Web3 assets are still a long way from being used by most people. No matter if it's NFTs, cryptocurrency, tokens, or some other type of digital asset, there are a number of problems that are slowing the growth of Web3. One of the biggest problems is that states all over the world move slowly when it comes to making rules for Web3 digital assets. Part of the reason for the slow method is that Web3's new technology is very fluid. And politicians are trying to figure out and learn more about Web3. But experts say that states need to start regulating Web3 assets as soon as possible.
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Web3 Summit by Fintech where Experts Shared Thoughts on Web3
Experts say that states should make rules about Web3 assets as soon as possible. And not wait until the field has reached its peak, since it is always changing. Monday at the Dubai FinTech Summit, there was a panel discussion where these thoughts and points of view were brought up.
Citi UAE's Managing Director for the Middle East and Africa, Ebru Pakcan, says that officials in many developed markets are slow to act because they are still trying to figure out how Web3 works. She did, however, say that the problem is that the sector is always coming up with new ideas. The longer it takes to set up the system, the more exceptions show up and grow. Pakcan said that it was important to move quickly in this area.
The advice from the experts shows how important it is to be cautious when making rules for Web3 assets. Such frameworks are important for dealing with new problems and making the most of the possibilities this innovative sector offers.
Why Web3 Holds Significance
Industry experts say that blockchain, decentralization, openness, and better user usefulness are key parts of Web3, which is the latest version of the World Wide Web. Market Research Future says that by 2023, the Web3 market will be worth about $6.2 billion. From 2023 to 2030, it is expected to grow by an average of 44.6% per year.
While experts agree that there is still work to be done in the traditional finance sector, they stress how important it is for governments and society as a whole to think about how to grow digital assets in the Web3 space in a responsible way. When Ebru Pakcan talks about this topic, she talks about the need to deal with the possible risks and problems that consumers face, especially those who are already at a disadvantage when it comes to financial inclusion.
Pakcan says, "The most recent examples show that consumers are usually the most vulnerable." They already have problems because they don't have access to enough money."
With the rise of Web3, there are both new chances and new obligations. It needs careful thought and proactive steps to make sure that everyone has equal access, protection, and growth in the digital asset environment.
Jonathan Hayes on DeFi and its Utility for Financial Systems
Jonathan Hayes, who works at the Swiss private bank Julius Bär as Head of Digital Assets Development, recently talked about the main differences between the current financial system and Web3, especially decentralized finance (DeFi). Hayes says that while DeFi has shown a lot of creativity, it has had trouble being responsible with its money. Also, to prevent people from laundering money.
Hayes said that DeFi is a world unto itself where speculation on virtual assets thrives but has no link to real assets. But he stressed that financial services will be very important when it comes to tokenizing assets and putting them on blockchain systems.
"On the other hand," Hayes said, "banks might not be the most creative organizations. They keep things stable and do business in ways that are controlled.
Hayes thinks that the autonomous financial system can help the financial services industry come up with new products and services. He did warn, though, that getting to this mutually beneficial friendship will take a lot of time and a slow process.
The ongoing discussion shows how different standard financial institutions are from Web3's DeFi and how innovative it could be. It is trying to find a mix between new ideas and following rules. Also, to make sure that financial practices in the digital asset world are reliable and safe.
Web3 Aims to Eliminate the Need for Trust, Emphasizes Regulatory Oversight
Staci Warden, who is the CEO of the Algorand Foundation, said that the main idea behind a Web3 blockchain-based setting is that trust is no longer needed. Also, recent things that have happened in the crypto area have a lot to do with fraud. In fact, they are frauds that are happening in the world of digital assets.
Warden said it was important to go after scammers wherever they are and treat them the same way you would treat any other fraudster. In Web3, blockchain is different from other financial services because it lets more than one party record events on a single ledger. Because the ledger is not controlled by a single body, Web3 depends on this decentralized method.
Centralized Finance, DeFi, and the Trust Factor
Umar Farooq, the CEO of Onyx by JP Morgan and the Global Head of Financial Institutional Payments, said that most users in the area don't know much about technology. Even though banks and lawmakers are based on trust, lenders still run into problems and make mistakes all the time. In this situation, Farooq talked about how important it is to have rules so that people don't just use centralized funding instead of DeFi.
Farooq warned, "Without proper regulation, oversight, and global clarity, fraud will continue, and people will keep going back to centralized finance."
The talks showed how important it is to build trust and keep regulatory rules in place within the Web3 ecosystem to stop fraud and make sure that digital asset transactions are safe.
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