Day two of Future Blockchain Summit 2023, the premier blockchain exhibition, took place at the iconic Dubai Harbour today, uniting the global blockchain and crypto ecosystem.
Welcoming the world’s leading crypto, blockchain and Web3 experts, the Exchange Stage at Future Blockchain Summit featured a series of sessions on day two’s theme – Digital Assets and Regulations. During the opening session, Sergej Kunz, co-founder of 1inch network, made a presentation, ‘1inch’s Fusion Mode: a New Standard for Crypto Trading. In his talk, Sergej explained the benefits of Fusion mode, which facilitates highly efficient and secure crypto swaps, aggregating liquidity from the entire DeFi space. He also discussed the recently released 1inch Developer Portal, a Web3 cloud SaaS (software as a service) platform offering innovative software services for developers. “1inch is thrilled to participate in the Future Blockchain Summit,” says Sergej. “It’s one of the most exciting blockchain events held the MENA region, where 1inch is stepping up its presence.”
Gracy Chen, Managing Director of BitGet, also took to the stage to host a session on the global outlook – looking back and looking forward. She highlighted how each region and specific countries within them are very different. When discussing the Middle East, she said: “We know that the UAE and Saudi Arabia are two major Middle East countries driving the crypto influence and blockchain innovation and the two institutions, ADGM in Abu Dhabi and VARA in Dubai, are important institutions regulating blockchain and Web3. But one big issue we see in the Middle East is that although it’s a great regulatory environment and there is a lot of influence, especially in crypto, there is a lack of user base and developers, so it’s important to keep this in mind if you’re looking into this space.”
Speaking of the market, she continued: “Crypto is a bear market, it’s winter. But for us as a centralised exchange, we feel that crypto winter is the best time to build and it provides us with this golden window for growth. We want to inspire people to embrace Web3 and get to know more about Web3 and blockchain.”
Meanwhile industry leaders Teana Baker-Taylor, Vice President – Policy & Strategy (EMEA) at Circle, HB Lim, Managing Director (APAC) at BitGo and Kristi Swartz, Fintech Partner at DLA Piper, joined a panel ‘Crypto regulations forum: Aligning regulations between TradFi with DeFi for global integration’. On this, Teana Baker-Taylor, commented: “If you have two different market actors that are managing production requirements and conduct market risk in different ways, it makes it harder for partnerships to form. So I do think that there needs to be some similarity between machines, but they need to be very cognizant of the technological differences.”
She continued, “And so until we understand them better, I think most markets have said, we’re still in the learning phase. Similarly with NF T’s, I think what the community needs to do is, one, understand that there is going to be regulation. If you don’t want to be on the receiving end of something that you don’t like, then you absolutely have to be at the table. And, some of the ways that you are showing up at the table are boring – they’re terrible. Who wants to read 140 pages of a consultation and respond to it? That’s part of my job. It’s not fun, but I do it because it’s important.”
With more than 150 exhibitors, regulatory authorities and governments from over 50 countries set to attend across the four days, Future Blockchain Summit is capitalising on Dubai’s leading status as a global Web3 hub. The event will run until 18th October, gathering global disrupters, change-makers and innovators to showcase the significant progress made in Web3, blockchain and crypto technologies and discuss the opportunities and challenges to drive transformative change for the future.
A GITEX Global production and co-located with Fintech Surge, Expand Northstar and Marketing Mania, it is the platform to explore the transformative power of decentralised technologies.
