Dr. Wolfgang Richter, Leading German Lawyer in the Field of FinTech, Blockchain and Cryptocurrencies, Visited the University

Dr. Wolfgang Richter, one of Germany's leading lawyers in the field of FinTech, blockchain, and cryptocurrencies, was a special guest at our university. During his visit Dr. Wolfgang Richter held a meeting with representatives of UNWE where key issues related to the development of artificial intelligence in law, blockchain technologies, cryptoeconomics and the new European regulatory framework for crypto assets were discussed.

The guest was welcomed by Assoc. Prof. Dr. Maria Vodenicharova, Vice-Rector for Research, who greeted him on behalf of the Rector Prof. Dr. Dimitar Dimitrov. She presented the University and highlighted the leading position of UNWE as the largest and most prestigious business university in Bulgaria and Southeast Europe as well as its active role in the development of innovative educational areas.

“The UNWE is a university that purposefully develops education and scientific research in areas of high social and economic importance. The University provides training for Bachelor's degree in Cryptoeconomics and Master's degree in Cryptoeconomics and Blockchain where specialists for the modern digital economy are prepared", said Assoc. Prof. Maria Vodenicharova.

During the meeting Dr. Wolfgang Richter presented his vision for the profound transformation of legal services under the influence of artificial intelligence and noted: “On a global scale we see a profound change in the way the legal structuring is done, driven by the artificial intelligence. Even current tools such as ChatGPT already deliver good results, although inaccuracies still exist. Over the next 6 to 24 months, the quality of these systems will improve dramatically, leading to a radical change in the way the legal advice is provided".

He emphasized on the economic scale of the process, adding that the global market for legal services is worth around US$ 1.5 trillion, while less than 1% of this amount is currently invested in legal technology /legal tech/: "In the future, legal services will be provided by the artificial intelligence in combination with human oversight by lawyers through digital platforms that will be accessible to companies and citizens".

The presented project for a global digital legal platform based on controlled learning and blockchain technologies provoked particular interest. "The most important element of the platform is the people — lawyers, law students and experts who train and control the system. Their contribution will be rewarded through a crypto-based token system that allows each participant to be part of the future success of the platform", explained Dr. Richter.

The conversation also included issues related to the European MiCA regulation and its significance for the sustainable development of the crypto economy in the European Union.

The meeting was attended by Assoc. Prof. Dr. Petkan Iliev, lecturer at the UNWE Economics Department and initiator of the Master's programme in Cryptoeconomics and Blockchain, Dr. Milen Markov, Director of the International Affairs Directorate, Attorney Desislava Spasova, part of the teaching team of the Master's programme in Cryptoeconomics and Blockchain, Doctoral student in Cryptoeconomics at the UNWE Economics Department, founder and managing partner at Crypto Academy.

Chief Assist. Dr. Petkan Iliev, Attorney Desislava Spasova, Dr. Wolfgang Richter, Assoc. Prof. Dr. Maria Vodenicharova, Dr. Milen Markov /from the left to the right/

Dr. Wolfgang Richter's visit is the consecutive evidence of the active dialogue between the UNWE and the leading international experts and of the University's commitment to integrating the latest global trends in the education and scientific research.

Dr. Wolfgang Richter is a lawyer and economist with over 20 years of professional experience in the financial sector, focusing on FinTech, blockchain and cryptocurrencies. He has many years of leadership experience in large international law firms in Germany. Before joining gunnercooke, he built up the DWF office in Berlin, headed the financial practice at DLA Piper Germany and held the position of Head of Global Financial Services Line at EY Law. His expertise covers the digital transformation of the financial sector, regulatory frameworks for crypto assets, structured finance, M&A transactions in the financial industry, securitizations, real estate financing and non-performing loan /NPL/ transactions. Dr. Richter advises investors and financial institutions on product development and corporate strategy. He works with FinTech companies, blockchain and tokenization projects, banks and financial institutions, investment management companies and large enterprises with specific technology requirements.