HSC Conference: ‘One Market, Many Venues’ Panel Explores How AI, Regulation, And Asset Tokenization Will Reshape Global Liquidity
On August 15, the HSC Conference returned to Ho Chi Minh City, gathering senior voices from financial institutions, technology firms, and venture capital to debate blockchain infrastructure, digital assets, and the future of on-chain financial markets.
Among the event’s most anticipated sessions was “One Market, Many Venues: Navigating Fragmented Liquidity,” featuring Kevin Sultani of GMA Group, Lynn Nguyen, Country Lead of Solana Superteam Vietnam, Ran Yi, Co-founder of Orderly, and Leonard Hoh, Asia-Pacific President of Bitstamp by Robinhood.
The discussion examined how traders, market makers, and protocols navigate a splintered landscape across centralized and decentralized venues, and in doing so mapped the broader challenge of stitching disparate markets into a coherent whole.
The Holy Grail: Unifying Fragmented Markets
Sultani opened by framing the panel around a vision he described as the “holy grail” of finance: a single dashboard where investors could view and trade all holdings—from tokenized Tokyo real estate and classic cars to Tesla stock and cryptocurrencies—on a unified, never-closing marketplace. He observed that while traditional markets in New York and London eventually consolidated from chaos, crypto remains splintered across countless venues, diluting liquidity and leaving the industry in an “infant” state. Leonard Hoh emphasized that institutional players still rely on pre-existing workflows and prime brokers, making the lack of regulated aggregation services and best-execution standards a critical obstacle to deeper capital inflows.
Regulation: Maturation vs. Fragmentation
The panelists agreed that regulation is the defining variable of the current cycle. Hoh pointed to the European Union’s MiCA framework as a rare outlier mandating best execution, while Sultani contrasted it with Dubai’s proactive embrace and Europe’s stunting innovation. Lynn Nguyen expressed optimism about Vietnam’s controlled environment, predicting that licensed exchanges will soon attract both local and international market makers. Yet the group acknowledged a paradox: as jurisdictions erect regulatory walls, liquidity risks further fragmentation before it ultimately consolidates.
Tokenization and Wall Street’s Timeline
The conversation shifted to Larry Fink’s widely cited prediction that $10 trillion in assets would be tokenized by 2030. Nguyen cautioned that the demand side remains underdeveloped, noting that “not a lot of people are interested in real estate on chain.” Hoh suggested that trading businesses will naturally focus on equities rather than tokenizing every asset class. Sultani, however, argued that Fink’s figure “seems small,” citing the liquidity vacuum created by pending traditional IPOs and the inevitability of Wall Street force-feeding tokenization rather than waiting for retail demand to mature organically.
Vietnam: The New Frontier
Pivoting to geography, the panel explored why Vietnam has become a focal point. Nguyen highlighted the nation’s high crypto adoption rate, quality builders, and fast-learning talent pool, describing her return after two decades abroad as a “legacy” mission to mentor local founders. Hoh confirmed that Bitstamp has “two eyes on Vietnam,” viewing its quest to bring liquidity onshore as a potential blueprint for other developing markets.
AI, Agents, and the Next Wave of Adoption
In the final segment, Ran Yi argued that autonomous AI agents represent the next major catalyst for crypto adoption. Envisioning a future where personal “Jarvis”-like assistants execute trades and payments via blockchain rails, he observed that agents prefer permissionless systems without KYC friction. Nguyen added that stablecoins could remove credit-card bottlenecks for agentic transactions, allowing users to assign spending limits to individual wallets. The panel concluded with a rapid-fire consensus: consolidation is a net positive, 24/7 markets are approaching faster than traditional finance expects, and the industry’s next phase will be defined by regulated convergence, agentic payments, and the seamless integration of traditional and on-chain finance.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
