Binance CEO says we need to 'rethink the future'

Binance Blockchain Week has kicked off in Dubai with its CEO Richard Teng opening the event with a passionate plea to the industry. 

Builders, innovators, creators and pioneers listened to the Binance head talk about the need to "rethink the future" and how as an industry we must learn to "become a force for good".

"This will be the foundation for our growth," added Teng.

With the theme Momentum, this is the biggest ever Binance Blockchain Week. With the price of Bitcoin coming close to its all-time high, the mood was bullish.

With a packed roster on the Main Stage, from El Salvador to Abu Dhabi, and a cohort of entertaining web3 names on the Innovation Stage, there's something for everyone still to come. 

First panel

The day's first panel, led by Vishal Sacheendran, Binance's Head of Regional Markets, addressed the question of global crypto and blockchain adoption. With lessons from innovation powerhouses - UAE, Singapore, and El Salvador - the panelists agreed that the top priority for adoption was regulation, alongside education and talent.

Dr Marwan Alzarouni, CEO of Dubai Blockchain Center, said that the UAE had "set the pace" on blockchain way back in 2016, before Ethereum was even created. Back then no one was mentioning Bitcoin in boardrooms, and now "everyone is asking and wants to learn".

El Salvadorean regulator JC Reyes, President of the country's National Digital Assets Commission, drew parallels between his country and Dubai as pioneers in the space. 

Representing fellow hub Singapore was Shawn Chan, CEO of SGB, who listed the three countries as leaders in the space. "This is not going away," he said of the crypto industry. Sacheendran agreed, saying, "This is not an alternative space."

Dubai's Alzarouni admited that "It's an experiment still", with these three countries acting as trailblazers, tempting the rest of the world to follow suit. "The whole world need this mainstream adoption," he declared.

As a metaphor for introducing this strange new world to the general public, Reyes compared the traditional financial system to a regular vehicle with crypto as a new electric car. Alzarouni chipped in with an anecdote about bringing his Tesla into the UAE for the first time and facing a hurdle when the mechanic opened the bonnet hoping to inspect the engine. The car eventually passed the inspection, but the mechanic had been at a complete loss as to what to do.

The panelists agreed that for this new financial world, new regulators are needed. Traditional regulations will not suffice. "You have to think differently when you see something different like this," concluded Alzarouni.

Main Stage

After lunch, leaders from the AI space will discuss whether the technology is a blessing or a curse in the web3 world. Join AWS Director of Cloud and AI Innovation, Arni Raghvender, Ocean Protocol CEO, Bruce Pon, and Artificial Intelligence Alliance Chairman, Humayun Sheikh on the Main Stage at 2.10pm.

If you're interested in the latest blockchain trends, BNB Chain representatives will walk you through their top picks at 3.30pm.

Mixing things up a little at 3.40pm, 5th Column, Doodle, and Sotherby's address the role of web3 in lifestyle and culture. Turning the art, music, and entertainment markets potentially on their heads, check out this talk for insider perspectives.

Innovation Stage

The Crypto Radio team will be heading over to the Innovation Stage this afternoon for a talk on web3 gaming at 1.45pm and another at 4.05pm. The latter will see panelists Alex Dreyfus, Chiliz founder and CEO, joined by Vanar CEO Jawad Ashraf and YaLLa Esports founder and CEO, Klaus Kajetski, explore the intersection of blockchain, web3, and gaming.