Binance Regional Market Chief: Global regulatory changes are taking place, and we are happy to see the Taiwanese government promote the development of the encryption industry

Here is the English translation: The 3rd Taipei Blockchain Week has concluded successfully. Vishal Sacheendran, the regional market lead for Binance, who participated for the first time, is optimistic about the future of the crypto market, believing that the improved global regulatory environment and government support will bring more value to the industry. (Background: Binance announced to be the official gold sponsor of Taipei Blockchain Week 2024) (Additional background: Binance launches new and improved Binance Wallet: a seamless gateway to Web3) *This is a press release written and provided by Binance. It does not represent the position of Blocktempto and is not investment advice or a recommendation to buy or sell.* The 3rd Taipei Blockchain Week concluded last week. This time, Vishal Sacheendran, the regional market lead for Binance, visited Taiwan for the first time, representing Binance in participating in this event, and had a fireside chat with Lee Yun-hsiu, the co-founder of Red Brick Capital, on the current and future development of the crypto market. Regarding the future development of the crypto industry, Vishal expressed his optimism. He pointed out that the global crypto regulatory environment has undergone many changes, including Taiwan and more governments actively seeking to understand this industry and support its development, providing more value to the ecosystem. As a former regulator with a background in traditional finance, Vishal is mainly responsible for communicating and exchanging with governments and regulatory agencies in Binance. He believes that the crypto industry as a whole has made considerable progress in establishing trust with regulatory authorities in recent years. Vishal used Binance as an example, pointing out that its management, compliance, and law enforcement teams are largely composed of people from the public sector or traditional finance, who share the same "system" as regulators, which has effectively helped Binance's communication and dialogue with governments in various countries. Vishal explained that in the crypto industry, regulatory agencies can be divided into three categories: the first is those who do not understand new technologies and adopt a comprehensive ban on new things; the second is those who, like Europe or Taiwan in the past, adopt an observational approach to the new technology, starting with anti-money laundering regulations and then establishing a new regulatory framework as the industry matures; the third is those like the UAE and Bahrain, who not only understand but are not afraid of new technologies, and provide users with more protective measures, with anti-money laundering being just a part of the overall regulatory framework. Vishal pointed out that by 2024, we can see more transitions from the first category to the second, and from the second to the third, and the positive impact of this is that the issuance of ETFs will be approved by regulators, and more and more institutional investors and traditional capital will enter the market, driving the current market development. Regarding the future industry development and the impact of traditional institutions' participation, Vishal said that the current global population with crypto assets is still a very small niche, whether on the retail or institutional side, and there is still huge room for growth. The market is large enough for everyone to have a place, and with the implementation of regulations, and even in some countries, Bitcoin being included as part of their reserve mechanisms, the future prospects for the development of crypto assets are limitless. When asked about his views on the current market development, Vishal believes that the industry can still do more in the education aspect, not only for users, but for the entire system, including governments, regulators, law enforcement agencies, and enterprises, to help them better understand the crypto industry. On the other hand, Vishal also pointed out that we can now see more governments taking proactive actions, hoping to introduce an ecosystem to their local markets. He gave the example of Taiwan, which has a young community, friendly regulators, and outstanding talents, especially in the developer community, and the government is also seeking ways to keep talents in the local market to create more value for the ecosystem, which also excites him. Vishal pointed out that in the past, the industry often took the initiative to contact the government, but now the government has taken the initiative to communicate with the industry and seek opinions. He emphasized that as long as the government continues to maintain contact with the industry and remains open to exchanges, Binance is always willing to provide assistance. About Binance: Binance is the world's leading blockchain ecosystem and the largest cryptocurrency exchange platform in terms of trading volume and number of registered users. Binance is trusted by over 100 million users across more than 100 countries for its industry-leading security, transparency, trading engine speed, investor protection measures, and unparalleled digital asset product and service offerings. Binance's scope of services covers trading, finance, education, research, charity, payments, institutional services, and Web3 functionalities. Binance is committed to building an inclusive cryptocurrency ecosystem, using cryptocurrency as the core means to enhance financial freedom and promote the widespread adoption of financial services globally.