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Uniswap Officially Live on BNB Chain

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Decentralized exchange Uniswap has now officially launched on BNB Chain, the smart contract blockchain platform created by Binance, following a successful governance proposal. This marks a significant milestone in the growth and adoption of decentralized finance (DeFi) within the cryptocurrency ecosystem.

Back in February, more than 55 million Uniswap (UNI) token holders voted in favor of a governance proposal initiated by 0x Plasma Labs to deploy Uniswap v3 on BNB Chain. The proposal was driven by the need for Uniswap to expand its reach and potentially drive further growth and adoption of DeFi. Prior to this event, Wormhole was chosen as the protocol’s designated bridge to BNB Chain in a Temperature Check vote. This process was undertaken to gauge the level of interest in making changes to the existing status quo.

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According to the official announcement, Uniswap’s expansion to BNB Chain presents several advantages, including user growth, lower fees, and tapping into new geographical markets. Furthermore, the move to BNB Chain will bolster the Uniswap Protocol’s ability to serve users within the Web3 space, marking a significant step towards increasing accessibility and liquidity for its user base.

Uniswap Protocol users can now leverage the BNB Chain ecosystem to trade and swap tokens across the network. The integration also enables Uniswap to access a pool of liquidity within BNB Chain’s decentralized finance (DeFi) developer community, which could lead to increased awareness and adoption among both retail and institutional investors.

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The announcement highlights that the launch aligns with the DeFi industry’s requirement for greater accessibility and cross-blockchain compatibility. Both Uniswap and BNB Chain are expected to experience further growth as a result of this collaboration.

Uniswap is a decentralized exchange built on the Ethereum blockchain, which allows users to trade various cryptocurrencies without the need for a centralized authority. Binance is one of the largest cryptocurrency exchanges in the world, known for offering a wide range of digital assets for trading. The launch of Uniswap on BNB Chain signifies a convergence of two major players in the cryptocurrency space, potentially benefiting both platforms and their users.

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As the cryptocurrency ecosystem continues to evolve, the integration of Uniswap with BNB Chain could serve as a catalyst for further innovation and growth within the DeFi space, providing users with more options and opportunities for managing their digital assets.



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Regulated Stablecoins Likely to Remain in Use by 2030

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Regulated stablecoins have become a focal point for policymakers, with experts in digital regulation discussing their future use at the World of Web3 (WOW) Summit in Hong Kong. The panel, titled “Digital Assets: Policies & the Road Ahead,” examined the role that regulated stablecoins are likely to play in the future of finance. The group discussed how regulated stablecoins would most likely remain in use by 2030 and how the current growth rate of the stablecoin market helps to ensure this.

The panelists acknowledged the growth of the crypto industry and emphasized the importance of both centralized and decentralized approaches to digital assets. Alexandra Sasha, the first deputy to the Danish Parliament, spoke of the need for both centralized and decentralized payment options. She stated that “you will have people who will want to centralize the digital era, and you will always have the people who do want this decentralized way of using payments, of course, unless it gets banned, but I do not think that’s the goal of anyone.”

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Kelvin Lester Lee, commissioner of the Securities Exchange Commission of the Philippines, expressed uncertainty about whether regulated digital assets would be thriving by 2030. However, he acknowledged that they would still be present and might also look different. This suggests that while the future of digital assets is uncertain, it is clear that they will continue to be an important part of the financial landscape.

Douglas Arner, a professor working in the areas of interconnection between finance and technology regulation at the University of Hong Kong, added that this entire decade would be a competition between centralized approaches and decentralized approaches. According to Arner, the competition applies just as much in the context of the metaverse as it does in the context of the crypto ecosystem. He believes that by the end of the decade, there will be a spectrum of different structures where there’s a high likelihood that regulated stablecoins will emerge as the most widely used monetary instrument embedded in blockchain applications.

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While there is still uncertainty about the future of regulated stablecoins, the panelists agreed that they are likely to remain an important part of the financial landscape. As the crypto industry continues to grow and evolve, it will be interesting to see how regulatory policies adapt to ensure the continued use and development of digital assets. It is clear that digital assets will continue to play a crucial role in shaping the future of finance, and that they will require careful management and regulation to ensure their continued success.



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DeFi Execs Argue KYC as Solution to Combat Money Laundering in the Industry

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Decentralized finance (DeFi) has experienced tremendous growth in recent years, with its total value locked (TVL) surpassing $100 billion in August 2021. However, the lack of regulation and the prevalence of cyber attacks pose significant challenges for the industry. One of the most pressing issues in DeFi is the laundering of millions of dollars stolen from DeFi platforms into clean money. To combat this, DeFi executives at the World of Web3 (WOW) Summit in Hong Kong have argued that implementing Know Your Customer (KYC) measures can address the problem.

During a panel session titled “Blockchain Security to Smart Compliance: AML & KYC Solutions in DeFi,” industry leaders endorsed KYC as a solution to tackle Anti-Money Laundering (AML) issues. Dyma Budorin, the CEO of smart contract auditing firm Hacken, warned of the prevalence of tools readily available to hackers to “launder the money.” He described it as the “biggest issue” in the industry, where hackers can easily steal millions of dollars and launder the funds into various wallets, making it difficult to track the source of the funds. Therefore, he believes KYC is about transparency and accountability, and it should be part of the industry.

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However, Victor Yim, the head of fintech at Hong Kong’s incubator for entrepreneurship, Cyberport, suggested that KYC alone would not solve all AML problems. He explained that even in traditional finance, where KYC measures are prominent, “there is still money laundering happening every day.” Despite this, Yim believes KYC measures can make a “better tomorrow” for the DeFi industry. He added that it would require a collective effort, including regulators, policy bureau, and other players, to execute successfully. He cited the concept of “anonymous traceable” as an example of a balance between anonymity and compliance, where individuals remain anonymous unless called upon by law enforcement, adding that it will “protect the good people while still getting the bad people.”

Alexander Scheer, the founder of zkMe, emphasized that different mechanisms should be used for different solutions. For example, crypto mixers need to be handled differently from DeFi front-ends and on- and off-ramps. Scheer also touched on regulations, stating that the DeFi industry should proactively take the lead and “front run” regulations before they are imposed by regulators. This proactive approach could help to ensure that regulations do not stifle innovation in the industry.

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In conclusion, implementing KYC measures in DeFi could enhance transparency and accountability in the industry, making it more difficult for hackers to launder stolen funds. However, it is crucial to acknowledge that KYC alone is not a panacea for AML issues, and different mechanisms should be used for different solutions. The DeFi industry should collaborate with regulators and other stakeholders to develop effective solutions that balance compliance with innovation, safeguarding the interests of all stakeholders, and preventing bad actors from exploiting the system.



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Hong Kong Investors Launch $100M Fund for Web3 Startups

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Hong Kong is once again opening up to the crypto market, as local investors launch a $100 million fund to finance the digital industry. The new fund, ProDigital Future, will focus on supporting early-stage Web3 companies oriented at the regional market.

According to a Bloomberg report from March 30, ProDigital Future has completed its half-year fundraising period with about $30 million in its pockets. However, it aims to raise $100 million by the end of 2023. The fund is led by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a long-time tech investor from China. Sunwah Kingsway Capital Holdings and Golin International Group have already invested in the fund.

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Shi, the co-leader of ProDigital Future, told journalists that the fundraising process has been “relatively smooth,” although the investors are cautious about putting their money into crypto projects. ProDigital Future has attracted Hong Kong investors, as well as some family offices from China, Australia, and Singapore.

The fund aims to “embrace Hong Kong and its policies” while expanding its reach to Australia, Singapore, Europe, and the United States. ProDigital Future has already invested in six digital-asset projects, including metaverse company GigaSpace and One Future Football, a digital football league from Australia currently operating in stealth mode.

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The launch of ProDigital Future comes amid growing regulatory efforts to oversee the crypto market in Hong Kong. In October 2022, the government of Hong Kong floated the idea of introducing its own bill to regulate crypto. On Feb. 20, Hong Kong’s Securities and Futures Commission released a proposal for a licensing regime for cryptocurrency exchanges, set to take effect in June.

The proposed licensing regime includes a necessary licensing procedure, demanding that potential market players meet several prerequisites, including the safe custody of assets, Know Your Customer, Anti-Money Laundering, and Combating the Financing of Terrorism regulations.

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Despite these regulatory efforts, the launch of ProDigital Future signals a growing interest in the potential of the crypto market in Hong Kong and the wider Asia-Pacific region. With a focus on Web3 startups and a commitment to regulatory compliance, the fund aims to support the growth and development of the digital industry in the region.



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