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5. Layer 1, 2
The Xangle Research team attended Impact, the main event of KBW 2023, which is Korea's largest blockchain conference held on September 5 and 6. It was a moment to gain insights from speakers who remain dedicated to the crypto space despite the prolonged crypto winter that began after the Terra incident in May last year. Among them, Arthur Hayes from Maelstrom delivered a keynote speech on the regime change, predicting that the limits of fiat currencies will be revealed in a high-interest rate macroeconomic environment. He expressed his confidence in the crypto market, foreseeing a bullish trend for Bitcoin even without a rate cut. Many other speakers contributed insights on various topics like regulations, adoption, cross-chain technologies, and layer 1 & 2 solutions. In this recap, we'll summarize key takeaways from these sessions.
Crypto Regulatory Frameworks: Asia Leads the Way
On the first day of the conference, several sessions delved into the realm of crypto regulation frameworks. The “Regulatory Landscape from US to Asia” session discussed how authorities in the U.S., Japan, Singapore, and Hong Kong are regulation and what an ideal regulatory framework entails. During this session, Emily Parker from CoinDesk pointed out that, alongside the EU's MiCA, Asian nations are taking a leading role in shaping crypto regulations. In particular, she noted that while the United States has a fragmented regulatory landscape with agencies like the SEC and CFTC vying for authority, Japan and Hong Kong aim for coherence and clarity by addressing crypto industry regulation through a unified body. Carole House from Terranet Ventures, a former member of the White House National Security Council, stressed the importance of enhancing policymakers' comprehension of crypto to develop effective regulatory guidelines. House said that many U.S. regulators currently view crypto as a form of fraud and something to be managed, and emphasized the need for the industry to proactively communicate with authorities to address this and ensure that suitable regulatory framework is in place.