#HSCLifeRules# - Essi Lagevardi (@SuperChad15), Founder & CEO at @turtledotxyz, HSC Asset Management Singapore, October 8 For tokenized real-world assets, I think the biggest friction point is proof of reserves. If I deposit into a token or a vault, a lot of that liquidity is being bridged off-chain. What stops whoever launches it from rugging their users and sailing off into the sunset with everyone's money? There are no, or very few, checks and balances You can get a third party to attest there's money in a bank account, or GPUs in a data center. But once the attestation is done, they can withdraw the money and run off. So you need third parties that only let founders or vaults use the underlying liquidity in a pre-approved manner #HSCSingapore#

#HSCLifeRules# - Alenka (@alenka_on_x), Head of Tokenisation at @atom_fi, HSC Asset Management Singapore, October 8 Could commodities become the backbone of stablecoins? That's a great use case. But beyond that, what tokenization really improves versus the existing versions on traditional rails is credit: extending it more efficiently to support the digital economy Minerals like rare earth metals, copper, tungsten and nickel are the fundamentals of everything we cherish so much these days, like chips and data centers. Unless we resolve their limited supply and limited financing, which tokenization could help with under particular scenarios, we're not going to advance as a society #HSCSingapore#

#HSCLifeRules# - Mykolas Majauskas (@MMajauskas), Global Head of Policy at @Bybit_Official, HSC Asset Management Singapore, October 8 MiCA is great, but it's yesterday's news. It was devised some five years ago, agreed politically around three years ago and enacted a year and a half ago. Now everybody has it, and it's still not enough to make money You need an EMI license, a MiFID license, prediction products, perpetuals on equities, forex and commodities. Just holding a MiCA license is not enough. Today it's outdated - there's a consultation process going on, and it needs changing #HSCSingapore#

#HSCLifeRules# - Yat Siu (@ysiu), Chairman & Co-Founder at @animocabrands, HSC Asset Management Singapore, October 8 With perps and futures, people chase instead of thinking about the long-term hold. We've lost a little of that Bitcoin idealism, the "never sell, never sell" idea. A lot of people treat it almost as a yield asset We do believe AI agents will be among the biggest buyers and users of digital assets, but that doesn't necessarily mean Bitcoin. Bitcoin is like digital gold, maybe a hedge. We don't think it will be the primary beneficiary. More likely it's a utility asset, Ethereum at the base level or particular AI tokens, because there's usage in those systems, unlike an asset that's really there just to hold #HSCSingapore#

#HSCLifeRules# - Chee Keong Teo (@1ckteo), Associate Partner at @EYnews, HSC Asset Management Singapore, October 8 I see regulators converging on technology risk, including cybersecurity, and on internal governance, internal controls and how you manage your own risk. They're modeling it on TradFi: the rules they have there, they're now replicating for crypto Where they differ is oversight, meaning which agency regulates crypto. Here in Singapore it's MAS, under the Payment Services Act. The US is still debating whether it's the CFTC or the SEC. That part hasn't converged. AML, safeguarding, governance and risk management more or less have #HSCSingapore#

#HSCLifeRules# - Jan Setina, Product Lead at @Trezor, HSC Asset Management Singapore, October 8 What we see quite often is that assets aren't lost to broken cryptography, but to mistakes, which can be product mistakes too. Users sign a transaction they don't understand because it isn't properly described in the wallet. A top priority for us is to describe what the user is doing in a human-readable way, not in hexadecimal code The second thing is backups and keys, and how users store them and behave with them. A lot of users don't know the backup needs to be secured, and they type it into scammy, phishy emails and pages. I think it's one of the major problems in the industry #HSCSingapore#

#HSCLifeRules# - David Vatchev, Head of RWA Tokenization at @FasanaraCapital, HSC Asset Management Singapore, October 8 I think we take for granted how far we've come. In the early days DeFi was very complex and esoteric for individual users. Now a lot of fintechs and exchanges have abstracted out that complexity, so you can get yield and wouldn't even know the difference. I think that will continue: interacting on-chain with the same experience as a Robinhood app or Apple Pay As more real-world assets and real-world yield come on-chain, we start to mitigate risk, because we're not all reliant on altcoins or BTC and their volatility. Productive economics on-chain will help buffer some of that #HSCSingapore#

#HSCLifeRules# - Nicholas Lo (@nic_web3), Chief Business Officer at @Bitbase_Ex, HSC Asset Management Singapore, October 8 We have seen what shared margin does inside the industry: one pair or one asset collapsed, and it caused around twenty billion in liquidations. Crypto is not just crypto anymore. Within an exchange it ties to stocks and commodities. In one single account, people hold positions across multiple assets and multiple time zones That liquidation caused some mess, but we did all right. If a similar situation happens again, it will not be just a crypto problem. My biggest concern is whether we have enough infrastructure to handle it, because we are living in a more sensitive and more integrated world #HSCSingapore#

#HSCLifeRules# - Don Ng, Director, Digital Assets at China Asset Management, HSC Asset Management Singapore, October 8 I believe the next big thing is still digital money market funds and other short-duration fixed income products. Accepting these assets as collateral and relying on blockchain gives people a much quicker, easier way to borrow and lend The payment rail also opens up opportunities for corporate treasury management. A corporate in Singapore probably wouldn't subscribe to a higher-yielding money market fund in Hong Kong, because a SWIFT payment takes at least one to two days. With a stablecoin payment rail they can get the money across within minutes #HSCSingapore#

#HSCLifeRules# - Theo Golden (@TFGolden), Head of Tokenized Product, International at @Broadridge, HSC Asset Management Singapore, October 8 You can meet your regulatory requirements on a public chain with off-chain processes for KYC and AML. Emma with FILQ has demonstrably proved that. We like to joke in our team that blockchains are arguably one of the best technologies ever for settlement, and one of the worst for trading Lots of things shouldn't live on chain as it stands today. KYC and AML involve me handing over documentation I don't want in the public arena. This is the ugly hybrid adoption period, and asset managers like Fidelity International and services like Broadridge are well placed to help accelerate it #HSCSingapore#