Advocacy for Clear Crypto Regulations and Rising Trend of Tokenization Mark the Blockchain Expo in Amsterdam
Summary:
The Blockchain Expo in Amsterdam revealed Europe's thriving cryptocurrency atmosphere, largely owing to its favorable regulatory conditions in contrast to the United States. CoinBase and Zodia Markets executives discussed the benefits of clear regulation like the EU's MiCA. The event also unveiled the rising interest in tokenization by mainstream financial firms for issuing and managing investments. The rise of the UAE as a crypto hub was highlighted as well. Mastercard's integration into the Web3 ecosystem, and the increasing value of nonfungible tokens for institutional users, were also major talking points at the Expo.
The Cryptocurrency scene continues to progress in Europe, defying stricter regulations in other areas, according to key speakers at the Blockchain Expo in Amsterdam. The event took place at the RAI conference center and was a portion of the larger Tech Expo hosted in the Netherlands. Noteworthy figures from diverse industries, including finance, logistics, and healthcare, were in attendance, discussing the transformative power of blockchain technology in the creation of cutting-edge products and services.
At a panel discussion, James Morek of Coinbase and Nick Philpott of Zodia Markets discussed the regulatory issues impacting the sector. Philpott expressed his support for the European Union's Markets in Crypto-Assets (MiCA) regulation, calling it an advanced measure to foster the growth of the sector with adequate user protection.
The regulatory climate in the United States, according to Philpott, lacks this clarity and consistency. Actions by the Securities and Exchange Commission against critical players like Coinbase, Ripple, and Binance.US have generated uncertainty and apprehensions for the crypto scene in the US.
Nevertheless, clear regulations in the EU and the UK have fostered favorable conditions for cryptocurrency businesses. Moreover, Coinbase continues to pique interest among clients seeking exposure or custody of cryptocurrencies outside of the U.S, currently serving over 1300 institutional customers worldwide.
Ensuing discussions also revealed the United Arab Emirates' rapid growth as a crypto and Web3 hub that is eager to attract the industry's top companies. Binance already holds a significant presence in the UAE, and Coinbase was also reportedly considering setting up operations there earlier this year.
The trend of tokenization is also capturing the attention of mainstream banks and financial firms, as it offers a new way to issue and manage debt and investments. Martijn Siebrand from Dutch bank ABN AMRO, for instance, shared insights on the bank's recent digital green bond issuance using Polygon's layer-2 Ethereum scaling technology, raising 5 million euros ($5.3 million).
Mia Van of Mastercard's EMEA blockchain and digital assets division highlighted the value of nonfungible tokens (NFTs) for institutional users. Major brands like Adidas and Nike are utilizing NFTs and metaverse activations that provide users with ownership of objects in both the physical world and metaverse environments. The partnership of Animoca Brands with neo-bank platform Hi, which allows customization of Mastercard with owned digital NFTs, is an example of Mastercard's integration into the Web3 ecosystem.
Published At
9/28/2023 10:13:16 AM
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