Changpeng Zhao (CZ), Binance CEO, became a speaker at Day 2 of the Future Blockchain Summit in Dubai. By his words, progress will come in the blockchain world, but it will come slowly. When regulators fully embrace all things crypto, the industry will reach a tipping point, CZ predicts.
Speaking at the Future Blockchain Summit, Binance CEO shared his views on the crypto regulatory scene. As per him, the world is seeing varying degrees of crypto adoption. Some countries like El Salvador have taken huge leaps of faith, while others, such as the UK and Canada, are slowly testing the waters. Meanwhile, countries like China are refraining altogether.
Concerning regulatory policy, CZ called for open-mindedness and patience. Governments, regulatory bodies, and banking structures have been around for decades, and it would be unreal to expect them to change overnight.
Furthermore, it seems that most regulators are simply stumped on how to tackle these new crypto-oriented challenges. CZ said that these institutions have a lot of experimenting to do until they figure out how to daily regulate new booming industries like DeFi and NFTs.
However, Binance CEO is enthusiastic about their progress as many regulators have taken the first step to begin regulating crypto. Although, many are simply rewriting traditional regulations for crypto instead of forming new ones. Still, this is a great first step. By evaluating what does and doesn’t work, regulators will rework their rules until they slowly begin to get the hang of setting new and fair regulations.
CZ sees this as great news. After all, everything begins with a rough cut, and then the industry can slowly integrate. He also highlights how some regulators start with good intentions but don’t seem to understand that these regulations cannot be applied practically, especially on a large scale.
That’s why having clear channels to communicate is of the utmost importance. For example, how Binance handles KYC, security risk management, wallet management, and listing frameworks. CZ was even open to discussing how it handles utility, security, fan tokens, and of course, how they handle customer support.
Further, Binance CEO also encourages other projects within the industry to be more transparent and present. To push this initiative, Binance is looking to list projects that will come with a 10-year venture funding schedule instead of the initial 2 years.
He believes this will only strengthen the industry as well as the series of funding rounds. Overall, CZ said this is a great time for projects to garner funds and prosper as the industry only continues to grow.
Finally, CZ expressed hopes that more regulators will begin to embrace crypto, NFTs, DeFi, and more. Once this takes place, then we will see a tipping point. Even if it takes decades to reach the final mark, what’s important right now is to establish communication. All in all, this will slowly and steadily lead to progress, he said.
Lastly, Binance CEO encouraged countries, which are looking to make blockchain a major sector of performance. He said that all they need to do is keep an open mind. Do not ignore new technology, do not fear it. Instead, embrace it and start to understand it. Above all, look towards innovation and development – this can only bring good things.
To conclude, CZ called all to communicate with Binance. He looks forward to collaborating by explaining, demonstrating, and experimenting safely together. For CZ, it is all in the hopes of expanding the industry.
The Future Blockchain Summit 2021 is held in Dubai October 17-20, 2021, at the Dubai World Trade Centre (DWTC). Gulf CryptoInsight, as the event’s media partner, publishes essential updates from the summit.