BitDATA Exchange and Blockchain Association Singapore address the ‘Challenges Faced in the Digital Assets Space in 2022 and Beyond’
BitDATA Exchange, a Monetary Authority Singapore (MAS) license exempt Singapore fiat-to-crypto exchange, co-organized a panel discussion with Blockchain Association Singapore(BAS).
Several topics were explored by panel members such as Ken Wang, CEO of BitDATA Exchange; Ian Lee, Associate Director of Merkle Science; Lovelle Cengiya, Senior Business Director of Numen Cyber; and Patrick Low, Global Government Industry Expert from Huawei Cloud.
On the topic of whether crypto has hit mainstream adoption, or when crypto will hit mainstream adoption, Ken Wang, CEO of BitDATA Exchange shared that we 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 believes that this will continue to be the trend for crypto to successfully hit mainstream adoption.
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Ian Lee, Associate Director of Merkle Science, added that besides the enforcement of regulations, another key challenge faced is with the ability by 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 AML perspective but new requirements imposed on the crypto space such as the travel rule that require new age solutions.”
Lovelle 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 OCBC phishing attack as an example. Cengiya raised the importance of a security strategy as early as in the product planning stage, and emphasized on the importance of an ongoing security strategy, more so for profitable and reputable companies who are often the target of hackers.
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Patrick Low, Global Government Industry Expert from Huawei Cloud, recommended a quick and effective security solution for businesses, “rather than building your own, 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 ISO27001 or MAS requirements.”.
Rounding up, Cengiya called for the industry to embrace regulations, and join forces to navigate the ever-evolving cyberspace, so that we may enjoy the potential upside new technologies bring. “Blockchain’s growth in all forms is exciting. However, in all its glamour, the security aspect of these solutions are 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 realise that it might all fail if the cybersecurity aspect is neglected. Therefore, amongst all this hype about its development, cybersecurity is a topic that needs a lot more attention than it is getting.”
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