SEC Commissioner recommends reforms at forum

The Singapore University of Social Sciences (SUSS) held a Convergence Forum sponsored by Jenga BCG, a consulting firm in Singapore, where the SEC Commissioner supported reforms. This development was reported on 05 August.

Jenga commenced by informing that the forum offered expert insights into innovative solutions in financial technology. Jenga further added that the summit featured thoughtful discussions related to the connections of blockchain, financial markets, and emerging technologies. The consulting firm noted that the event included five-panel discussions while bringing together officials from financial authorities and industry practitioners from around the world.

Commissioner Hester Peirce of the US Securities and Exchange Commission (SEC) added –

“Regulators have had to follow the lead of the markets and work with their foreign counterparts. But international communication and internationalization of markets need not lead to the internationalization of our regulations. Absent an explicit decision by citizens of a jurisdiction to cede their regulatory authority to an international organization, a jurisdiction should determine what rules work best for its investors and markets.”

Wijitleka Maromefe, director of the Financial Technology Department at the Bank of Thailand noted that blockchain would have a positive effect on the financial system in terms of know-your-customer (KYC), security and privacy. Dr. Zhao Yao, a researcher at the Research Centre for Payment and Settlement under the Chinese Academy of Social Sciences, said that users could look forward to blockchain being widely used in transactions, such as settlement.

the event brought together officials from financial authorities to discuss the future trends of blockchain technology

Remington Ong, Partner at Fenbushi Capital, pointed out that in China, an increasing number of projects are caught ambiguous due to unclear regulatory frameworks and major challenges in compliance. Maomao Hu, Partner at Eigen Capital echoed thoughts stating in the US, although operating costs are increasing due to strict, expensive and time-consuming project scrutiny, blockchain innovation was quickly gaining pace.

Blockchain event CoinGeek was coming to Seoul for a two-day happening at a noted property in the heart of Seoul’s affluent Gangnam District. CoinGeek conveyed that the event would feature discussions on the power of blockchain scaling. There would also be an emphasis on what enterprise applications could be built on a massively scaled Bitcoin blockchain.

Jenga CEO Iris Xu pointed out that the prominence of tokens was to create a formidable network. Iris opined that project managers need to pay attention to important aspects when designing token models. With regards to STOs, Iris noted that Singapore’s policies on token issuance were favorable. However, STOs still need to be implemented under the purview of traditional security laws.