Author: Steve Chiu, founder of CGV

Introduction: Singapore Token2049 is over. CGV founder Steve Chiu shared his feelings and insights from participating in the summit: the general environment is changing, the mysterious Eastern power has disappeared, India is rising, AI is becoming prominent, NFT is missing, and transactions So they are more robust, and Japan plays a half-present, half-absent role...

The route from Tokyo to Singapore is very busy. There are about a dozen flights every day, and most of them are fully loaded. In September, Singapore was particularly crowded and lively during the F1 event. From Ginza to MBS, the location changes, but the busy people and the faith in the heart remain unchanged.

After six years in the industry, this is the third time I have attended the Token2049 conference. I come with questions every time and leave with more questions. The conferences in this industry have never been designed to answer questions. There are only constantly overlapping renovation narratives, advanced concepts, waves of black swan events, and endless policies and regulations. The past has been overturned, no explanation, and hot spots that appear inexplicably, just look forward and don't look back. In short, it has changed a lot.

1. Serious division between new and old circles

First, there is a serious division between the old and new circles, and a generation gap has emerged. Perhaps the last bull market, or the period before and after the epidemic, can be used as a dividing line. After several cycles, the old people who were still active have become dormant, and most of the people who attend the meetings are new faces.

The good news is that the trading platforms that have survived the test look more robust, while the older generation of projects are almost nowhere to be seen.

2. The NFT track is gone

Secondly, the NFT track is gone. From large posters, offline activities, souvenirs to speech topics, small circle topics, NFT rarely appears. When it comes to NFT, project parties have also explained and avoided it. Instead, there are various AI-related protocols, games, platforms, computing power, and of course, there are new paths drawn by talking about Bitcoin's second layer and engraving. ETH ecology and ZK series do not seem to be so popular. It is probably a sea of ​​red, and it is not used to it.

3. Asian funds no longer have a say

Once again, Asian funds do not have a say, and the mysterious Eastern power is unfounded. Vitalik’s remarks slapped Hong Kong in the face. There are unsustainable factors in Hong Kong’s policies, and in fact Singapore has only played its role as a hub. The Singapore government wants compliant finance to go to the crypto market, and is moving further and further away from the compliant crypto market. China’s nominal absence has made Asian projects exist in name only. Asian funds can hardly make great achievements except to follow Europe and the United States as LPs (like us...).

4. The Indian project seems to be on its feet

However, it is worth marveling at that Indian projects seem to have stood up. With strong language advantages and technological innovation capabilities, which have spread from the mobile Internet to the Web3 encryption industry, coupled with a huge population base and a weak sovereign currency, Indian teams and projects are gradually emerging at the conference.

5. Japan plays a half-present, half-absent role

Japan has always played a half-present and half-absent role in the crypto industry. The Japanese government's conservative and cautious attitude towards the crypto industry has allowed the Japanese people to successfully avoid many big pitfalls in 2022-2023. Whether it is the second-layer network, NFT, or even STO, they are still advanced technologies and leading trends in Japan. Japan has outstanding design capabilities compared to the world; compared with China and the United States, there are fewer technical developers; compared with Singapore, Hong Kong and Southeast Asia, the market is broader and the purchasing power is strong. Since 2022, Japan has gradually relaxed the listing control of licensed trading platforms, and recently it has also relaxed the crypto financing channels for recognized startups. Regardless of the bull and bear markets, Japan is accelerating its move towards the world's crypto market on its own, and it will be a huge test.

CGV is committed to promoting the construction and development of Japan's crypto compliance system

CGV is an active Japanese crypto fund, committed to promoting the construction and development of Japan's crypto compliance system, leading Japanese projects to go overseas, and assisting global projects to enter Japan. Facing such a huge test, after the communication with Token2049, I believe that many people share the same idea with us. The crypto industry is still in its darkest moment, and innovative and revolutionary applications have not appeared. Japanese players should look at the market rationally, gradually enter the market, and patiently seize opportunities, and they will eventually gain something.

Cryptogram Venture (CGV) is a crypto industry research and investment institution headquartered in Japan with compliance qualifications. With "research-driven investment" as its business orientation, it has participated in early investments such as Republic, CasperLabs, AlchemyPay, The Graph, Bitkeep, Pocket and Powerpool, as well as the Japanese yen stablecoin JPYW regulated by the Japanese government. At the same time, CGV FoF is the LP of funds such as Huobi venture, Rocktree capital, and Cryptomeria Capital. It has established brand events such as Web3 hackathons and industry summits. From July to October 2022, it launched Japan's first Web3 hackathon (TWSH), and received joint support from institutions and experts such as the Ministry of Education, Culture, Sports, Science and Technology of Japan, Keio University, SONY, and Softbank. Currently, CGV has branches in Hong Kong, Singapore, Canada and other regions.