shorter timeframe, sometimes within a single day.
The Shark Tank investor also highlighted Abu Dhabi’s role in innovation beyond finance, referencing a DNA sequencing facility, stating,
“There’s no lab on Earth like the one here. It has the Chinese, the British, and the American protocols in one building—that’s never been done.”
Trending
Don't miss new episodes of Shark Tank, where entrepreneurs pitch their business ideas to industry-leading investors. Tune in every Friday at 8 PM ET on ABC and stream full episodes on Hulu.
Reply
