[DELIO] Non-Summit(비정상회담) Oleg Smagin, a global business strategy expert on crypto assets.
#KAIST # Full Scholarship Student #27Years Old #Russia #Youth #Economist #Blockchain #Global Business #Crypto Expert #Delio #Non-Summit #JTBC
The crypto asset market is called a future financial trend and is attracting global attention. Among them, Korea’s crypto asset market grew rapidly in a short period, creating an explosive craze in which daily trading surpassed stock market trading. The financial industry is now settling into an “irreversible trend,” which is no longer a “temporary phenomenon,” with the prospect of accelerating the “money move” flow into the crypto asset market. I had a good conversation with Oleg Smagin, a young Russian economist who is fascinated by Korea’s fast-changing and growing crypto asset finance and is burning his passionate youth in Korea.
- Dreaming of a Global Talent in South Korea, one of the most innovative countries
Oleg Smagin graduated from ‘National Research University Higher School of Economics (HSE)’, one of the best schools in Eastern Europe, majoring in international economics. It is known as a growing university with the full support of the Russian government and a Russian university where most actively embraces advanced education systems abroad.
Q. You are a promising economist in Russia, how did you come to Korea?
As I learned about the international economy in Russia, I was interested in the economic growth of East Asia, especially Korea. The Republic of Korea is famous for achieving amazing economic growth, commonly called the “Miracle of the Han River,” and I thought the process of changing from dictatorship to democracy to a developing country was dramatic. In the case of Russia, the growth of major national systems such as the economy and politics is slow due to various interests, but I thought that Russia will also be able to achieve rapid economic growth if we study and apply the growth system of Korea. According to the annual World Economic Forum (WEF), Korea has always been one of the most innovative countries in the world, so I decided to pursue my career in Korea.
Q. You have experienced various things such as high academic enthusiasm in Korea. Can you tell us about your performance?
I started living in Korea in 2016 after completing college in Russia. When I was in Russia, I studied Korean to prepare for my life in Korea, and after I come to Korea, I experienced various challenges to quickly adapt to Korean society. I participated in the 2017 Korean Speech Contest and won the Gold Prize, and I also won the Silver Prize at the National Debate Contest. And I studied hard in 2018 and graduated with a KAIST MBA degree. I remember having a hard time studying. Since I have been doing a lot of various activities in Korea, a broadcasting station writer suggested me to appear on TV, so I could have a chance to appear on TV. One of the most famous programs is JTBC’s ‘Non-Summit’. I have also appeared in KBS’ program called ‘Neighborhood Charles’. I was shy about using Korean at first, but it was really fun to gain confidence in Korean through various challenges and leave precious memories. If I have a chance again in the future, I would not hesitate to participate in many activities again.
2. Interest in finance, get confidence in the potential of the crypto asset business market.
Despite the significant contraction of global economic growth for Covid-19, the crypto asset market has grown remarkably, drawing attention from people around the world. According to a survey conducted last year, 34% of global users chose “crypto assets” as the most attractive long-term investment product, beating existing investment products such as gold, stocks, and real estate, and 66% of global users approved the full-fledged taxation of crypto assets. The needs of global users of the crypto asset business have been identified.
Q. I heard that you have a high interest and understanding of crypto assets. Is there a reason why you became interested in crypto assets?
I had an interest in economics and finance since I was young. In the 2000s, the curtain of the market economy rose, and I became interested in the economy as I heard various economic news. I was interested in stocks and foreign exchange investment, and my mother and relatives used to ask me about financial products and investment issues. One thing I remember is that when I was in middle and high school, I invested my allowance for my birthday, holiday, or Christmas in dollars and made more than 20% of profits. It was possible because of the difference between ruble and dollar inflation, so I used to ask my mother to exchange money when I was young.
Then I first got to know Bitcoin in 2013 and invested in Bitcoin for the first time with my colleagues in 2017. At that time, we lacked the infrastructure for crypto assets and sold Bitcoin quickly because we were anxious, but as we studied Bitcoin and blockchain, we became convinced of the value of crypto assets, market, and business prospects rather than investment. Just in time, there was an ICO boom in Russia, and the crypto asset market heated up. Looking at this market trend, I thought my judgment on virtual assets was not wrong.
Q. How is the crypto finance market in Russia?
Many people in Korea are interested in the markets of the United States and China, but Russia’s Crypto Finance also has a large market share. About 35% of the world’s blockchain projects have their roots in Russia. Bitcoin mining accounts for about 7% of the world, so it is not a small market. In fact, according to Bitcoin transaction volume data in 2020, Russian users ranked second after American users.
Russia is also preparing for a lot of interest and institutional support in blockchain and crypto finance at the national level. It announced that it would issue and introduce Cryptoruble, Russia’s official cryptocurrency, and it is expected to be introduced within two to three years. This February, we established a legal concept for digital financial assets by recognizing digital currencies such as cryptocurrency as property and passed a draft tax law that can be managed by the entire federation. Given the will of the government and global trends, Russia’s crypto finance market certainly has many positive signals.
3. Grow as a global crypto expert with Delio
Oleg has joined Delio after the internships at leading domestic conglomerates such as SK Telecom and Hyundai Glovis. I am curious about his life in Delio, the first crypto asset industry in Korea, and his plans for the future.
Q. Today, the crypto asset industry is highly interested in DeFi and NFT. What kind of work are you in charge of at Delio?
Delio is a leading DeFi company in Korea and provides various businesses related to crypto assets. Currently, we operate a crypto asset service focusing on lending and deposit. I am primarily responsible for strategically expanding Delio’s business. The policies and implementation of new lending and deposit services as collateral for NFT as well as DeFi services are under discussion. Also, for the case of global markets, Delio’s crypto asset management know-how and capabilities in the Korean market will accelerate its entry into the global market. We are promoting overseas media as well as partnering with famous crypto asset companies. It is more effective to provide B2B services for the overseas market because there are a lot of institutional investors, unlike the domestic market.
The domestic market is considering which service can combine traditional finance and crypto finance to provide new value to domestic users through cooperation with major domestic financial companies. In particular, we are focusing on expanding payment services using crypto assets such as Bitcoin. Besides Bitcoin, we are planning to increase the usability of crypto assets in real life by utilizing various altcoins. If crypto assets are used not only on the Internet or the online digital world, but also in real life, the value and perception of crypto assets will change based on the experience, and I want to feel proud to contribute to the change.
Q. What is the most memorable episode after joining Delio?
I remember attending an important business meeting with the CEO. It has not been a week since I joined the company. It was good that he explained the agenda of the meeting and related businesses calmly. I thought that Delio is a company where I can freely express my opinions and ideas about the business. I enjoy new challenges and express my opinions actively, so I thought Delio fits me well. I will continue to actively express my opinion.
Q. Lastly, as a manager of Delio, tell us the desire of Oleg Smagin, a 27-year-old young man
My goal is to become a global financial expert in the crypto asset industry, so I am expanding my knowledge by watching the news and expert interviews about the industry every day. I also read discussions and books on various financial issues. Recently, I have been reading a book on development economics called “Poor Economics,” written by MIT University professors Abhijit Banerjee and Esther Duflo. It is a book about an economic system in which developing countries can develop into developed countries, and it makes me think a lot. I want to become an expert in the industry through the experience of making suggestions and doing what I want to do in Delio by accumulating such diverse knowledge.
Also, I want to experience not only Korea but also East Asia such as Japan and China. I will travel and learn new languages such as Japanese and Chinese. I am interested in Korea, China, and Japan because I majored in East Asian economics. I do not think it is common to have various experiences while working abroad like me. I will cherish this experience and move forward for tomorrow!
Oleg Smagin, a 27-year-old young man full of passion and interest in the crypto asset business, there are a lot of things he wants to do since he is still young, and his dream of tomorrow seemed to be very shiny. As his wish, let us look forward to creating a lot of challenges, experiences, and results at Delio so that he can grow into a recognized industry expert.
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