Judging from the data, 2022 in the encryption industry will be a year of ups and downs. For Binance and the entire encryption industry, after the bankruptcy of Celsius, Voyager, FTX and other projects, we should learn to reflect. On the surface, the entire encryption ecology seems to be full of crises and failures in 2022; the price of encrypted assets has fallen from last years historical high; big platforms have fallen one after another, making users and regulators lose confidence in the industry; The scrutiny of encrypted assets by the media, the media and the public has also become more stringent.
Although under the combined effect of these factors, the development of the industry has encountered great resistance, but as an emerging industry, it is not these challenges that define us, but how we overcome them. From this perspective, 2022 should make us more optimistic than any year in the past, because Binance and the entire industry have shown amazing resilience and perseverance.
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Popularization and construction
One of the measures of success in the crypto asset industry is penetration. Although there are many difficulties in 2022, the popularity of blockchain has never stopped, and individual and institutional investors around the world continue to pour into this field. In terms of individual investors, emerging markets are the dominant force; in terms of institutional investors, KPMG, JPMorgan Chase, Rakuten, CVSHealth, Tencent, Fidelity Capital, Baidu, Tesla, Cloudfare, PayPal, American Express, Accenture, Christie’s, Bailey Germany, Nasdaq, McDonalds, Google Cloud, MasterCard, Sony, Nike, etc. have also benefited from the introduction of blockchain solutions this year. Admittedly, the various crises this year have eroded trust in the crypto asset industry, putting a damper on mainstream adoption. However, what we are seeing now is that the demand and interest in crypto assets remains strong. Based on this, the industry will continue to create high-value, high-availability products and services. By working hard and focusing on building, we will regain the trust of our users and come out stronger.
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Compliance and Transparency
In 2022, there may be another important aspect that will make significant progress for the crypto asset industry: regulatory compliance. This plays a vital role in the popularity of encrypted assets and user security. I can proudly say that Binance will be at the forefront of regulatory compliance in the past, present, and future. Over the past year and a half, we have seen significant progress in increasing regulatory certainty in the blockchain industry. As a responsible industry leader, Binance will continue to strengthen close cooperation with global regulatory agencies and law enforcement agencies to promote blockchain popularization and education.
To better advance and coordinate this work, we will continue to discuss user protection standards with the industry. Regulators can be expected to be skeptical of the industry in the future, and regaining public trust will be difficult. However, I believe these are short-term challenges that will only benefit the long-term development of the blockchain space. At present, we need the entire industry to work together in one direction, which is to make the industry more transparent, compliant, and secure. To this end, I propose six principles that the industry should abide by in order to protect users. The industry should accept regulatory policies related to user protection, such as guidelines on centralized trading platform custody requirements, asset marketing, risk assessment and disclosure, etc.
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looking to the future
Whatever the story of the upcoming 2023, we are ready for it. Binance has an excellent, diversified professional team that must achieve its mission, a management team composed of management experts, and sufficient capital reserves. Our core business model is simple, but our ability to resist external shocks is very strong. We have big goals and adhere to a set of most fundamental values, which allow us to focus on building without being distracted by fear, uncertainty and doubt that may arise. In the year ahead, we will focus on building useful tools, continuing to grow the team, and supporting promising projects.
In my opinion, it will take a long time for the industry to digest and deal with the impact of the FTX incident. What requires a lot of effort is to let everyone realize that the success or failure of the blockchain field is not caused by a few negative cases. decided. Each bear market has been better than the last, and I also think the industry will recover quickly. Although the market is still suffering from the secondary impact of the incident, the price of encrypted assets has been stable. Whether it takes a month or a year for the market to recover, we come out of a bear market stronger.
At present, the most important thing in the entire ecology is to protect users, and to innovate and build at the same time, so that encrypted assets and Web3 can enter more peoples lives. I think infrastructure and data tools will continue to evolve, Web3 asset ownership will evolve, and non-custodial and multi-chain wallets will rise. Our industry has created many Web3 peripheral products, including NFT and GameFi, which can provide users with basic usability. I think the next bull market will come from innovations in product usage, creating unique usability.
Such a bull market may come next year, or the year after. We cant predict exactly when it will arrive (nor does it matter). Binance will focus on what we should do: improve the industrys transparency, security and compliance standards, and build, innovate, user-centric, and lead the industry to continue to develop.
CZ
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