-
- Industry experts at the World of Web3 Summit forecast widespread use of regulated stablecoins by 2030.
- Competition between centralized and decentralized financial structures will characterize the next decade, with regulated stablecoins expected to thrive in the blockchain ecosystem.
At the World of Web3 Summit held in Hong Kong, a host of experts in digital regulatory landscapes discussed the pivotal role that regulated stablecoins are expected to play in the financial sector by 2030. This panel, titled “Digital Assets: Policies & the Road Ahead,” emphasized the potential and current growth rate of the stablecoin market as a key indicator of this anticipated dominance.
Alexandra Sasha, a proponent of blockchain technology and innovation, and the first deputy to the Danish Parliament, highlighted the duality of demands in the digital era. According to Sasha, there are those who favor a centralized digital paradigm and others who champion the decentralized approach. Sasha expressed confidence in the future growth of regulated stablecoins, acknowledging that the potential of regulatory prohibition doesn’t seem to be a prevalent concern.
Kelvin Lester Lee, the Commissioner of the Securities Exchange Commission of the Philippines, although unsure about the thriving nature of regulated digital assets by 2030, affirmed their continued existence, possibly in transformed versions.
Douglas Arner, a professor at the University of Hong Kong specializing in the intersection of finance and technology regulation, echoed similar sentiments. Arner projected the upcoming decade as a period of fierce competition between centralized and decentralized methods, both in the crypto ecosystem and the metaverse context. He predicted a spectrum of diverse structures by the end of the decade, with regulated stablecoins likely becoming the dominant monetary instrument within blockchain applications.
>> Buy Stellar quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XLM now. Visit Website <<
Regulation of cryptocurrencies globally is gradually gaining momentum, with an increasing consensus around the requirements for fiat-backed stablecoin arrangements. Governments and industry are converging on standards necessary for stablecoins to play a fundamental role in payments and financial services, ensuring true stability.
Areas like the European Union and the United Kingdom are leading the path towards a more regulated stablecoin environment. The EU is close to establishing a comprehensive framework for crypto regulation focusing on stablecoins, while the UK government proposed measures last year to regulate fiat-backed stablecoins. The United States seems to be making strides too, displaying signs of progress in enacting stablecoin legislation.
The Financial Stability Board is set to release its recommendations on the regulation, supervision, and oversight of global stablecoin arrangements in July. G20 finance ministers and central banks have also begun discussions on internationally coordinated rules for cryptocurrencies, particularly stablecoins. These progressive moves are seen as pivotal in fostering competition, innovation, and consumer protection while maximizing the potential of stablecoins in revolutionizing global payments.
Best Crypto Exchange for Everyone:
- Invest in Stellar and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
