HSC Conference: ‘One Market, Many Venues’ Panel Explores How AI, Regulation, And Asset Tokenization Will Reshape Global Liquidity
On August 15, the HSC Conference returned to Ho Chi Minh City, gathering senior voices from monetary establishments, know-how corporations, and enterprise capital to debate blockchain infrastructure, digital belongings, and the way forward for on-chain monetary markets.
Among the occasion’s most anticipated periods was “One Market, Many Venues: Navigating Fragmented Liquidity,” that includes Kevin Sultani of GMA Group, Lynn Nguyen, Country Lead of Solana Superteam Vietnam, Ran Yi, Co-founder of Orderly, and Leonard Hoh, Asia-Pacific President of Bitstamp by Robinhood.
The dialogue examined how merchants, market makers, and protocols navigate a splintered panorama throughout centralized and decentralized venues, and in doing so mapped the broader problem of sewing disparate markets right into a coherent complete.
The Holy Grail: Unifying Fragmented Markets
Sultani opened by framing the panel round a imaginative and prescient he described because the “holy grail” of finance: a single dashboard the place traders might view and commerce all holdings—from tokenized Tokyo actual property and basic vehicles to Tesla inventory and cryptocurrencies—on a unified, never-closing market. He noticed that whereas conventional markets in New York and London finally consolidated from chaos, crypto stays splintered throughout numerous venues, diluting liquidity and leaving the business in an “toddler” state. Leonard Hoh emphasised that institutional gamers nonetheless depend on pre-existing workflows and prime brokers, making the shortage of regulated aggregation companies and best-execution requirements a crucial impediment to deeper capital inflows.
Regulation: Maturation vs. Fragmentation
The panelists agreed that regulation is the defining variable of the present cycle. Hoh pointed to the European Union’s MiCA framework as a uncommon outlier mandating finest execution, whereas Sultani contrasted it with Dubai’s proactive embrace and Europe’s stunting innovation. Lynn Nguyen expressed optimism about Vietnam’s managed atmosphere, predicting that licensed exchanges will quickly entice each native and worldwide market makers. Yet the group acknowledged a paradox: as jurisdictions erect regulatory partitions, liquidity dangers additional fragmentation earlier than it finally consolidates.
Tokenization and Wall Street’s Timeline
The dialog shifted to Larry Fink’s broadly cited prediction that $10 trillion in belongings can be tokenized by 2030. Nguyen cautioned that the demand aspect stays underdeveloped, noting that “not lots of people are occupied with actual property on chain.” Hoh advised that buying and selling companies will naturally deal with equities relatively than tokenizing each asset class. Sultani, nevertheless, argued that Fink’s determine “appears small,” citing the liquidity vacuum created by pending conventional IPOs and the inevitability of Wall Street force-feeding tokenization relatively than ready for retail demand to mature organically.
Vietnam: The New Frontier
Pivoting to geography, the panel explored why Vietnam has turn into a focus. Nguyen highlighted the nation’s high crypto adoption price, high quality builders, and fast-learning expertise pool, describing her return after twenty years overseas as a “legacy” mission to mentor native founders. Hoh confirmed that Bitstamp has “two eyes on Vietnam,” viewing its quest to deliver liquidity onshore as a possible blueprint for different growing markets.
AI, Agents, and the Next Wave of Adoption
In the ultimate section, Ran Yi argued that autonomous AI brokers symbolize the following main catalyst for crypto adoption. Envisioning a future the place private “Jarvis”-like assistants execute trades and funds through blockchain rails, he noticed that brokers want permissionless methods with out KYC friction. Nguyen added that stablecoins might take away credit-card bottlenecks for agentic transactions, permitting customers to assign spending limits to particular person wallets. The panel concluded with a rapid-fire consensus: consolidation is a web constructive, 24/7 markets are approaching sooner than conventional finance expects, and the business’s subsequent part might be outlined by regulated convergence, agentic funds, and the seamless integration of conventional and on-chain finance.
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