• Binance CEO — Changpeng Zhao (CZ), speaks at the Future Blockchain Summit.
• CZ claims that there will be progress, but only slowly.
• The industry will tipping point when regulators embrace crypto fully.

It is now Day 2 at the Future Blockchain Summit Dubai, and the attendees are all ears as Binance CEO — Changpeng Zhao (CZ) takes the stage. CZ speaks about future progress in blockchain. The crowd listens intently.

CZ particularly shares his views on the cryptocurrency regulatory landscape. There are many levels of cryptocurrency adoption around the world. El Salvador and Canada have already made big leaps of faith, while El Salvador has done the same for others. China is one of the countries that are hesitant.

CZ emphasizes patience and open-mindedness in this area. His belief is that banks, regulation bodies and governments have existed for decades, so it’s unrealistic to think they would change in a matter of hours.

Many regulators seem to be stumped about how they can tackle the new crypto-oriented problems. CZ states these institutions still have much to learn before they are able to regulate new, booming industries like DeFis and NFTs.

However, he is enthusiastic about the progress of their efforts as many regulators took the first steps to regulate crypto. Many are actually rewriting existing regulations to crypto instead of creating new ones. This is still a good first step. By evaluating what does and doesn’t work, regulators will rework their rules until they slowly begin to get the hang of setting new and fair regulations.

This is indeed great news. This is great news because it means that the process of industry integration starts from scratch. CZ also highlights how some regulators start off with good intentions but don’t seem to understand that these regulations cannot be applied practically, especially on a large scale. Clear communication channels are essential.

CZ offers his assistance to regulators around the world. Binance is open for business and willing to exchange best practices. Additionally, he’s open to having an open conversation about any topic relating to Binance.

How does Binance manage KYC, security risk management and wallet management? What about listing frameworks? He’s even open to discussing how it handles utility, security, and fan tokens. You can also ask about customer support.

He encourages transparency and participation from other industry projects. Binance plans to promote this initiative by listing projects with a 10-year schedule for venture funding instead of just the 2 year initial period.

CZ thinks this will strengthen both the funding rounds and the industry. CZ believes that this is a good time for projects, as they can get funds quickly and continue to thrive.

Finally, the CEO believes that regulators will embrace crypto, NFTs (definitive financial instruments), and other technologies. The tipping point will occur when this happens. Even if it takes decades to reach the final mark, what’s important right now is to establish communication. This will eventually lead to steady progress.

CZ also serves piping-hot tea to countries looking into blockchain as a key sector. According to him, all that is required of them is an open mind. You should not be afraid of new technology. Accept it instead and begin to learn about it.

Look towards development and innovation, as this will only lead to good results. CZ recommends that everyone talk to Binance. CZ looks forward to working with Binance, sharing his knowledge, demonstrations, and safely experimenting together. CZ believes it’s all about expanding the sector.

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