- Binance CEO — Changpeng Zhao (CZ), speaks at the Future Blockchain Summit.
- CZ says progress will come, but it will come slowly.
- When regulators fully embrace all things crypto, the industry will reach a tipping point.
It is now Day 2 at the Future Blockchain Summit Dubai, and the attendees are all ears as Binance CEO — Changpeng Zhao (CZ) takes the stage. The audience listens, rapt with attention, as CZ talks about the coming progress in the blockchain world.
In particular, CZ shares his thoughts on the crypto regulatory scene. The world is seeing varying degrees of crypto adoption. Some countries like El Salvador have taken huge leaps of faith while others like the UK and Canada are slowly testing the waters. Meanwhile, countries like China are refraining altogether.
On this matter, CZ elevates the need for open-mindedness and patience. He says that governments, regulatory bodies, and banking structures have been around for decades and it would be unreal to expect them to change overnight.
Besides, it seems that most regulators are simply stumped on how to tackle these new crypto-oriented challenges. CZ says 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.
He is however 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.
Indeed, this is great news. After all, everything begins with a rough cut and then the industry can slowly integrate. CZ also highlights how some regulators start off with good intentions but don’t seem to understand that these regulations cannot be applied practically, especially on a large scale. Therefore, having clear channels to communicate is of the utmost importance.
CZ extends his hand to all regulators worldwide. He says that Binance and the extended industry are eager and open to meet so they can share best practices together. In addition, he is willing to have an open discussion about any topic that pertains to Binance.
For instance, how does Binance handle KYC, security risk management, wallet management, and listing frameworks? He’s even open to discussing how it handles utility, security, and fan tokens. Not to mention, how they handle customer support.
In turn, he 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.
CZ believes this will only strengthen the industry as well as the series of funding rounds. Overall, he says this is a great time for projects to garner funds and prosper as the industry only continues to grow.
Finally, the CEO 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.
Lastly, for countries that are looking to make blockchain a major sector of performance, CZ serves some piping hot tea. He says 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 encourages all to talk 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.