2024 is destined to be a year of great significance in the narrative of the cryptocurrency industry. At the beginning of the new year, the US SEC approved 11 Bitcoin ETF applications. With the compliance entry of asset management giants such as BlackRock and Fidelity, the price of Bitcoin has surged, successfully breaking through $57,000.

On the afternoon of February 27th, in another hotbed of crypto compliance, Hong Kong, a roundtable forum jointly hosted by PANONY & PANews and Bullish was successfully held. Centered around the theme "The Future of Cryptocurrency and Real-World Assets Entering Web3 After the Approval of Bitcoin ETFs," Bullish's Director of Compliance, Priscilla Adams, Agora's CEO and Co-founder Nick van Eck, Clearpool's CEO and Co-founder Jakob Kronbichler, the founder of the Asia RWA Working Group Thomas Zhu, and the partners of PANews & PANONY, Yolanda Chung, engaged in discussions.

Good Regulation Can Act as a Market Creator

One of the hottest topics at present is the changes brought to the industry by the approval of Bitcoin ETFs. Regarding this topic, Bullish's Director of Compliance, Priscilla Adams, stated, "Bitcoin ETFs have brought positive momentum to the industry. Good regulation can act as a market creator." Priscilla Adams pointed out that during the previous cryptocurrency winter, the entire industry lacked trust and regulation. She believes there are many reasons to be excited about the approval of ETFs.

The founder of the Asia RWA Working Group, Thomas Zhu, suggested that Bitcoin spot exchanges have set a precedent for other digital assets and may pave the way for further integration of crypto assets and real-world assets, enhancing liquidity and creating a stronger and interconnected financial ecosystem.

When addressing this topic, Jakob Kronbichler, CEO and Co-founder of Clearpool, expressed that from the perspective of DeFi, with institutional entry, the approval of Bitcoin ETFs may bring more trading volume to DeFi.

Higher Penetration of Mobile Payments Benefits the Development of RWA in the Asia Region

Among the many hot topics in this bull market, RWA (Real World Assets) is considered an important way to bring more traditional assets into the Web3.0 world. The Asia RWA Working Group is a cross-industry self-regulatory organization dedicated to promoting the ecosystem construction of tokenizing physical assets (RWA).

Thomas Zhu stated, "RWA represents an important advancement between traditional finance and DeFi, potentially unlocking liquidity and creating new opportunities for investment and asset management. The approval of Bitcoin spot ETFs may have a significant impact on the RWA field. It signifies the acceptance of cryptocurrency assets by regulatory agencies and provides traditional financial products representing digital assets, thereby increasing the legitimacy and accessibility of cryptocurrency to mainstream investors. This may lead to increased interest and investment in the industry, thereby accelerating the development and adoption of RWA projects."

During the forum, Thomas Zhu also shared the differences in conducting RWA between Asian and Western countries, pointing out several key factors to consider, including regulatory environment, market dynamics, technological applications, investor allocation, economic focus, and legal systems. He stated that Asian countries, especially South Korea and China, often adopt new technologies more quickly. Compared to some Western countries, these regions may have a higher penetration of mobile and digital payments, which may make the concept of tokenized assets more easily accepted.

Jakob Kronbichler mentioned that Clearpool's new product, Credit Vaults, is about to be launched. He stated that this product will provide flexibility to borrowers, attract new lenders with higher interest rates, and open up new types of borrowers and lending opportunities. Jakob Kronbichler believes that the on-chain credit brought by RWA is exciting, but there is a bit of a trick, as RWA may lead to no good returns in DeFi. Personally, he believes that the adoption of institutions in DeFi and the DeFi of native assets and authorized DeFi are worth paying attention to.

Nick van Eck shared some recent developments at Agora, stating that Agora's first product is a fully collateralized, freely tradable stablecoin pegged to the US dollar, which will be launched in the coming months. In addition, Agora is launching a next-generation payment and operations platform. Nick van Eck revealed that the collateral for this stablecoin will be managed by a blue-chip traditional asset management company with nearly $100 billion in assets under management.

About PANONY:

PANONY is an incubation, investment, and consulting company deeply rooted in the cryptocurrency and blockchain industry. PANONY has a management and consulting team composed of experienced industry veterans and top experts, dedicated to empowering enterprises with localized market awareness and providing professional pathways to connect global resources. Its clients include over 200 blockchain startups such as Highstreet, Render Network (RNDR), Linear Finance, Polygon Network, covering all areas of Web3.0 and blockchain; as well as Fortune 500 companies such as Amazon, SAIC Group, helping large enterprises develop Web3.0 business strategies.

About Bullish

Bullish Exchange was launched in November 2021 and is available in over 50 selected jurisdictions in the Asia-Pacific, Europe, Africa, and Latin America. The Bullish Exchange is operated by Bullish (GI) Limited and is regulated by the Gibraltar Financial Services Commission (GFSC) (DLT License: FSC1038FSA). Focused on developing products and services for institutional digital asset fields, it has redesigned traditional exchanges to benefit asset holders, empower traders, and increase market transparency. With ample financial support from the group, Bullish's centralized exchange combines high-performance central limit order book (CLOB) and proprietary automated market-making technology within a compliant and regulated framework, providing deep liquidity and tight spreads.

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