Justin Sun, Global Advisor of HTX and Founder of TRON, and Charmaine Lim, Head of VIP Client Services at HTX, also attended the summit and spoke about the current state of the cryptocurrency industry and future trends. Their participation underscores HTX’s focus on the MENA cryptocurrency market and signals its commitment to deepening its global strategy. Meanwhile, by collaborating with global crypto entrepreneurs and communities, the exchange aims to accelerate the widespread adoption of cryptocurrencies.
At the “The Great Debate: Bitcoin vs. Crypto” session, Justin shared his insights on the relationship between Bitcoin and other cryptocurrencies. He noted that Bitcoin’s core narrative is its role as a store of value, emphasizing the importance of security and decentralization to reassure its holders. As such, the best approach for Bitcoin is to maintain its current status. This might limit innovation but ensures stability. To pursue innovation and explore cutting-edge consumer technology, people can do so through other blockchains and cryptocurrencies.
Justin attributes Bitcoin’s breakthrough of the $100,000 mark to advancements in cryptocurrency technology. He explained, “Tether once issued stablecoins on the Bitcoin Omni Layer, but the platform’s slow transaction speeds hindered its growth. However, USDT on TRON enables instant transactions, meeting the needs of users. Technological advancements have also benefited Bitcoin. The growing popularity of stablecoins has led to increased capital flowing into Bitcoin, further solidifying its role as a store of value.”
“Every cryptocurrency holds its significance. Take Ethereum or TRON for example. Their value is easy to understand because millions of people use them daily. Then there are meme coins, whose value might not be immediately apparent. However, from DOGE to SHIB to PEPE, the meme coin market has grown significantly. Thus, I believe that cryptocurrencies are much like art in a museum. You might not understand every exhibit, just like you might not comprehend why a banana is worth $6 million. What you need to do is to keep learning as cryptocurrencies continue to evolve.” Justin remarked.
Charmaine Lim, Head of VIP Client Services at HTX, stated during a roundtable discussion titled “Improving Access to Bitcoin in the UAE” that the country has made notable progress in promoting the adoption of Bitcoin and other cryptocurrencies since 2015. Despite these advancements, challenges persist, such as the cautious approach of certain banks toward cryptocurrency transactions, insufficient public education about cryptocurrencies, and regulatory uncertainties. These factors hinder the growth of the crypto sector in the UAE.
Charmaine noted that HTX has secured the Provisional Approval for the Virtual Asset Service Provider (VASP) license from Dubai’s VARA and is currently applying to upgrade it to a full VASP license. The platform is also taking proactive steps to collaborate with local banks in establishing a streamlined fiat-to-cryptocurrency transaction channel. Charmaine added that HTX will provide global users with learning opportunities on subjects such as crypto trading, storage, and security through HTX Live and online workshops. The platform will also continue to expand language options, including offering Arabic support, to enhance the user experience.
Furthermore, Charmaine suggested that the UAE government create a favorable environment for crypto businesses by establishing a clear regulatory framework, streamlining the license application process for service providers, offering tax incentives to blockchain companies, and expanding the current regulatory sandbox to accelerate the adoption of cryptocurrencies in the country.
From Blockchain Life, Cardano Summit, to Bitcoin MENA, HTX’s frequent appearances in the UAE throughout 2024 underscore its keen interest in the cryptocurrency development potential of the Middle East and North Africa region. By offering innovative products and fostering strong partnerships with local stakeholders, HTX aims to accelerate cryptocurrency adoption and regulatory compliance in this region.
Moreover, with the global crypto market continuing to boom, HTX will expand its business footprint worldwide while fostering innovation and the application of crypto technology, thereby contributing to the building of a more accessible Web 3.0 ecosystem.
The post first appeared on HTX Square.
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