Empowering Financial Institutions with Digital Insights and Strategic Guidance

About the Foundation

Leaders of financial institutions, policy-makers and regulators need a clearer view of the impact of blockchain, the tokenisation of value, machine learning and a wider constellation of digital technologies.

A wave of disruptive innovation is at hand. Established value chains and business models will have to adapt. Institutions of all types and sizes will have to manage new financial, technological and market integrity risks, as well as having to navigate rapidly shifting competitive landscapes and regulatory environments.

The Digital Value Foundation is a research and policy organisation that blends economics, finance, regulation and policy to pursue a very concrete mission for our members:

To be the trusted, independent and research based policy forum for financial institutions to discuss and agree advocacy positions designed to standardise global policies around digital technology and digital value enhancing and derisking their application.

Smart Digital Assets and Empirical Approach to Impact and Risk

The idea of “smart assets” is spreading rapidly. They can solve challenges such as persistent liquidity, settlement, customer access and market friction with tokenisation, DLT infrastructures, smart contracts, oracles and machine learning. A baseline market consensus on the economic and risk vocabulary is required, as well as far greater coordination in the areas of policy-making and regulatory design.

The Digital Value Foundation will be unique in our empirical and quantitative focus on financial digital value and smart assets policy. Our leading academics will test digital value through data analysis and economic research, with the academic supervision of the Cambridge Centre for Finance, Technology and Regulation.

The provision of this ‘ready to use’ research, relevant to both corporate decision-makers and regulators, will be essential. Our empirical foundations will be critical in determining how the industry can develop analytical frameworks, common perceptions of risk and, most importantly, quantitatively proven strategic and policy choices.

New Operational and Technological Models

The Foundation will work closely with our members to identify change and operational “best practices” that maximise the quality of client service without compromising operational efficiency, resilience, security and market integrity. The better our members understand how the new paradigm creates and delivers value, the better we can also identify the parameters of competitiveness and advise governments on the necessary policy and regulatory blend.

The Foundation’s practitioners possess hands-on experience with the practical operational and technological challenges of digital assets and digital finance. They can provide tech neutral analyses of options that won’t compromise operational integrity in the financial sector and will comply with the existing regulatory framework.

Need for Policy Design and Regulatory Adaptation

The emerging paradigm of digital value does not exist in a macroeconomic, political, social or regulatory vacuum. Legal certainty and regulatory clarity are paramount for economic success in an environment of that demands trust, stability and consumer protection. The existing regulatory framework has not, however, evolved sufficiently to include the possibilities that digital finance can offer.

The need to adapt existing financial regulations will be met by the Foundation’s considerable experience in regulatory change and policy advocacy. Our team includes individuals who have drafted digital finance regulations for the EU and who have extensive experience in policy and regulatory engagement that stretches back to the beginning of the fintech revolution and beyond.

The Value we Create for our Members

Our Members benefit from a unique combination of expertise:

Quantitative and financial economics research focused on the particularities of digital value.
Technological and operational implementation of digital finance projects for leading financial institutions.
Policy advocacy and regulatory engagement in the fields of digital finance and digital assets.

Our Members will benefit from insight, access and action that generates fresh research, original analysis and concrete policy impact.

Monthly industry insights and digital assets case-analysis.
Bi-monthly regulatory monitoring of key jurisdictions’ policies on digital assets and digital finance.
Industry-wide advocacy campaigns and engagement with regulatory and supervisory authorities.
An annual two-day Cambridge University Digital Value Workshop, presenting the latest economic research on digital value and discuss its strategic application.
Two invitation-only Impact Meetings (in venues across Brussels, Washington, Zurich, Dubai, Singapore, Hong Kong, etc.), for industry leaders, policy makers, regulators and academics to discuss policy priorities, challenges and solutions.
A major Annual Conference located in a different financial centre every year.

The Team

Max Bernt

Dr. Max Bernt is an experienced Lawyer with an extensive background in digital asset regulation. Before joining TaxBit as their Managing Director for Europe, he was the Chief Legal Officer of European CryptoTax Start-Up Blockpit and Chairman of Accointing. Hence, Max has played a pivotal role in steering Europe’s leading crypto-tax solutions providers. Moreover, he has led the first tokenisation of an Austrian stock company. Not only his contributions to the International Association for Trusted Blockchain Applications (INATBA) as a Board Member, founded by the European Commission, highlight his commitment to advancing trustworthy blockchain applications on a global stage, but also his role as GBBC’s Global Ambassador for Taxation. In the realm of academia, Dr. Bernt is a distinguished lecturer at the University of Vienna and the Management Center Innsbruck in Austria, where his insights into blockchain technology and legal frameworks have inspired a new generation of thinkers and practitioners. His research, published by Springer, alongside other works in esteemed journals, underscores his scholarly rigor and dedication to advancing legal knowledge. Dr. Bernt’s involvement in significant regulatory works, including the Markets in Crypto-Assets Regulation (MiCA), DAC8, and the recent anti-money laundering package, cements his status as a leading policy-maker in the EU and specifically the D-A-CH region. Dr. Bernt is a Co-Founder of ValueVerse.

Andrew Douglas

Andrew Douglas is a senior expert in the financial services industry with 35+ years of experience in the corporate banking sector. Mr Douglas is currently the Chair of the UK Accelerated Settlement Taskforce which by December 2024, will make recommendations to the UK Government on the plan to adopt a T+1 settlement cycle in the UK by the end of 2027. In his previous role, Mr Douglas was Chair of the Data Standards Committee of the Transforming Data Collection Initiative under the control of the Bank of England, PRA and FCA. He also spent 13 years at The Depository Trust & Clearing Corporation (DTCC), where he was Head of Regulatory Relations and Policy outside of the US and the CEO of DTCC’s Derivates Trade Repository in London, a $120m revenue firm with over 3,500 clients. He was also the DTCC regional spokesperson on Fintech, Digitalisation/DLT and Clearing & Settlement services. During his career, he also worked for Swift scrl as the Securities product Head, Deutsche Bank AG as Co-Head of Middle office for Fixed Income and Money Markets and Citibank NA where he held several roles in the Clearing & Settlement business. Mr Douglas has a BSc in Engineering from Surrey University and an MBA from Manchester Business School, both in the UK. He is currently a Senior Director to the Financial Services practice at APCO, based in London.

Prof. Andrei Kirilenko

Andrei Kirilenko is professor of Finance a the Cambridge Judge Business School, the Founding Director of the Cambridge Centre for Finance, Technology and Regulation, and a Research Fellow in the Financial Economics Programme of the Centre for Economic Policy Research (CEPR). Prior to joining Cambridge, he held senior faculty positions at Imperial and MIT. Before that he served as chief economist of the U.S. Commodity Futures Trading Commission (CFTC) where he used modern analytical tools and methods to design and enforce an effective regulatory regime of financial markets in the aftermath of the global financial crisis. In 2010, Mr Kirilenko was the recipient of the CFTC Chairman’s Award for Excellence (highest honour). Professor Kirilenko’s scholarly work has appeared in top peer refereed journals and received multiple best-paper awards. Mr Kirilenko received his PhD in Economics from the University of Pennsylvania, with a specialization in Finance from the Wharton School.

Robert Kopitsch

Robert Kopitsch is a Senior expert in Financial Services with decades of experience in the sector. He is the initiator and co-founder of Blockchain for Europe and acts since its foundation in 2018 as its Secretary General. In this capacity, he was involved in the creation of the EU’s regulatory framework for crypto-assets and service providers (MiCA) as well anti-money laundering rules (Travel Rule and AMLR). Besides that, in 2022 he also advised the DeFi Education Fund (DEF). In his previous roles, Mr Kopitsch worked for the Austrian Ministry of Finance and the Wirtschafstrat Deutschland (German Economic Council – WRD) in Vienna, as well as in the European Parliament (Office of Vice-President Othmar Karas) and the EU office of Raiffeisen Bank International in Brussels. In addition, he is the co-founder of the European Forum for Future Economy (EF4FE). Mr Kopitsch is a regular guest lecturer and speaker about crypto-assets regulation, tokenisation and lobbying at European universities, think tanks and industry events. He is an Austrian national and speaks German (native), English (fluent), Polish and French. Originally from Vienna, Mr Kopitsch holds a master’s degree in European Politics and Policies from KU Leuven and in Public Communication and Contemporary History from the University of Vienna. Currently, Mr Kopitsch is a APCO’s FinTech and Blockchain EMEA practice lead based in Brussels and Dubai.

Stefan Kromolicki

Stefan Kromolicki is a legal and technical expert for Blockchain for Europe, specialising in policy and regulation of fintech and emerging technologies such as blockchain, tokenisation or smart contracts. Mr Kromolicki worked at the European Central Bank (ECB). He first worked on the market infrastructure side, focusing on payments and securities policy and the potential impact of certain innovations on traditional financial processes. In this capacity, he co-managed the ECB’s AMI-SeCo & Ami-Pay Fintech Task Force, which resulted in the final publication of a report reflecting on the use of DLT in issuance and post-trade processes. He then worked in horizontal supervision, focusing on the supervision and risk management of, inter alia, crypto-assets, the use of artificial intelligence or APIs. Mr Kromolicki holds an LL.M. in European Banking and Financial Law from Stockholm University, with a thesis on the regulation of crypto-assets under the EU capital markets framework, and a Bachelor of Laws from Maastricht University, including a one-year exchange at the Albert-Ludwigs University of Freiburg. Currently, he is a Public Affairs Consultant at APCO’s Brussels office.

Alex Levine

Alex Levine has a wealth of experience in the legal and regulatory fields, particularly in the cryptocurrency and blockchain industries. Alex has held positions such as General Counsel & Chief Regulatory Officer at Dapper Labs and Chief Legal Officer at Tokensoft Inc. In these roles, he focused on navigating the complex legal and regulatory landscape surrounding blockchain technology, including engaging with domestic and global regulators and establishing regulations and legislation. Mr Levine previously served in senior positions in the U.S. Securities & Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) where he was intimately involved in the regulatory response to the credit crisis and rule makings under the Dodd-Frank Act. He has also been a senior executive at The Options Clearing Corporation (OCC) and a multi-strategy hedge fund. Levine started his career as an Associate Attorney at the prestigious law firm of Kirkland & Ellis LLP. Mr Levine received a J.D. from Stanford University Law School focusing on the study of law and economics. He attained an M.B.A. in Entrepreneurship and Analytic Finance from the University of Chicago Booth School of Business. He also graduated with a B.A. in Economics & Politics from Oberlin College.

Andrea Minto

Andrea Minto is Financial Markets Lawyer . Andrea is the Jean Monnet Professor in Law and Regulation of Financial Markets. He is Professor of law at the University of Stavanger – Business School (Universitetet i Stavanger – UiS) (Norway) and he holds the Chair in Digitalisation in EU Financial Studies (EUDIFIN) at Ca’ Foscari University of Venice (Italy), financed by the European Commission. Mr Minto works as Counsel at Annunziata&Conso Law Firm in Milan. Before that, he was an Associate at CHIOMENTI Law Firm, in the regulatory and financial law practice. Besides, he is Senior Policy Adviser and External Researcher at the Deutsche Bundesbank Eurosystem (Directorate General Financial Stability), on topics such as FinTech, shadow banking, regulatory arbitrage, and decentralized finance (DeFI). He has cooperated in his capacity as consultant with many financial supervisors, international organisations and policy makers worldwide (e.g. Deutsche Bundesbank, DeNederlandscheBank, Bank of Italy, Norges Bank, Oesterreichische Nationalbank (OeNB), European Banking Authority, Bank for International Settlements, International Anti-Corruption Academy (IACA), Asian Institute of International Financial Law). Mr Minto won several prizes and fellowships, comprising two BIS Fellowships at the Bank for International Settlements, the SIEMENS Integrity Initiative Fellowship at IACA and the PMFCFS research grant at the Prince Mohammad Bin Fahd Center for Futuristic Studies.

Elizaveta Palaznik

Elizaveta Palaznik has a strong track record as digital asset regulatory consultant with a rich experience spanning over seven years. As an accomplished professional with a Master’s degree in Applied Economics, she has made significant contributions to the financial services industry, especially with her roles at BNP Paribas and Ernst & Young. Her expertise in financial regulation and data analysis has been widely acknowledged throughout the years. Ms Palaznik plays an active role in supporting law firms, consulting firms, financial institutions, and digital asset businesses in navigating and implementing various regulatory frameworks. Her work encompasses both traditional regulations such as MiFID and digital finance regulations such as MiCA and DORA. Ms Palaznik enhances the field through more than just her consulting expertise; she brings a wealth of knowledge and innovation via her extensive academic lectures, speaking engagements and renown articles and working papers.

Dimitris Psarrakis

Dimitris Psarrakis is Senior Fellow at Wharton Business School. He is Financial Economist with extensive experience in Corporate Finance, Banking, Macroeconomic Policy and Financial Regulation. He served for seven years as Economic and Monetary Policy Advisor at the European Parliament where he drafted the Blockchain Resolution, which created the policy framework of the EU in the field of Blockchain. He codrafted the most of the Digital Finance Regulations of the EU with extensive contributions in Title 2 and Title 3 of MiCA. His last regulation before leaving the Parliament was the DLT Pilot Regime. Mr Psarrakis has advised major issuers of stablecoins and CASPs on their EU Business Strategy. He has taught classes on Digital Assets and Financial Infrastructures at MIT, Stanford, Chicago Booth, and Cambridge Judge, and he is Senior Fellow at Wharton Business School. He is Board Member of the Global Blockchain Business Council (GBBC). He is author of two books on Digital Finance and Blockchain Economics. Mr Psarrakis graduated with an MBA from the University of Chicago, Booth, a Master’s degree in Finance from Harvard University and an Advanced Diploma in Technology Management from MIT, Sloan School of Management. He is a Co-Founder of ValueVerse.

Maha al-Saadi

Maha Al-Saadi, with over 17 years of financial services, compliance, and regulatory expertise, presently serves as the Head of Regulatory Affairs at Qatar Financial Centre Authority. She has navigated distinguished roles at Qatar Financial Centre Regulatory Authority, Deutsche Börse, Trade Republic Bank GmbH, and Bankhaus Scheich. Ms al-Saadi played a role in adopting the European Digital Package, contributing to initiatives like MiCAR and the Pilot Regime. She actively implemented the German Electronic Securities Act, a crucial step towards dematerializing securities in Germany. Her extensive experience deepened her proficiency in blockchain, DLT, digital assets, CBDCs, cryptocurrencies, DeFi, and new market structures. As an ardent advocate for digital asset adoption, Maha is committed to formulating regulatory outreach strategies. Her passion lies in integrating new technologies to boost financial market efficiency, shaping regulations that foster innovation, reduce costs, and drive financial inclusion. Holder of an LLM in Finance Law from the Institute of Law and Finance, Goethe University, Ms al-Saadi is also a certified Blockchain Expert through the Frankfurt School of Finance and Management.

Contact Us

APCO & ValueVerse

Dimitris Psarrakis – dimitris@valueverse.eu

Andrew Douglas – adouglas@apcoworldwide.com

Robert Kopitsch – Rkopitsch@apcoworldwide.com