Edward Chen, CEO of Huobi Singapore, a number one international digital property buying and selling platform, participated on the Singapore Fintech Competition (SFF) this yr and shared his views on the expansion of the blockchain market within the subsequent few years.
In a speech on “Digital Belongings: From Fringe to Mainstream,” Edward offered an outline on the crypto panorama from the 2010s to 2020s and talked about that the business has proven vital development through the years. For instance, there at the moment are greater than 77 million international users1 and over 6,000 international cash in 20212 as in comparison with solely 0.89 million international users1 and 66 international cash in 2013.2
Analysis has additionally proven that this demand for crypto and blockchain will proceed to develop within the subsequent few years, with the blockchain know-how market measurement estimated to develop exponentially from US$3 billion in 2020 to US$39.7 billion in 2025.3 Blockchain know-how will even proceed to supply value-add to companies (primarily within the finance, personal, healthcare and retail sectors) by an estimated US$3.1 trillion by 2030.4
He strongly believes that elements akin to regulation, safety, value stability and danger administration play an necessary position in shaping consumer adoption, and these are catalysts throughout the business that may usher digital property into extra mainstream acceptance.
“The crypto market has witnessed super development in 2021, and but we’ve seen simply the tip of the iceberg. With ideas like Metaverse, Non-Fungible Tokens (NFTs), DeFi 2.0 and Internet 3.0 gaining extra recognition and a spotlight, subsequent yr might be an thrilling yr for the entire blockchain business. As one in all Singapore’s main digital property change platforms, Huobi Singapore is worked up to be a part of this journey. We sit up for working with the native regulators in addition to ecosystem companions to raise Singapore’s standing as a digital financial system,” mentioned Edward Chen, CEO of Huobi Singapore.
Huobi Singapore, a subsidiary underneath Huobi Know-how Holdings Restricted, has already utilized for the Main Cost Establishment Licence underneath the Cost Providers Act (“PS Act”) from the Financial Authority of Singapore. At present, Huobi Singapore is granted an exemption from holding a licence underneath the PS Act whereas the appliance is underneath overview. To supply customers with a secure and safe expertise, its digital property change platform has been designed to adjust to international regulatory requirements set by monetary regulators, with a powerful concentrate on implementing a rigorous anti-money laundering (AML) program, and a strong Know-Your-Buyer (KYC) framework.
Huobi Singapore can be a eager advocate of blockchain training and shall be taking part in an academic workshop on Metaverse organised by the Singapore Blockchain Innovation Programme (SBIP) on the finish of November. Audio system embody Professor Yu Jia Ning from Huobi Training (previously Huobi College), Professor Ooi Beng Chin (Lee Kong Chian Centennial Professor at NUS and Lead Individual-in-charge of SBIP), Lakshminarayanan (Lux) Anantharaman (Group Chief – Programs Safety, Cybersecurity Division Institute for Infocommunications Analysis, A*STAR), and Dr Zhu Feida (Affiliate Professor of Laptop Science at SMU).