BitDATA Exchange and Blockchain Association Singapore Address “Challenges Faced in the Digital Asset Space in 2022 and Beyond.”
Singapore, Singapore, April 04, 2022 (GLOBE NEWSWIRE) — On March 29, 2022, BitDATA Exchange, a Monetary Authority of Singapore (MAS) license-exempt fiat-crypto exchange license from Singapore, co-hosted a round table with the Blockchain Association Singapore (BAS).
Several topics were explored by panel members such as Ken Wang, CEO of BitDATA Exchange; Ian Lee, associate director of Merkle Science; Lovelle Cengiya, Senior Commercial Director of Numen Cyber; and Patrick Low, Global Government Industry Expert at Huawei Cloud.
From left to right: Branson Lee, EXCO BAS event moderator; Ken Wang, BitDATA exchange; Lovelle Cengiya, Numen Cyber; Ian Lee, Merkle Sciences; Patrick Low, Huawei Cloud;
On the topic of whether crypto has reached mainstream adoption, or when crypto will reach mainstream adoption, Ken Wang, CEO of BitDATA Exchange, shared that we are clearly heading towards regulation, “Since Coinbase’s inception on NASDAQ, more US financial institutions have begun to shift their stance on crypto from ‘panic’ to ‘belief’. Major developed economies, including Singapore, have gradually issued policies and regulations on cryptocurrency surveillance, and the Russian-Ukrainian war has only accelerated the enforcement of regulations on the industry.” Wang believes this will continue to be the trend for crypto to gain mainstream adoption.
Ian Lee, Associate Director of Merkle Science, added that aside from enforcement, another key challenge facing crypto exchanges is the ability to comply. “While Singapore has a very clear regulatory framework, the challenge facing the industry is the lack of tools needed to help them comply with some of these regulations, not only from the perspective of combating money laundering, but also new demands placed on the crypto space, such as travel. rule that requires new age solutions.
Lovelle Cengiya, Senior Commercial Director of Numen Cyber, discussed a new wave of data privacy and cybersecurity threats alongside emerging technologies, including blockchain endpoint vulnerabilities, routing attacks, phishing and “ice phishing” attacks, citing the OCBC phishing attack as an example. . Cengiya emphasized the importance of a security strategy right from the product planning stage and underscored the importance of an ongoing security strategy, especially for profitable and reputable companies that are often targets of hackers. .
Patrick Low, Global Government Industry Expert at Huawei Cloud, recommended a fast and efficient security solution for enterprises, “Rather than creating your own, leverage a ready platform, with blockchain solutions ready, this will give you the ability to deliver fast yet secure, whether to meet various regulatory compliance requirements such as ISO27001 or MAS requirements.”.
In conclusion, Cengiya called on the industry to adopt the regulations and join forces to navigate the ever-changing cyberspace, so that we can take advantage of the potential of new technologies. “The growth of blockchain in all its forms is exciting. However, in all its glamour, the security aspect of these solutions is often undermined, as evidenced by the metaverse. Although blockchain is a truly remarkable concept that could help the world in many ways, it is crucial to realize that all of this could fail if the cybersecurity aspect is neglected. Therefore, among all the hype surrounding its development, cybersecurity is a topic that needs a lot more attention than it receives.
About BitDATA Exchange (BitEx)
Focused on security and backed by state-of-the-art technology to facilitate high and efficient transaction volume, backed by a premium OTC service, with a corporate bank account where customers can transact, BitDATA Exchange has become the preferred solution for institutions looking for a secure fiat – to crypto exchange.
BitEx’s mission is to provide safe and regulated access to the world of crypto for businesses, retail investors, and crypto enthusiasts. The Monetary Authority of Singapore (MAS) grants us an exemption from holding a license under the Payment Services Act (“PS Act”) to provide a digital payment token service.
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BitDATA Exchange Co-hosts Roundtable With Blockchain Association Singapore (BAS)
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