Key Takeaways From Singapore’s Token2049

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KEY TAKEAWAYS

Token2049 Singapore was one of the largest Web3 and decentralized finance (DeFi) events so far this year. We spoke to some of the event's participants to see what industry leaders were most excited about.

Token2049, the world’s largest cryptocurrency event, provided a significant glimpse into the future of decentralized finance (DeFi) and the potential trajectory of Web3 technologies.

With over 300 exhibitors and 400 side events, the conference showcased the cutting edge of blockchain innovations, and one of the event’s key takeaways is Singapore’s emerging role in the global crypto landscape.

We spoke to some of the event’s participants to see what they were excited to discuss and where the future of DeFi and Web3 is headed.

Token2049: Singapore to Become a Big Stop in Crypto Adoption

Singapore’s prominence at Token2049 was not coincidental, as the nation’s proactive stance in embracing Web3 technologies was a focal point of discussions at this summit. While the use of cryptocurrency by the average person in Singapore continues to remain low, according to a recent report released by ChainAnalysis, the country has established itself as forward-thinking in crypto adoption.

According to data published by ChainAnalysis, Singapore was ranked 76th in crypto adoption per citizen, down from the 63rd spot in 2022.

Despite that, the country continues to emerge as a top player in the emergence of cryptocurrency markets, with the Monetary Authority of Singapore granting Blockchain.com a license in August. Meanwhile, Ripple has received in-principal approval in June, meaning that both companies hold regulatory approval in the country.

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That, combined with Singapore becoming the world’s first country to agree to stablecoin regulation, has continued to push the country ahead in the global crypto emergence.

Pelli Wang, the co-founder and COO of Bracket Labs, who attended Token2049 and had the opportunity to meet with several Web3 colleagues, noted:

“In my opinion, I felt a heavy presence of the CEOs of big crypto brands (i.e. [crypto] exchanges, custodians, data providers, Layer  1 (L1)/Layer 2 (L2) chains) all making the trek to Singapore. Given the current bearish market conditions in the US, the APAC market seems like there are still some green shoots of market opportunity and movement.”

Asia’s cryptocurrency industry is surrounded by several major events this fall, including Singapore and Korea Blockchain Week.

Zach J, the founder of DeFi and Web3 technical event organizers Party Action People, told Techopedia that a big focus point of Token2049 was the regulatory environment in Dubai, Hong Kong, and Singapore.

“It feels clear that within the current regulatory environment around the world, people are noticing that Asia is a great place to safely and securely build blockchain products. On top of that, [Asia-Pacific] APAC is home to many emerging markets that need the security of crypto and stablecoins, so it’s great to see Asia getting attention from the best in the business.”

Token 2049 Is Embracing the Web3

Singapore has positioned itself as a leading hub for Web3 technologies, showcasing a proactive approach to embracing the decentralized future of the internet. Through its blockchain-friendly regulatory framework, the country has created an environment conducive to innovation and investment in Web3, which could have been why Token2049 was so highly focused on embracing this innovation in the future.

“Looking ahead, most of the positive conversations are all around onboarding the next cohort of Web3 users,” Bracket Labs’ Wang noted.

“Whether that is getting the green light for the BTC/ETH ETF in the US, crossing over with Web2 brands through a new innovative use or onboarding real-world assets in crypto, the path forward is not yet clear. However, there is a healthy amount of experimentation and collaboration within the Web3 industry which hopefully will lead us into the next bull market.”

In addition, the event has seen an increased collaboration between leading Web2 and Web3 companies, with the release of products dubbed Web2.5. This includes Telegram’s integration of a Web3 wallet and the collaboration between Singapore’s leading ride-hailing app Grab with Polygon to bring Web3 services and a crypto wallet to users in the country.

With Token2049 bringing together some of the world’s leading Web3 speakers, including Gemini CEO and co-founder Tyler Winklevoss, Binance founder and CEO Changpeng Zhao, and Ripple CEO Brad Garlinghouse, the event has set the bar high for what the future of Web3 could look like.

Caspar Sauter, another Token2049 participant and the co-founder of D8X added:

“Token2049 epitomizes the dynamic shift in the Web3 landscape, with Asia and Europe collaboratively taking the torch from the US to pioneer the industry’s forefront. As a project building in the space, you simply cannot afford to ignore this shift.”

Global Presence and Future Spread of Crypto

Token2049’s significance extended far beyond regional boundaries. While localized versions of existing products were showcased, the event also emphasized the crypto industry’s future potential on a global scale.

Zach J added that while some areas of Token2049 tended to focus on “uninspired ‘localized’ versions of already existing products” such as cryptocurrency wallets and exchanges, the summit had also considered the future potential of the crypto industry, especially on a global scale.

“I was inspired to witness the size and wide reach of Token2049. While we are used to teams from Asia-Pacific flying in, there was a global presence at Token2049 this year, with even super Defi-focused U.S. teams like Reserve Protocol and Flywheel making the trip.”

According to data published by Token2049, 80% of its attendees this year were flying in from overseas, hailing from over 120 countries worldwide.

In a press release, the co-founder of the event, Alex Fiskum, noted:

“Token2049 Singapore brought together well over 10,000 attendees, 5,000 companies, and 300 exhibitors, creating the largest global crypto gathering of the year. It’s truly inspiring to witness how buzzing and vibrant the crypto community remains in spite of challenging market conditions. The feedback has been overwhelmingly positive, and now, our focus is on Dubai, where we aim to provide the industry’s largest community with an exceptional new experience.”

The Bottom Line

Token2049 served as a global nexus, spotlighting the bright future of cryptocurrency and Web3 adaptation. The event signaled a pivotal shift: the industry’s focus now spans global horizons, transcending localized adaptations to embrace a worldwide audience.

With attendees from 120 countries, Token2049 showcased an industry unyielding in the face of market challenges, with regulation and the merger between Web2 and Web3 technologies taking the center of attention.

As the crypto community anticipates Dubai’s next chapter, the event’s resounding message is clear — the future of crypto and Web3 is collaborative, global, and exceptionally promising.

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Iliana Mavrou
Crypto journalist
Iliana Mavrou
Crypto journalist

Iliana is an experienced crypto/tech journalist reporting on blockchain, regulation, DeFi, and Web3 industries. Before joining Techopedia, she contributed to a number of online publications, including Capital.com, Cryptonews, and Business2Community, among others. In addition to working in journalism, she also has experience in tech and crypto PR.  Iliana graduated from the City University of London with a degree in Journalism in 2021. She is currently pursuing a Master's degree in Communication.