Event report
Past Event | Breakfast Talk : A Dialogue on Cryptocurrencies
The French Chamber of Commerce organised an insightful breakfast talk that delved into the World of Cryptocurrencies.
This informative session featured prominent figures from the crypto world : Eric Anziani, President & COO at Crypto.com, Eric Barbier, Founder & CEO of Triple-A, and Raagulan Ratnasabapathy , VP, Asia Pacific & CEO Singapore at Circle.
Skillfully moderated by Julie Raneda, Partner at Schellenberg Wittmer, the talk highlighted the evolving nature of the crypto market, emphasizing its potential for growth while acknowledging the importance of regulations and technological advancements for wider adoption and security.
Here are the key takeaways from the discussion:
Crypto market/demography
- Approximately 420 million individuals are currently holding cryptocurrencies. These holders predominantly consist of younger, tech-savvy, and educated individuals who are more inclined towards saving through digital assets.
- Younger generations, especially millennials and Gen Z, are more active in the crypto space due to their familiarity with technology and their distrust of traditional financial systems.
- High penetration of crypto is witnessed in emerging markets where individuals seek alternative financial opportunities and where access to traditional banking systems may be limited.
Risk Assessment in crypto Investments:
- Like other financial instruments, investing in cryptocurrencies involves risk. However, the level of risk varies based on an individual's risk appetite and understanding of the market.
- Crypto investments require careful consideration and understanding of the market volatility, technological risks, and regulatory changes.
Stablecoins and accessibility:
- Stablecoins, designed to maintain a stable value by pegging them to fiat currencies like the US dollar, are gaining momentum. They provide an accessible gateway for everyone to access the stability of the dollar without relying on traditional banking systems.
- Wallet technology in the crypto space is evolving but is currently not user-friendly for everyone. Improvements in user experience are needed to make it more accessible and easy to use for mainstream adoption.
Future adoption driven by gaming and social Apps:
Anticipation exists for a new wave of crypto adoption through integration within gaming and social applications. These platforms can incentivize the use of cryptocurrencies and blockchain technology among a wider audience.
Regulations:
- Regulatory bodies, such as the Monetary Authority of Singapore (MAS), are stepping in to regulate the crypto space primarily for anti-money laundering (AML) and consumer protection purposes.
- Various countries and regions have started implementing regulatory frameworks to mitigate risks associated with cryptocurrencies.
- Regulatory bodies aim to prevent illicit activities like money laundering, fraud, and terrorist financing by imposing compliance standards on crypto exchanges, wallets, and other service providers.
- Licensing requirements imposed by regulatory bodies ensure that crypto businesses operate under specific guidelines, ensuring consumer protection and market stability.
A warm thank you to our esteemed panelists for sharing their invaluable insights and engaging in fruitful discussions with our members.
For more information, please contact Lydia Fulton, lfulton(@)fccsingapore.com
