The grand event of the crypto industry, Token2049, has come to an end.
Compared to the past, when there were only around 1,000 attendees in 2018, this year’s Token2049 attracted over 10,000 participants, 400+ sponsors, and featured more than 400 side events of various sizes. In this small “county” covering just over 700 square kilometers, crypto professionals from all over the world gathered, surpassing even the popularity of the Consensus conference in the United States and China’s Wanxiang Blockchain Global Summit, two well-established crypto conferences.
People congregated at Singapore’s iconic Marina Bay Sands hotel, bustling with social interactions. Coinciding with the F1 racing event in Singapore, closed-off roads did not hinder practitioners from shuttling between different venues for social gatherings. “County” is no longer dominated solely by Chinese participants.
Crypto practitioners from neighboring countries such as China, South Korea, Japan, and Southeast Asia still formed the main supporting group. Additionally, with the increasing strictness of US crypto policies, numerous renowned projects, venture capitalists (VCs), and key opinion leaders (KOLs) from Europe and America attempted to plan and lay out their strategies for the Asian market through this event.
According to the KPMG Pulse of Fintech report for the first half of 2023, as the United States tightens its scrutiny of the cryptocurrency industry, other jurisdictions, including Singapore and Japan, are becoming increasingly attractive to investors and startups.
On August 15th of this year, the Monetary Authority of Singapore announced the final version of the regulatory framework for stablecoins, making Singapore one of the first jurisdictions globally to incorporate stablecoins into its local regulatory system. Multiple jurisdictions in the Asia-Pacific region are dedicated to becoming global hubs for crypto assets. Apart from Singapore, Japan and Hong Kong, China have also taken a series of measures to establish robust crypto asset ecosystems.
BiFinance CEO Bob mentioned, “Despite being in a bear market, the enthusiasm of practitioners has not diminished, and more people are joining this field. The introduction of relevant policies and regulations is a positive signal in the long run. Many small and medium-sized enterprises have suffered losses while exploring, which is why BiFinance always adheres to its original vision of linking the virtual and real worlds.”
Since its establishment, BiFinance has consistently pursued a global compliance strategy. In April of this year, it obtained the US MSB digital trading license and submitted an application for the Hong Kong VASP license, which is currently in the second stage. Bob stated that crypto practitioners refer to the current cycle as the “darkest bear market,” with insufficient market liquidity, and the outflow of speculative funds posing challenges for centralized exchanges.
However, unlike the previous round when Bitcoin fell below $3,000 on March 12th, there is a significant difference in the situations where practitioners are abandoning the market. Just like a microcosm at the conference, you will witness some projects dying after burning through their first round of financing, while resilient practitioners continue to build and strive.
BiFinance believes that the darkness before dawn is only temporary. In recent months, our product line has made significant improvements and optimizations, including offering more wealth management services and upcoming contract features. We can endure the loneliness of this moment while deepening our industry layout. Those who do not experience darkness cannot enjoy the first rays of dawn.
In the future, BiFinance will continue to fulfill its mission of solving financing difficulties for small and medium-sized enterprises. With the implementation of compliance and the development of crypto infrastructure, the crypto industry will experience significant growth in the next bull market, and we are confident about it!
BiFinance Team
October 7, 2023
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