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Asia Blockchain Summit 2019 Highlights: 5 Big Takeaways

BitMex CEO tackles “Dr Doom” Roubine in “Tangle in Taipei” debate, Taiwan announces world’s first STO rules, Binance announces 20x futures trading and CoolBitX launches FATF “travel rule” solution, BitMEX will launch bitcoin zero coupon bond soon and more

Asia Blockchain Summit 2019 concluded yesterday in Taipei, Taiwan. A few major announcements with significant implications for the crypto industry shared with the 4000 attendees in Taipei’s swanky Marriot Hotel by some of the biggest names in the cryptocurrency industry in keynote speeches and panel discussions.

CoolBitX teamed up with the Litecoin Foundation for a fun booth that allowed visitors to try out the CoolWallet S and shake hands with Litecoin creator Charlie Lee.

Who Attended Asia Blockchain Summit Taipei 2019?

Some of the industry movers and shakers who graced the stage during the 2-day event this week included

  • Michael Ou (CoolBitX CEO)
  • Changpeng “CZ” Zhao (Binance CEO)
  • Charlie Lee (Litecoin founder)
  • Arthur Hayes (BitMex CEO)
  • Justin Sun (Tron)
  • “Crypto congressman’ Jason Hsu
  • “Dr. Doom” Dr. Nouriel Roubini (crypto-skeptic economist)
  • Ran Neuner (CNBC Africa analyst )

Also notable was the host of crypto-friendly political figures and legal experts who weighed on regulatory implications and new STO use cases for the crypto industry.

Top 5 Asia Blockchain Summit Highlights

Highlights during Asia Blockchain Summit included:

1. Taiwan Rules! World’s First STO Rules Announced For October

  • Taiwan’s financial regulator, the Financial Supervisory Commission, has given the go-ahead for Security Token Offerings (STOs) to be issued in the blockchain island.
  • The country has approved the following STO rules which will be adopted in October this year:
  • Fundraisers through STO’s will be allowed to raise up to NT$300 million (10 million USD); with individual investors able to buy up to NT$300,000 (10,000USD) in security tokens.

2. The Tangle in Taipei” BitMex’s Arthur Hayes vs “Dr. Doom”, Nouriel Roubini

It was guns at (virtually) dawn when the BitMex CEO Arthur Hayes and notorious crypto scepticist Roubini faced off in a highly publicized debate in front of a packed auditorium.

Both individuals played to the public’s perceptions and regurgitated often-used tropes on cryptocurrencies.

Roubini repeatedly denouncing crypto as an unregulated scam full of shitcoins and set on a course of destruction. He often repeated the same objections in a profanity-laden tirade, which forced moderator Andrew Neil (who caused controversial alt-right personality Ben Shapiro to walk off during an interview) to intervene like a school teacher at times, much to the audience’s delight.

Hayes played to his home crowd advantage, poking fun at the emotional economist ‘s outburst and defending the freedom of choice that investors in cryptocurrencies should enjoy, whatever they decided to lay on the line.

Some observers felt that Hayes could have gone after the professor a bit harder and missed a few openings that Dr. Doom gifted him. Overall though, it was an entertaining 30 minutes and it stoked plenty of debate amongst the attendees afterwards.

3. CoolBitX’s Michael Ou – How Exchanges can Comply with new FATF Regulations & Travel Rule

In a keynote speech on Tuesday, CoolBitX founder Michael Ou provided a closer look at how new FinCEN and FATF regulation could potentially cripple the functioning of centralized exchanges.

Mr. Ou discussed the following:

  • what was expected of virtual asset service providers (VASPs) to comply with FATF’s new June Guidance
  • the controversial “Travel Rule”, which requires exchanges to somehow share originator and beneficiary transactional information,
  • How to turn the threat of regulation into opportunity and the benefits associated
  • CoolBitX’s groundbreaking new AML-compliance solution Sygna.
  • A pilot program of the solution currently being piloted by SBI in Japan.
  • For VASPs interested to know more, contact info@sygna.io

4. Binance to introduce crypto futures trading with 20x leverage

Binance’s CEO “CZ” Zhao introduced crypto futures trading with 20x leverage on Tuesday. In his trademark casual attired of a T-shirt and shorts, Zhao announced and demonstrated a futures trading platform on Binance with long-requested features that included longs and shorts on virtual assets.

5. Regulations and Use Cases

Keynotes and panel talks discussed the possible impact and legal implications that the crypto industry could face this year, as well as the current state of blockchain regulatory frameworks in Asia

Congressman Jason Hsu commented on the “Winds of Change” sweeping the virtual asset in the industry (read his speech here)

To read more about the Asia Blockchain Summit, refer to their website:

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