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Elliptic talks to Chia Hock Lai – Chairman of the Board of Blockchain Association Singapore – in this feature which aims to draw insights from leading figures in the crypto industry.
1. How did you first get involved in cryptography?
I first heard about cryptocurrencies in June 2016 when I first heard about the attack on the DAO organization. This led me to do more research on crypto and blockchain technology, and I have been speaking on this topic at various panels and conferences since 2017.
2. What surprised you the most about it?
An explosion of tokenization ideas and initial coin offering (ICO) projects in 2017-18. – enabled by the use of smart contracts – signals something bigger than blockchain technology itself. While there was (and still is) an abundance of scam projects, many legitimate projects have survived or even thrived and would not have been possible without the ease of ICO funding. Surprisingly, it had a similar growth trajectory to the Internet itself!
3. What do you see as the most challenging in the crypto industry (and what are the opportunities)?
This has been one of the most polarizing industries I’ve ever seen, with a fair number of crypto skeptics and maximalists on both sides of the coin, and there are differing views on how to regulate it. But I also see a growing number of crypto pragmatists in the industry, taking a more progressive and practical approach to harnessing the power of new technology while minimizing risk through sensible and responsible innovation.
4. If you could change one thing about the industry, what would it be?
Definitely on technology standardization (especially on interoperability) and to a lesser extent on regulatory standardization. Standardization will be absolutely critical for mass adoption and realizing the network effects of crypto technology and ecosystems.
5. Who do you most admire in this industry?
The person I admire the most is, without a doubt, Satoshi Nakamoto, whoever he is. The ability to combine multiple technological concepts—from cryptography to distributed computing—into a coherent whole and run it, before detracting from it, is very inspiring.
8. Who is your regulatory hero?
Securities and Exchange Commissioner (SEC) Hestor Peirce! Her arguments about balancing innovation and regulation are very sound, and I particularly like her Token Safe Harbor proposal.
9. What might someone be surprised to learn about you?
I am an introvert. Being an association leader – Founding President of Singapore Fintech Association and Board Chair of Blockchain Association Singapore – has forced me to be more social and open to be more effective in advocating for a pro-innovation environment for fintech and blockchain in Singapore.
10. What do you most like to do in your free time?
I spend time with my family – I have three young children – and catch up on reading.
11. If you could send one message to regulators/legislators in Asia Pacific, what would it be?
Blockchain and crypto are still nascent and evolving rapidly. We need to work closely with the industry to harness its potential while finding smart and sensible solutions to mitigate the risks
12. Do you own any cryptocurrency?
Yes, I am also an advisor to multiple crypto and blockchain start-ups. As an industry leader and educator, I think it’s important to have enough skin in the game to convince people of the potential of industry mergers.
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