SEOUL, South Korea–(BUSINESS WIRE)–On Sept 19th, the Coindesk Consensus kicked off at Singapore. This 2-day event discussed the evolution of stablecoin, the regulation of crypto and the future of exchange.
GUSD is definitely the buzz world as it was just approved by the NY Department of Financial Services (NYDFS). Bibox is the first exchange to officially launch GUSD market in the industry. Liu guo jie, Managing Director of Bibox southeast Asia, shared his idea on stablecoin – that the essence of the existing mainstream stablecoin is a digital asset and its market price is pegged with the price of others. The digital assets pegged with the legal currency can all be called stablecoin.
In the current policy situations, regulated stable coins, such as the GUSD, are more effective financial instruments that can help the promotion and application of the blockchain. Bibox is a quality digital asset exchange powered by artificial intelligence. As the top 10 crypto exchange, Bibox has kept the spirit that select the most premium projects for users. He believes that stablecoin can not only be pegged with the US dollar, but also pegged with other mainstream legal currencies, or precious metals.
Singapore, the media hub of Asia, is becoming the centre in the blockchain industry. With the rising of crypto in Asia, the Singapore MAS’s attitude toward token drives highly attention this week. Guojie has been staying in Singapore for 18 years. He told the journalist that MAS clarified its policy on the token offering indicates that MAS supports utility tokens. This definitely is good news for utility token issuers.
He mentioned that the regulatory on payment token will be announced around the end of the year. The issue and trade rules of payment token will get much clearer by then. Also he mentioned that MAS won’t release any regulations around the security tokens in short term. According to the current SFA rules, it will be difficult to issue security tokens in Singapore.
When talking about the future, He announced that Bibox will launch futures and other financial derivative services to better serve Bibox users. He said that the liquidity of transacting is crucial for a crypto exchange. The pattern of traditional financial industry will be re-staged in the digital asset field.