How Bitget’s CEO Sees the Future of Payments and Exchanges
In Brief
Gracy Chen sees Southeast Asia’s crypto future as borderless and tokenized, with Malaysia poised to lead and exchanges driving the next bull run beyond AI.
Gracy Chen, CEO of Bitget, believes that by 2030, Southeast Asia won’t be defined by a single crypto hub, but by interoperable financial rails powering seamless, tokenized commerce across borders. In this wide-ranging interview, she shares why Malaysia is well-positioned to lead, how exchanges are evolving beyond trading, and why tokenized assets, not AI, could ignite the next bull run.
With Singapore tightening its stance, how do you see Southeast Asia’s regulatory landscape evolving — and could Malaysia realistically become the region’s primary crypto hub?
Singapore has made it clear that access must come with accountability – the Monetary Authority of Singapore (MAS) has rolled out investor‑protection rules for digital payment token (DPT) providers. Then they clarified that, from 30 June 2025, firms in Singapore serving only overseas customers need a digital token services licence under the FSMA, and that such licences will generally not be issued. Net‑net, Singapore remains institution‑friendly but is raising the bar for retail‑facing activity and for “brass‑plate” providers.
That opens white space for credible, well‑regulated alternatives. Malaysia is one of them. Its Securities Commission (SC) has a maturing Digital Asset regime with an updated Recognised Markets framework and a growing list of registered exchanges; and in June 2025, the government unveiled a Digital Asset Innovation Hub (a regulatory sandbox) to pilot use cases like ringgit‑backed stablecoins and programmable payments. If Bank Negara Malaysia (BNM) and the SC continue to move in lockstep, and if Malaysia pairs this with progressive tax clarity and bank connectivity, the country can absolutely compete for the “hub” role.
What lessons can Malaysia learn from Singapore’s journey to balance innovation with investor protection?
Three stand out. First is phase change with guidance, as MAS sequenced rules (licensing, consumer‑access controls, AML/CFT, custody) and communicated timelines so firms could build to spec. Then, it is ring‑fence retail risk: limit credit/leverage for retail, require robust disclosures, and tighten marketing around high‑risk products. And build institutional rails – run tokenisation pilots (Project Guardian) in parallel to retail safeguards so capital‑markets innovation doesn’t stall. Malaysia can adopt that playbook while localizing its market structure.
Do you think emerging markets in Asia can skip some of the traditional finance rails altogether and move directly to crypto-native payments and tokenization?
To a degree – yes, but it will be a hybrid. ASEAN is already wiring up instant cross‑border payments via Project Nexus and the Regional Payment Connectivity (RPC) push. As those real‑time systems interconnect by 2026, stablecoin‑based “PayFi” flows and tokenised deposits can ride alongside them for 24/7 settlement, FX netting, and programmable compliance. The leapfrog isn’t about abandoning banks, but composable rails where public‑chain settlement complements domestic fast‑payment systems.
Cross-border payments are still one of the biggest friction points in finance. What role can exchanges and solutions like PayFi play in finally making these seamless?
Two roles, actually. First, on/off‑ramp orchestration: exchanges can do KYC, screen flows, and bridge fiat ↔ stablecoins with clear audit trails; that’s already happening as major networks pilot stablecoin settlement with acquirers, moving value on weekends and cutting reconciliation costs. Second is experience design: PayFi turns stablecoin liquidity into everyday payments (cards, Tap-to-Pay, Scan-to-Pay), so merchants get instant settlement while users keep a familiar checkout flow. Bitget Wallet’s PayFi roadmap and card launches are examples of that UX layer.
Do you see stablecoins, CBDCs, or tokenized fiat playing the dominant role in powering cross-border commerce over the next five years?
In five years, I expect regulated stablecoins and tokenised bank money to dominate day‑to‑day commerce, with wholesale CBDCs acting as the interbank settlement fabric. Stablecoins already account for a large share of on‑chain activity and are scaling into mainstream settlement; meanwhile, some works point to tokenised deposits/CBDC as the efficient backbone for cross‑border FX and DvP/PvP. Expect a layered model with consumer‑facing stablecoins on top, bank‑grade tokens and wholesale CBDCs underneath.
How do you expect tokenized assets to change capital markets — will they disrupt traditional exchanges, or coexist as a parallel system?
Coexistence first, then convergence. We’re already seeing live pilots of tokenised bonds, funds, and FX liquidity pools under Project Guardian, and tokenised commodities like HSBC’s retail gold token in Hong Kong. The early wins are in issuance and post‑trade: faster settlement cycles, 24/7 markets, programmable corporate actions. Over time, as custody and KYC standards harmonize, we’ll see primary issuance and secondary trading plug into exchange ecosystems rather than replace them. Think “exchange‑native tokenisation,” not “DeFi versus exchanges.
What are the biggest barriers right now — tech, regulation, or investor trust?
It’s all three, but trust and rule clarity are the multipliers. Technology is no longer the bottleneck; the hard parts are harmonised AML/CFT and consumer safeguards across borders, and giving institutions comfort that on‑chain settlement meets their policies. Encouragingly, illicit activity is a tiny fraction of on‑chain volume, yet regulators still want tighter controls, especially around stablecoins. So, clear, enforceable standards will be key to unlocking the next wave.
Do you think the exchange of the future will still look like a trading platform — or will it evolve into something closer to a full-stack financial ecosystem (banking, payments, investing)?
It’s evolving into a full‑stack experience. Trading is just one tab next to payments, savings, cards, staking, portfolio tools, and merchant services. It’s about connecting earn ↔ spend ↔ invest in one place, with compliance embedded from the start. The winners will be those who abstract crypto complexity behind consumer‑grade UX while integrating with banks and local payment schemes.
What does the Southeast Asian crypto landscape look like in 2030? Are we heading toward regional super-apps, decentralized financial rails, or something else entirely?
By 2030, I see interoperable rails with multiple front‑ends. Regional super‑apps will keep owning distribution (wallets inside ride‑hailing, commerce, and messaging) while under the hood, instant A2A payments (Nexus/RPC) and tokenised settlement handle cross‑border money movement and asset flows. Exchanges and wallets that embed into those ecosystems, speaking both “bank” and “blockchain”, will feel invisible to users but essential to the pipes.
If you had to bet on one trend — tokenized assets, AI-driven trading, or crypto payments — as the biggest driver of the next bull market, which would it be, and why?
Tokenised assets. Payments will keep compounding, and AI helps every strategy, but the unlock that can attract trillions is bringing real‑world financial assets on‑chain at scale: bonds, funds, deposits. We’re past proofs‑of‑concept; regulators like MAS are actively pushing commercialization, and blue‑chip issuers are shipping products. When primary issuance, collateral, and settlement move on‑chain, liquidity follows, and bull markets tend to follow liquidity.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
