Vishal, the regional head of Binance, discusses the three major development directions of the global cryptocurrency market and regulation in the future

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The third Taipei Blockchain Week officially concluded last week. Vishal Sacheendran, the Regional Market Manager of Binance, visited Taiwan for the first time to represent Binance at this grand event. He had a fireside chat with Li Yunxiu, the Co-founder of Honglou Capital, discussing the current and future development of the cryptocurrency market. Vishal expressed optimism about the future development of the cryptocurrency industry. He pointed out that there have been many changes in the global cryptocurrency regulatory environment, including Taiwan, where more governments are actively seeking to understand and support this industry, providing more value to the ecosystem.

Image Source: Binance

As a former regulatory official with a traditional financial background, Vishal is primarily responsible for communicating with governments and regulatory authorities at Binance. He believes that the overall cryptocurrency industry has made significant progress in building trust with regulatory agencies in recent years. Vishal uses Binance as an example, pointing out that many of its management, compliance, and law enforcement teams come from former public sectors or traditional financial industries. These individuals, who share a similar 'system' with regulators, effectively help facilitate communication and dialogue between Binance and governments around the world.

Vishal explained that in the cryptocurrency industry, there are usually three types of regulatory agencies. The first type does not understand new technologies and adopts a comprehensive ban on new things; the second type, as in Europe or Taiwan, takes an observatory approach to new technologies, and industry regulation starts with anti-money laundering. When it matures, a new regulatory framework is established; the last type, like the UAE and Bahrain, not only understands and does not fear new technologies, but also provides more protection measures to users, with anti-money laundering being only a part of the overall regulatory framework. Vishal pointed out that by 2024, we can expect to see more transitions from the first type to the second type, and from the second type to the third type. The positive impact of this will be the regulation and permission for the issuance of ETFs, with more and more institutional investors and traditional funds entering the market, thus driving the current market development.

When it comes to the future development of the industry and the impact of traditional institutions entering the game, Vishal said that currently only a very small minority of the global population owns cryptocurrency assets, whether it is retail investors or institutional players, there is still a huge room for growth, and the market is big enough for everyone to have a place. At the same time, the implementation of regulations, and even some countries including Bitcoin as part of their reserve mechanism, all make the future prospects of cryptocurrency development limitless.

Image source: Binance Please provide the text to be translated. When asked about his views on the current market development situation, Vishal believes that there is still much to be done in the education sector of the industry, not only for users, but also for the government, regulators, law enforcement agencies, and enterprises as a whole, to help them better understand the crypto industry. On the other hand, Vishal also pointed out that there are now more governments taking proactive actions and looking forward to introducing an ecosystem locally. He cited Taiwan as an example, which has a young community, friendly regulators to the industry, and outstanding talent, especially in the developer community. The government is also seeking ways to retain talent for local development and create more value for the ecosystem, which has made him quite excited about such developments.

Vishal pointed out that in the past, industries actively approached the government, but now it has changed to the government taking the initiative to engage with industries and seek opinions. He emphasized that as long as the government continues to stay in touch with industries and maintains open communication, Gate.io is always willing to provide assistance.

The article 'Binance Regional Manager Vishal Talks about the Future: Three Major Development Directions of the Global Cryptocurrency Market and Regulation' was first published in 'Crypto City'.