Singapore Blockchain Week (SGBCW) 2022 ended with a fireside chat with Hestor Peirce, a commissioner of the United States Securities and Exchange Commission. Peirce suggested that responsible regulation entailed clear rules and consistent enforcement, thus fostering responsible innovation in the sphere. She continued that robust international regulatory cooperation in digital assets is an important part of building and maintaining an effective regulatory framework. The goal, she said, is to address bad actors, while allowing well-intentioned innovators to focus on delivering on their product’s promise and purpose.

The five-day event attracted 8,342 attendees from 68 countries and over 700 organizations, including 36 exhibitors and more than 110 speakers. The week-long series included a Web3 hackathon co-organized by Blockchain Association Singapore, Morpheus Labs and Huawei Cloud, the SGBCW 2022 summit, two master classes, two innovation lab showcases and a career fair jointly hosted by the banking and financial services unit of Blockchain Association Singapore, NTUC, E2i, and Global Financial Institute, as well as other fringe events for corporate and individual members of Blockchain Association Singapore. 

Chia Hock Lai, co-chairman of Blockchain Association Singapore, commented during his opening speech at the SGBCW 2022 summit that the Web3 industry will recover strongly from the crypto winter, driven by big brands dabbling in the sector and big investments raised to invest in Web3 projects. Having said that, he mentioned that the industry should focus on responsible innovation and avoid the past mistakes of excessive speculation, leverage and unsustainable business models in order to gain trust and confidence from regulators and policy makers.

On the success of the SGBCW2022, Lai said, “This is the second time we are running the Singapore Blockchain Week since 2020, although an inaugural physical summit for this year. We did these in strong support of Singapore’s vision as a premier blockchain hub. We are heartened by the enthusiasm of the attendees, sponsors and speakers who participated actively in the various events throughout the whole week. I hope Singapore Blockchain Week will continue to be a strong platform that brings together global regulators, innovators, thought leaders and community to discuss important issues in Web3 and propel the nascent industry to more sustainable and responsible growth moving forward.” 

In addition, 120,000 Singaporean dollars ($87,000) were raised during the Blockchain for Good gala dinner, graced by guest of honor Desmond Tan, Minister of State at the Prime Minister’s Office and NTUC deputy-secretary. The Blockchain For Good campaign is a joint initiative between Blockchain Association Singapore and NTUC-U Care Fund aimed at supporting the charity’s various assistance programs. 

A keynote speaker on trends in the Metaverse, Grace Chng, Editorial Director and Strategic Advisor of concluded, “I think it is an excellent opportunity for the community to come forward to share because the industry is moving so rapidly. It is indeed heartening to see the comments in social media highlighting that they have found SGBCW 2022 to be valuable in developing new contacts and networks and connecting with new friends. I look forward to BAS organzing the next SGBCW!” 

Founder and chief architect of Rubix Blockchain KC Reddy also shared his thoughts about the event: “A wonderful fusion of Web3 architects, thought leaders, regulators and users made SGBCW2022 one of the best places to experience and resonate the latest trends in the blockchain world. Rubix Network is proud to be associated with BAS and contribute to the greater growth of the global Web3 industry as a whole.” 

About Blockchain Association Singapore

Blockchain Association Singapore (BAS) seeks to empower its members and the community to leverage blockchain and scalable technologies for business growth and transformation.

The association is designed to be an effective platform for members to engage with multiple stakeholders — both regional and international — to discover solutions and promote best practices in a collaborative, open, and transparent manner. It aims to promote blockchain literacy and build a strong talent pipeline for the digital economy in Singapore.

About Singapore Blockchain Week

Blockchain For Good (BFG) is a corporate social responsibility initiative of the Blockchain Association Singapore. It has been supporting the PolyFinTech100 API hackathon for the past few years, whereby it nurtures talented poly students in the areas of blockchain.

In 2021, BFG decided to expand its CSR initiative by running an NFT charity auction with the NTUC-U Care Fund to raise funds for supporting various assistance programs, including helping families defray their cost of living and their children’s school expenses, as well as caring for the elderly. This year, the charity campaign took place from June 26 to July 25.

For media queries

Marc Ho

APRW — Blockchain Association Singapore

Steven Paul Vincent

APRW — Blockchain Association Singapore