Henri Arslanian, who has spoken at every Token2049 since 2018, shared his observations from last week's Singapore event:
Bear market signs were evident — fewer retail traders, muted nightlife, and many exhibitors burning through 2025 budgets early (partly due to Dubai's cancellation). Arslanian expects several firms to shut down unless markets rebound sharply.
Institutional presence hit an all-time high. Major financial institutions are building seriously, not just for optics. Crypto is now owned by business units with real P&L targets, not innovation labs doing window dressing.
Tokenization and real-world assets dominated conversations. Tradfi players are eyeing onchain yield via vaults, lending protocols, and curators. The AI-crypto intersection is gaining traction — many now see crypto as essential infrastructure for the agentic economy.
Compliance and governance have taken a back seat as firms focus on survival. U.S. companies are seizing a window of reduced federal oversight in the near term.
The U.S. remains the top jurisdiction for building crypto firms. For global hubs, Dubai and Abu Dhabi are the clear favorites — Dubai had a strong presence at the event, while Asian and EU regulators were notably absent.
Bear market signs were evident — fewer retail traders, muted nightlife, and many exhibitors burning through 2025 budgets early (partly due to Dubai's cancellation). Arslanian expects several firms to shut down unless markets rebound sharply.
Institutional presence hit an all-time high. Major financial institutions are building seriously, not just for optics. Crypto is now owned by business units with real P&L targets, not innovation labs doing window dressing.
Tokenization and real-world assets dominated conversations. Tradfi players are eyeing onchain yield via vaults, lending protocols, and curators. The AI-crypto intersection is gaining traction — many now see crypto as essential infrastructure for the agentic economy.
Compliance and governance have taken a back seat as firms focus on survival. U.S. companies are seizing a window of reduced federal oversight in the near term.
The U.S. remains the top jurisdiction for building crypto firms. For global hubs, Dubai and Abu Dhabi are the clear favorites — Dubai had a strong presence at the event, while Asian and EU regulators were notably absent.