Dubai: A Historic Hub for Trade and Blockchain
Dubai has long been recognized as a central player in global commerce, with its history rooted in the ancient spice trade that connected the East and West. Today, this vibrant city has evolved into a burgeoning center for blockchain and Web3 technologies, serving as an ideal venue for Fastex’s Harmony VI meetup. The event, hosted at the Intercontinental Ras Al Khaimah, brought together industry experts, founders, and CEOs to highlight Fastex’s commitment to leadership, expansion, and a key principle: trust. “Ultimately, users need to trust you and the environment you create,” noted Vakhtang Abrahamyan, CEO of Fastex. The company’s objective is to bring billions of users into the Web3 space, and Abrahamyan emphasized that trust is essential for achieving this goal. “In the digital landscape, ensuring the safety of my transactions and assets is crucial,” he stated.
Fastex’s Global Vision and Korean Market Insights
Fastex’s ambition for widespread adoption was evident at Harmony VI, where the focus was on building an ecosystem that is reliable, transparent, and compliant with regulations. The announcement of new partnerships in South Korea showcases Fastex’s integration into an active Web3 environment. Dr. James (Jeon Junghweon), CEO of Estaria, highlighted the scalability advantages of FTN (Fasttoken) in the Korean market, stating, “It’s faster and more cost-effective, making it a perfect match for our needs.” The South Korean cryptocurrency market is experiencing remarkable growth, with a staggering 24-hour trading volume of $14 billion. “In fact,” Dr. James revealed, “last month’s trading volume in cryptocurrency outpaced that of the traditional Korean stock market.” This thriving market is a driving force behind Fastex’s collaborations with Estaria and iPrime, aimed at developing a comprehensive financial ecosystem that encompasses gaming, payments, and NFT marketplaces.
Regulatory Compliance and Success in Malta
Fastex’s commitment to compliance and transparency is further exemplified by its recent achievement in Malta, where it received in-principle approval for a Virtual Financial Assets (VFA) Category 4 license. Kenneth Farrugia, CEO of the Malta Financial Services Authority (MFSA), explained that achieving this license requires a rigorous examination of various factors, including corporate governance, risk management, anti-money laundering practices, and organizational structure. He emphasized that passing such an in-depth audit demonstrates Fastex’s dedication to maintaining high standards.
Technological Advancements with Bahamut
None of Fastex’s global aspirations would be feasible without advancements in the underlying technology. This brings attention to Bahamut, where developments on Fastex’s layer 1 blockchain are progressing rapidly. Pavel Aramyan, Web3 program lead at Fastex, shared insights about their innovative consensus mechanism called Proof of Stake and Activity, which sets Bahamut apart from other blockchains. After nearly two years of hard work on the testnet, the main-net is set to launch soon. “We’re poised to deploy it, and it will be ready by the end of January,” Aramyan declared.
Shifting Regulatory Landscape in Web3
The themes of innovation, expansion, and collaboration were prominent during the panel discussion titled “Unlocking Blockchain’s Potential: Strategic Leadership in Custody, Regulation and Innovation,” featuring notable figures in the Web3 space. The discussion revealed how rapidly the regulatory landscape is evolving. “Fastex was founded about three years ago, during a time when regulation was largely theoretical,” Abrahamyan recounted. He noted that regulators have become more informed and now recognize the inevitability of Web3, suggesting that timely regulation will enhance consumer protections, benefiting both users and businesses. “A pivotal change is underway,” he stated.
The Importance of Liquidity and Institutional Participation
As the conversation shifted to market fundamentals, Gerry Afentakis, head of European and MENA sales at Zodia Custody, highlighted the critical role of liquidity in any market. “Regulation is key to eliminating barriers to liquidity,” he explained. Afentakis pointed out that retail investors alone have limited capital to contribute, and meaningful institutional involvement hinges on a clear and fair regulatory framework. He predicted that the emergence of exchange-traded funds (ETFs) marks the beginning of a significant trend toward greater liquidity, stating, “When liquidity flows in, it benefits everyone involved.”
A Memorable Conclusion to Harmony VI
The closing gala of the conference was a lavish affair, featuring elegant attire and even a performer descending from a parachute. In a unique twist, Fastex surprised attendees by giving away an apartment in Ras Al Khaimah to one fortunate guest, a prize far surpassing typical event giveaways. This gesture reflects the unique blend of tradition and modernity that defines both Dubai and Fastex, symbolizing the intersection of conventional finance and innovative Web3 solutions. As anticipation builds for the next Harmony VII event, the excitement around this evolving landscape continues to grow.
