JAKARTA The crypto industry started in 2024 positively with the approval of the Bitcoin Spot Exchange Trade Funds (ETF) investment product proposal. A number of crypto figures including VeChain CEO, Sunny Lu, viewed the crypto future more optimistically.
Recently Sunny Lu shared his thoughts about the future of the crypto industry when it entered 2024. In an interview with Thinking Crypto, Sunny Lu expressed optimism about the development of regulation and adoption of crypto at the global level. He also highlighted the possibility of integration of VET tokens in company applications built on the VeChain platform.
According to Tmbahan information, VeChain is a blockchain platform designed to strengthen supply chains and asset management by using Internet of Things (IoT) technology. This platform allows companies to track their assets in real-time, increase transparency, and ensure product authenticity. VeChain has two separate tokens: VET (VeChain Token) and VTHO (VeThor Token).
Sunny Lu mentioned two important things that occurred in early 2024 that had a positive impact on the crypto industry. First, the approval of 11 Bitcoin ETF spotes by the United States Securities and Exchange Commission (SEC) on January 10, 2024. This is a historic achievement that ends more than a decade of waiting for such products to roll out. The Bitcoin Spot ETF is an investment product that follows the Bitcoin price directly, without involving derivatives or futures contracts. With the Bitcoin spot ETF, investors can buy and sell Bitcoin easily, quickly, and safely through official stock exchanges.
Second, the implementation of Markets in Crypto-Assets (MiCA) by the European Union in December 2024. MiCA is a set of regulations that will apply to crypto and businesses operating in such spaces. MiCA's goal is to create an integrated, fair and transparent crypto market across the European Union, as well as protect consumers and investors from risk and fraud. MiCA will also provide clear definitions and classification for various types of cryptocurrencies, such as crypto assets, utility tokens, equity tokens, and stablecoins.
SEE ALSO:
According to Sunny Lu, the approval of ETF and MiCA "will open the door for world institutional investors to enter the crypto space. [It also] paved the way for the mass adoption of blockchain and crypto in the real world." He added that this would increase crypto demand and use, as well as encourage innovation and competition in the industry.
In addition, Sunny Lu also highlighted how the new regulatory landscape will affect VeChain, particularly regarding the integration of VET tokens. He said that VeChain has focused on "building hundreds of different company applications in the past", especially in terms of supply chains, logistics, health, and the environment. However, he acknowledged that there are major challenges in in integrating VET tokens in the application, due to lack of clarity and legal certainty.
Sunny Lu hopes that the "big challenge" will change soon, telling listeners that progress with ETF and MiCA paves the way for "using tokens in design for company applications." He explained that VET tokens can provide added value for company applications, such as providing incentives, measuring performance, and increasing efficiency. He also said that VeChain will continue to collaborate with partners and regulators to create solutions that suit market and legal needs.
VeChain has several prestigious partnerships with big companies, such as Walmart, PriceWaterhouseCooper, Haier, and Shanghai Gas. These companies use the VeChain platform to track their assets, verify product authenticity, and improve service quality. With the integration of VET tokens, these company applications can become more attractive and beneficial for users and stakeholders.
At the time of writing, the price of VET is trading at the level of IDR 468 per coin. Meanwhile, VTHO is at the level of IDR 35.83 per coin. VET is down 1.6 percent and VTHO is 0.6 percent in the last 24 hours according to Coingecko data at 17:00 WIB, January 17, 2024.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
