Being chosen as a legal scholar for DevCon by the Ethereum Foundation was a profound honor.
This unique program, the first-ever DevCon to include legal scholars, promised to deepen our understanding of blockchain technology and its intersection with the law. As a lawyer passionate about Web3, I anticipated an incredible learning experience, but the insights and connections I gained surpassed all expectations. Being part of the inaugural cohort made it even more meaningful, setting the stage for an experience that would shape my journey in this transformative space.
Laying the Groundwork: Pre-Devcon
Before heading to Thailand, legal scholars engaged in virtual sessions with Ethereum Foundation legal counsel, Guang Yi. These discussions were an essential primer, setting the tone for the intellectually rich journey ahead. Guang Yi introduced us to his book The Crypto Compendium, a comprehensive resource on blockchain, decentralized systems, and their legal, economic, and societal implications.
The text, designed for non-technical readers, became a valuable guide in understanding the complex and dynamic nature of this space.
Devcon’s Grand Opening
The opening ceremony was nothing short of inspiring. It began with a captivating performance by Thai dancers, celebrating the rich culture of the host country.
Here are some short video clips of the opening ceremony at @EFDevcon in Bangkok last week
(if you missed it or couldn’t attend 🥹)
— Jean Cavallera – CJ42 (@JeanCavallera) November 18, 2024
This was followed by insightful speeches from Ethereum Foundation directors, highlighting the remarkable progress of the Ethereum ecosystem. Then, Ethereum’s visionary founder, Vitalik Buterin, took the stage, setting an empowering tone for the event.
“Ethereum is: the world computer, an incredibly large & diverse onchain economy, and an incredibly large & diverse global community…all at once.”
– @VitalikButerin in his talk ‘Ethereum in 30 Minutes’ at the Devcon SEA Opening Ceremony pic.twitter.com/dbDlXYGmQQ
— Deva the Devcon Unicorn (@EFDevcon) November 12, 2024
Each attendee was equipped with a digital DevCon Passport, a clever tool that helped us navigate the sea of talks, workshops, and panels available.
While legal-specific sessions were few, the opportunities for legal discussions promised to be invaluable. The agenda also included sessions on stablecoin adoption and Africa’s growing role in the blockchain ecosystem, offering the potential to explore how Ethereum-based solutions are addressing challenges unique to the continent.
[TECH] STABLECOINS | Almost the Entire USDT User Base is Now in Emerging Markets, Says CEO, Tether: Tether CEO, Paolo Ardoino, says that the recent growth of the USDT stablecoin is primarily fueled by its ad.. https://t.co/7Og2v2eRCb via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) April 23, 2024
A Global Legal Perspective
One of the most memorable moments at Devcon came during a session where we as legal scholars met and engaged with the Ethereum Foundation’s legal team, including Tju Liang Chua (General Counsel), Steve Nam (Policy/Legal), and the ever-insightful Guang Yi, a group of some of the sharpest legal minds I’ve ever met.
The room buzzed with energy as stories, challenges, and aspirations for Web3 were shared. It quickly became clear that the shortage of skilled Web3 lawyers is a global issue. Succeeding in this field demands not only legal acumen but also a deep understanding of blockchain’s underlying technology, a challenge few are willing to take on. Yet, those who do, like my fellow legal scholars, are shaping the future of digital assets regulation.
Hailing from jurisdictions as diverse as India, Argentina, Mexico, Bolivia, Serbia, Panama, and much closer to home, Nigeria, my peers brought a wealth of perspectives. Despite our varied regions, we uncovered common struggles:
- Regulatory uncertainty
- Limited legal frameworks, and
- The pressing need for stablecoin solutions to combat currency devaluation
These challenges were met with inspiring stories of innovation, such as USD-pegged stablecoins preserving purchasing power and decentralized platforms enabling financial inclusion.
Later, over dinner, the conversations took a deeper, more philosophical turn. Discussions ranged from Ray Dalio’s Changing World Order to the transformative potential of base-value stablecoins, sparking debates that were both rigorous and revelatory.
In the relaxed atmosphere, local expertise met global perspectives, legal minds met technical visionaries, and the promise of Web3 as a transformative force felt closer than ever.
It was clear, we weren’t just talking about the future of Web3, we were shaping it.
Stablecoins and European Insights
A particularly engaging session was with the European Crypto Initiative.
⭐️ We joined Devcon’s Real World Ethereum Track for “Bridging the Gap”, a hands-on workshop on communicating effectively with regulators to promote informed and empowered dialogue.
The video recording is already available: https://t.co/yRlGl6w4ff pic.twitter.com/CPEugROhDn
— European Crypto Initiative (@EuCInitiative) November 22, 2024
Alongside my [African] colleagues, we dove into:
- Complex discussions on stablecoins
- MiCA regulations
- Reverse solicitations, and
- Strategies for engaging regulators.
Their extensive experience with European regulators was invaluable.
They shared crucial insights into the evolving regulatory environment and effective methods for engaging with regulators, offering practical advice on how to build relationships, anticipate regulatory shifts, and ensure compliance in this rapidly changing space. They were quite impressed by our understanding of both the underlying technology and European regulatory frameworks on digital assets.
This exchange of ideas didn’t end at the session. We made sure to exchange contacts, ensuring that these discussions, and the collaborations they could spark, would continue long after DevCon.
A Moment of Recognition for Africa
Among the most impactful sessions was one dedicated to celebrating and empowering African builders, co-ordinated by Yoseph Ayele and graced by Ethereum Foundation Executive Director, Aya Miyaguchi and Vitalik Buterin. They acknowledged the visa struggles many Africans faced to attend DevCon, underscoring the resilience and determination of those present.
This session wasn’t just about recognition, it was about inspiration. The message was clear: while we must solve Africa’s problems, our ambitions shouldn’t stop there. African innovators have the talent and drive to make a global impact. The sky isn’t the limit; the world is ours to shape.
Connecting with Builders and Dreamers
DevCon wasn’t just about the sessions; it was about the connections. Beyond the formal panels, the event was buzzing with side events and evening parties hosted by various projects. Every day brought new opportunities to network, share insights, and exchange ideas with people building incredible things across the world.
These gatherings were more than social events; they were bridges to collaboration. Many of the projects I met were exploring entry into African markets, and I found myself sharing insights into our unique landscape while learning about the regulatory hurdles they face in their home jurisdictions.
A World-Class Event
DevCon itself was a masterclass in organization.
From the well-curated schedule to the abundance of food, snacks, and free merchandise, every detail was thoughtfully executed. The sheer diversity of attendees – from developers to entrepreneurs to legal minds – made it a melting pot of ideas and inspiration.
From Local to Global
Attending DevCon as a legal scholar expanded my horizons. I came to Bangkok with a focus on Africa and left with a global perspective. The challenges we face in Africa are not unique, and the solutions we’re building have the potential to resonate far beyond our borders.
DevCon wasn’t just an event; it was a catalyst for growth, a reminder of what’s possible when we dare to dream big and work together. The future of Web3 is being written by people like us – builders, dreamers, and believers in a better world.
And the best part? This is just the beginning.
This post was contributed by Bill Okello, a Kenyan blockchain and digital assets lawyer.
