Singapore, April 1, 2022 — On March 29, 2022, BitData Exchange, a Monetary Authority of Singapore (MAS) license-exempt fiat-to-crypto exchange, co-organized a panel discussion with Blockchain Association Singapore (BAS) to address ‘Challenges Faced in the Digital Assets Space in 2022 and Beyond'.
Several topics were explored by panel members Ken Wang, CEO of BitData Exchange; Ian Lee, associate director of Merkle Science; Lovelle Cengiya, senior business director of Numen Cyber Technology; and Patrick Low, global government industry expert of Huawei Cloud.
Left to right: Branson Lee, event moderator of exco BAS; Ken Wang, BitData Exchange; Lovelle Cengiya, Numen Cyber; Ian Lee, Merkle Science; and Patrick Low, Huawei Cloud.
On the topic of whether crypto has hit mainstream adoption or when crypto will hit mainstream adoption, Wang, CEO of BitData Exchange, said things are clearly moving in the direction of regulations.
“Since the inception of Coinbase onto Nasdaq, more and more American financial institutions have started to change their stance on crypto from ’panic’ to ’belief.’ Major developed economies, including Singapore, have progressively issued policies and regulations on cryptocurrency supervision, and the Russia-Ukraine war has only accelerated the enforcement of regulations on the industry,” Wang said.
Wang believes that this will continue to be the trend for crypto until it successfully hits mainstream adoption.
Lee, associate director of Merkle Science, added that besides the enforcement of regulations, another key challenge faced is the ability of crypto exchanges to comply.
“Although Singapore has a very clear regulatory framework, the challenge that the industry faces is a lack of tools necessary to help them comply with some of these regulations, not just from an Anti-Money Laundering perspective but new requirements imposed on the crypto space — such as the Travel Rule — that require new-age solutions,” Lee said.
Cengiya, senior business director of Numen Cyber, addressed a new wave of data privacy and cybersecurity threats alongside emerging technologies, including blockchain endpoint vulnerabilities, routing attacks, phishing attacks and ice phishing attacks, citing the Oversea-Chinese Banking Corporation phishing attack as an example. Cengiya raised the importance of a security strategy as early as the product-planning stage and emphasized the importance of an ongoing security strategy — more so for profitable and reputable companies who are often the target of hackers.
Low, global government industry expert from Huawei Cloud, recommended a quick and effective security solution for businesses.
“Rather than building your own, [one should] leverage on a platform that is ready with blockchain solutions ready. This will give you the ability to do a quick yet secure distribution, be it to meet with the various regulatory compliance requirements, such as ISO-27001 or MAS requirements,” Low said.
Rounding up, Cengiya called for the industry to embrace regulations and join forces to navigate the ever-evolving cyberspace so that society may enjoy the potential upside new technologies bring.
“Blockchain’s growth in all forms is exciting. However, in all its glamor, the security aspect of these solutions is often undermined, as evident with the metaverse. Although blockchain is a genuinely remarkable concept that could help the world in several ways, it is crucial to realize that it might all fail if the cybersecurity aspect is neglected. Therefore, among all this hype about its development, cybersecurity is a topic that needs a lot more attention than it is getting,” Cengiya said.
About BitData Exchange
BitData Exchange is centered on security, backed by cutting-edge technology to facilitate efficient high-trading volume, enhanced by top-notch premium over-the-counter service and has a corporate bank account for clients to transact against. It has become the preferred solution for institutions seeking a secure fiat-to-crypto exchange.
BitEx’s mission is to provide safe and regulated access to the crypto world for enterprises, retail investors and crypto-enthusiasts. It granted an exemption from holding a license under the Payment Services Act for providing digital payment token service by the MAS.
For more information, visit BitEx.sg.