Categories: Bitcoin Politics

Singapore Crypto Conference Brings Together Academia, Businesses and Regulators

Click here to view original web page at cointelegraph.com
SHA256 ALGORITHM HASHRATE: 265.7 Ph/s

Facebook2

Twitter19

G+1

Pinterest

reddit

UpvoteDownvotesubmit

inShare2

While much of the payments and financial world was in Las Vegas at Money20/20 last week, about 250 researchers, business people and policymakers met in Singapore to have a frank conversation about the Asian financial hub’s role in the cryptoeconomy.

The Sim Kee Boon Institute for Financial Economics at Singapore Management University hosted the two-day conference on November 4 and 5 in cooperation with the Chartered Alternative Investment Analyst Association in an effort to bring together diverse opinions and viewpoints on whether Singapore could become an epicenter for cryptocurrency businesses and innovation.

The conference brought nearly two dozen panelists from around the world to discuss

  • the innovation of cryptocurrencies and blockchain-based finance,

  • mobile payment systems,

  • accountancy issues with cryptocurrencies,

  • the technology’s role in FinTech going forward,

  • and whether Singapore can become the technology’s Silicon Valley.

That last question begs some exploration, as it suggests a great deal of opportunity, about which conference organizers and panelists spoke with me.

Singapore Crypto Conference Brings Together Academia, Businesses and Regulators

Why Singapore?

The city-state is already well-known for being a business-friendly jurisdiction and panelist Scott Robinson, Director of FinTech and Marketing at Plug and Play Tech Center, touched on that point.

“Plug and Play sees the Singapore ecosystem as conducive to an ideal FinTech market for innovation,” Robinson said. “For starters, Singapore includes an agile regulatory environment and forward-thinking corporations opening up to support innovation.”

Mikkel Larsen — who moderated the accountancy panel discussion and is both Managing Director at Singaporean bank DBS and member of Tembusu Terminals’ advisory board — elaborated on Robinson’s point.

Larsen said that in addition to Singapore’s ease of doing business and the government’s swift moves to adopt clear cryptocurrency regulations, the fact that the country has few natural resources means it must embrace scholarship and innovation to remain competitive globally.

He added:

“The technological awareness and skills level of Singaporeans is high and combined with widespread use of smart-phones, wide internet access and a general aptitude for adoption of new technologies would make Singapore conducive to the new technologies.”

Furthermore, Larsen pointed out that Singapore is well-positioned to address what he called “native needs” in Asia.

Native Needs

Though itself a developed economy, Singapore is surrounded by emerging economies with big, young, tech-savvy populations. As Larsen pointed out to me, mobile penetration in the Philippines, for example, is just at more than 100%, and smart-phone penetration is on pace to triple in 2015. And cryptocurrencies are mobile-native technologies.

With cryptocurrencies and blockchain technologies, Larsen said, consumers in developing economies who have traditionally lacked access to financial services would be able to send money across borders, make deals via smart contracts, register property rights on a cryptographic ledger and develop community lending programs.

Those needs aren’t unique to Southeast Asia, of course, but Singapore would be geographically well-positioned to connect the hundreds of millions living around the South China Sea who will soon be demanding access to those services.

Conference organizers, in a post-conference draft summary, suggested that Singapore must first consider all of the variables necessary to become a cryptocurrency hub; fortunately, it already has more than a generation of experience in building a FinTech hub.

“What is required is a holistic, ecosystem-based approach that involves and engages every segment of society,” organizers said in a statement. “Neither a purely top-down nor bottom-up approach will be able to fully maximise the potential that this industry and its technologies are capable of.”

The Conference as Representative of This Holistic Approach

Conference panelists seemed to both agree with and themselves represent the need to engage participants from all across the potential cryptoeconomy. As SKBI research fellow Dr. Ernie Teo pointed out, participants included government members, regulators, law enforcers, auditors, bank representatives and fund managers.

Conference participants praised that diversity and the conversations it facilitated.

"The Singapore conference was unique in that it provided a well-balanced cross-section of academics, business professionals, decision-makers at governmental organizations and entrepreneurs within the industry,” said Tim Swanson, Head of Business Development at digital asset exchange Melotic and conference panelist. He added:

“As a result, the sobering conversations that took place focused more around actual opportunities and challenges in the community today rather than the typical sci-fi cheerleading that is divorced from the reality that companies in this space face."

Singapore Crypto Conference Brings Together Academia, Businesses and Regulators

Panelist Gunther Sonnenfeld — acting CIO at Faveeo, Strategic Advisor at Coin of Sale and partner at K5 Ventures — praised the breadth and the depth of the conference topics.

“We are living and working at a formidable point in history, one in which the changing nature of money and the ideas for currency affect people and communities in profound and very complex ways,” Sonnenfeld said.

“Required are new explorations of socioeconomic systems, to include our uses of data, our understandings of privacy, and our appetites for effective and equitable governance. This conference was a great first step in catalyzing that effort."

Did you enjoy this article? You may also be interested in reading these ones:

Get up to 10$ in Cointelegraph Giveaway Campaign

Twitter19

G+1Pinterest reddit Upvote Downvote submit inShare 2While much of the payments and financial world was in Las Vegas at Money20/20 last week, about 250 researchers, business people and policymakers met in Singapore to have a frank conversation about the Asian financial hub’s role in the cryptoeconomy.The Sim Kee Boon Institute for Financial Economics at Singapore Management University hosted the two-day conference on November 4 and 5 in […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: country govern government law policy regulation regulator state

Recent Posts

  • Bitcoin Business

Bakkt Kicks off Test-Launch Phase for Physical Bitcoin BTC Futures

Testing of Bakkt’s Bitcoin futures contracts starts today as the ICE-backed startup is trying out the underlying infrastructure to see… Read More

6 hours ago
  • Bitcoin Business

The Myth of Authority: Mnuchin Denies USD Is Used Criminally

U.S. Treasury Secretary Steven Mnuchin has once again weighed in on bitcoin, claiming the U.S. dollar has not been used… Read More

6 hours ago
  • Bitcoin Business

Survey: Just Four Percent of US Public Favour Bitcoin or Other Crypto Assets as a 10+ Year Investment

According to a survey produced by financial services firm BankRate, Bitcoin and crypto do not represent a popular choice of… Read More

6 hours ago
  • Bitcoin Business

Analyst: Bakkt Could be a Huge Catalyst for Bitcoin; Is a Price Surge Inbound?

Despite facing multiple long delays, the highly anticipated Bakkt Bitcoin futures platform has finally began testing, and many analysts are… Read More

6 hours ago
  • Bitcoin Business

Robinhood Raises $323 Million, Still Worth Less Than Coinbase

Robinhood's $323 million fundraising haul values the trading app at $7.6 billion. But it's still worth less than Bitcoin exchange… Read More

6 hours ago
  • Bitcoin Business

Crypto Market Leaders Differ on Pace of Inst Adoption. Who’s Right?

Binance CEO says there's no influx of institutional investors in bitcoin and other crypto tokens, but reports say otherwise. |… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More