Vishal Sacheendran, General Head of Global Regional Markets at Binance Security, accepted an exclusive interview with currency media Dongzhudongzhi. He talked with us about the global regulatory trends after Trump won the election, and how to see the five years from the most forward-looking compliance perspective. What are the changes and trends in global regulatory trends? (Previous summary: He Yi AMA: Most meme coins will return to zero, Binance Alpha screening criteria, focus on supporting BNB chain) (Background supplement: Binance Global Survey) Meme coins surpassed BTC to become the "most held" token Coin, the rate of users entering the currency circle this year reached 45%) Vishal Sacheendran, general manager of the global regional market of Binance, the world's largest cryptocurrency exchange, visited Taiwan for the first time during Taipei Blockchain Week and gave a speech, expressing his optimism about global regulatory changes, and Optimistic about the Taiwanese government's promotion of the crypto industry, Dongzhu Dongzhi obtained an exclusive interview with currency circle media and conducted an interview with Vishal Sacheendran on topics such as global regulatory changes, Binance's layout and future opportunities, to get a glimpse of this person with cryptocurrencies. Richard Teng, An’s CEO, has worked with him for nearly 9 years and is also a representative figure who transitioned from a regulatory officer to the industry. What are his thoughts on the future development of the encryption industry? (For the convenience of readers, the following interview content has been reorganized) Opening area: Thank you for accepting the interview today. The interview will be divided into three parts. First, because 2024 is an important year. This year, the Bitcoin spot ETF will be listed in the United States. With Trump being elected and Bitcoin exceeding $100,000, we would like to talk about the changes in the market atmosphere. The second part will be more focused on Binance, and the third part we will discuss regulation. Regulatory work and the two sides of the Web3 market: Before moving to the Web3 industry, you worked at BNY Mellon and Abu Dhabi Global Market (ADGM). In your previous position, you mainly worked with the regulatory perspective. Web3 collaboration. Now you join the leading exchange Binance so you can interact directly with regulators on the front lines. You have deep experience in these two jobs, which can be said to be different roles on both sides of the supervision. We are curious about the differences in job responsibilities and challenges between the two? Vishal Sacheendran: Well, that’s a very good question. Let’s start with the part where I worked for the regulator. We were like a new jurisdiction at the time. ADGM was very young. Two months after I joined ADGM, ADGM was Officially established.In our early days at ADGM we knew that as a financial centre, we wanted to differentiate ourselves. In this regard, we are the first jurisdiction in the Middle East to have a sandbox. Regulator’s Perspective Vishal Sacheendran: In 2016, we were the second jurisdiction in the world to establish a sandbox for fintech after the UK Financial Conduct Authority (FCA). It is an interesting thing for them (referring to the supervisory officer) and me personally, how to face new external technologies and formulate regulations for them. Because I was born and raised in the UAE, I see people who don’t have many options for basic things like transferring money, a lack of investment options that prevent them from creating wealth, or the option of opening a bank account – all of which are not available in the traditional financial system. There are many problems in the industry, which are exactly what financial technology wants to solve - and they all make me more involved in it. In addition to working on licenses and authorizations, I was also the director of the financial sandbox, which ultimately led me to cryptocurrencies, as they allow people to transfer money faster and cheaper, or give people the ability to invest, save money and create The opportunity for personal wealth, which gives people true financial freedom. How Binance cooperates with regulation as a market facilitator Vishal Sacheendran: After I joined Binance, I was still doing the same thing. I was still trying to help people gain financial freedom and make their lives better, but The only thing that's different is that now I'm doing it from a different angle. I'm helping regulators understand this industry, I'm helping governments understand this industry, and I'm helping legislators understand this industry so that they can develop this market together. It’s not just the regulators that are pushing (industry development), it’s Binance that’s pushing it, and it’s not just Binance’s business, and when I talk to regulators or legislators, I’m not just representing Binance, but Speak up for the entire crypto industry. Because we take our responsibilities very seriously. You just mentioned that we are the largest exchange in the world. As the Spider-Man movie says, "With great power comes great responsibility." We are the largest exchange, so we need to lead by example. We work with the regulators, who trust us because of what Richard and I have experienced in the past, and we trust them to move the industry forward in the right way. Dynamic Zone: So this is more like a bridge. You need to consider it from two angles and communicate more. Vishal Sacheendran: Yeah, the point is trust, right? Because of our background and what we've done in the past as regulators, regulators they trust us to do the right thing, so I think that's the most important key for us. Traditional financial institutions compete with exchanges. Banks are not Binance’s competitors, but partners. Dynamic areas: Many traditional financial institutions are integrating blockchain, such as Circle and Bank of New York Mellon to host USDC reserves, and SWIFT is also in the process of integrating blockchain. Partnering with Chianlink to develop new blockchain payment solutions. So do you think these traditional financial actions and changes will be the competition between traditional finance and crypto exchanges, or do you think there is any driving force for traditional banks to start adopting blockchain? Vishal Sacheendran: I think the reason is that regulation has become clearer. Take Bank of New York Mellon as an example. It is a public company and they must be accountable to different shareholders. Unlike cryptocurrency companies, which are mostly private companies. So when they are accountable to shareholders, everything they do has to have a high degree of regulatory clarity, so when (cryptocurrency) regulation becomes clear, they choose to enter the cryptocurrency space. Dynamic Zone: Do you think this is a threat to the crypto industry? Vishal Sacheendran: No, currently only 2% of the world’s population owns cryptocurrency, and the cryptocurrency market is a huge market, a market with huge potential. Whether it is for traditional finance, any other cryptocurrency users, or newbies, this market has a big enough pie for everyone to eat. I don’t think this is a threat. On the contrary, I think this will help to improve the understanding of the public. Acceptance of cryptocurrencies, this is very important. Regulation drives everything Dynamic Zone: So what do you think is driving these things (banks into crypto) to happen? Is it mainly because the regulatory direction has changed? Vishal Sacheendran: Now there is greater regulatory clarity. The most important thing is that professional investors have come in. Just like the Bitcoin ETF and Ethereum ETF you mentioned at the beginning, these ETFs will be listed because of regulatory agencies. approve. Cryptocurrency is a brand new asset class, whether it's professional investors, businesses or institutions, they come in with money, they have the funds to buy Bitcoin, and some companies are converting...