Blockchain without Borders: Philippines at the Heart of APAC Innovation and Digital Collaboration (Key Note Address – PBWx 2024)

[ PBWx Overview Video: https://youtu.be/rRBrI1E-uj8?si=YRuONDBAYp-axraS ]

PBWx – DAVAO CITY, PHILIPPINES

30 JULY, 2024

"Distinguished guests, fellow blockchain enthusiasts – friends from the Philippines – and beyond... It's an honour to address you here today at the Philippine Blockchain Week 2024 .

As we gather here in vibrant Davao, I'm reminded of the incredible journey that has brought us together and the exciting future that lies ahead for blockchain technology in this region.

Last month, I had the privilege of representing Australia in Manila at the BCP AGM 2024. There, we signed an important Memorandum of Understanding between BCP and the Digital Economy Council of Australia (DECA) , or DECA, formerly known as Blockchain Australia . This partnership is more than just a piece of paper – it's a testament to the power of cross-border collaboration in our rapidly evolving industry.

Since the dawn of civilization, commerce and trade have been the true universal language, transcending borders and cultures. Today, as we stand at the forefront of the blockchain and digital asset revolution, strengthening ties within the APAC and ASEAN regions is more crucial than ever.

Our cooperation not only drives progress but also fosters friendship, family, and mutual understanding.

Allow me to share a brief history of the Digital Economy Council of Australia (DECA) 's evolution - the Australian story. Born in April 2014 as the Australian Digital Currency and Commerce Association, we are proud to be the world's oldest crypto and blockchain trade body.

Our journey began with addressing pressing issues with the government – such as correcting misaligned taxation matters, crypto exchange licencing considerations, and generally representing our industry with law enforcement, financial regulators, policymakers, and of course the media.

We've come a long way since then, playing a pivotal role in ensuring – and securing – positive outcomes with stakeholders and contributing to comprehensive regulation of crypto assets. But DECA's success isn't just about our domestic achievements – nor did we accomplish them alone. It's about the partnerships we've forged around the world.

From our first trade missions to [ CoinDesk 's] Consensus in New York back in 2015 to our collaborations across the Middle East, Europe, and Asia, we've always recognized the global nature of our industry.

Our close historical ties with counterparts like ACCESS Singapore and the US The Digital Chamber in Washington D.C. have been instrumental in shaping a cohesive international blockchain community.

The MoU we signed with the Blockchain Council of the Philippines last month is more than just another milestone – it represents a shared vision for better cooperation between Australia and the Philippines.

More importantly, it embodies the promise that first drew me to Bitcoin when I founded Australia's first successful crypto exchange in Sydney – and that is the potential for greater financial inclusion and fairer access to money.

in early 2013 This partnership has been years in the making, and it brings me to my personal connection right here with the Philippines. In late 2017, as Bitcoin reached its first major breakthrough to the mainstream, peaking at an All-Time-High of US $20 Thousand, my exchange experienced rapid expansion - as did most exchanges.

It was in Cebu where we found a stellar team of 20 staff to support our growing needs. From that moment, I fell in love with this great nation and its incredible people.

This initial connection blossomed into a world of collaborations. From briefings with the Bangko Sentral ng Pilipinas , DCI, and the SEC, to partnerships and engagements with pioneering companies like GCash, Paymaya, Lazada, and Union Bank – to leading a dozen Australian blockchain companies to meet with the Asian Development Bank (ADB) in Ortigas – the Philippines became a BSP, the DTI second home for both my professional endeavours – and my heart.

In fact, today I'm proud to call the Philippines my 'other home' with my Asawa who hails from Pangasinan.

Yes, the future is very bright here. The Philippines holds immense promise in the technology and digital asset space. With a population of over 117 million at a median age of just 25 years old, this country boasts one of the most internet-savvy populations in Southeast Asia - and I’d argue the world.

The digital economy here is growing at an astounding rate, with e-commerce GMV reaching $16 billion in 2023, a 21% increase from the previous year.

What's even more exciting is the entrepreneurial spirit driving this growth. In 2023 alone, the Philippines saw a record 96 venture capital deals, up 16% year-on-year according to a recent report from Makati’s own Foxmont Capital Partners .

The country is rapidly becoming a hotbed for tech unicorns – which I predict we’ll see no less than 20 in the coming two decades – with sectors like fintech, e-commerce, and B2B SaaS attracting significant investment. This vibrant ecosystem, combined with government support and a young, tech-savvy workforce, positions the Philippines as a true potential leader in the Southeast Asian digital economy - and perhaps globally so.

One of the most compelling cross-border projects I've had the honour to be involved with was again right here, with the Cagayan Economic Zone Authority's "Crypto Valley" initiative, led by former Secretary Lambino. Working with dozens of local, regional, and international stakeholders – including 26 lawyers from the Philippines, Australia and the UK – we crafted a comprehensive policy framework that set new standards for the digital asset ecosystem. Now what’s really worth noting, is this work has since influenced policy and legislation frameworks around the world – a true testament to Philippines-Australian cooperation.

Perhaps one of our industry's greatest global accomplishments was also born right here in the Philippines – the V20 Summit Leaders Summit in 2019.

This gathering of the 20 largest global crypto exchanges on the sidelines of the G20 Leaders Summit in Osaka, Japan was a watershed moment – not only were we able to quickly and appropriately address a potential existential threat for Bitcoin and crypto globally – It led to the birth of the International Digital Asset Exchange Association (IDAXA) and the subsequent development of the interVASP Standards Working Group Messaging Standards Protocol to address the “Travel Rule” concern (also known as the IVMS 101 Standard) benchmarked against ISO best practices, all of which represented crucial steps in our industry's maturation.

Speaking of maturation and progress, I continue to be inspired here in the Philippines witnessing how blockchain and digital technologies are being leveraged across the country to enhance governance, improve services, and drive economic development.

From smart city initiatives to groundbreaking financial inclusion projects, the potential for positive change is immense.

We're witnessing the implementation of cutting-edge technologies that promise to revolutionize life for citizens, especially in regions that have historically been underserved.

These advancements include expanded internet connectivity, digital identity solutions, and e-government platforms. It's particularly encouraging to see the government's recent commitment to positioning the Philippines among the top three ASEAN countries for internet connectivity by 2028, as announced by DICT Secretary Ivan John Uy two weeks ago.

This push for enhanced digital infrastructure aligns perfectly with our industry's needs and will undoubtedly accelerate blockchain adoption. Further, with DTI’s launch of the National AI Strategy Roadmap 2.0 last week, we're seeing a clear vision for the Philippines as a center of technological innovation. Such initiatives underscore the transformative power of our industry to create tangible, positive change in people's lives. As we continue to innovate and collaborate, we're not just building better systems – we're opening doors to new opportunities and improved livelihoods for millions of Filipinos.

As we reflect on these ongoing efforts and past accomplishments with pride, we must continue to turn our gaze to the future.

Our recent MoU is just the beginning of what we can achieve together. I'm excited to hear about BCP's plans to encourage responsible and comprehensive blockchain and digital asset legislation in the next Congress – and I salute BCP’s visionary leaders like Dr Donald Patrick Lim and his Co-Founder Chezka Gonzales – along with the entire Council, who have not only the foresight and vision to encourage such efforts – but the resolve to see positive change through enhancing the Philippine ecosystem.

DECA stands ready to support these efforts, sharing the lessons we've learned over the past decade as we continue to navigate our own evolving policy reforms in Australia.

However, we must always maintain an international perspective. Blockchain and crypto are inherently borderless, perhaps the first truly international currencies.

As we look ahead to 2025, IDAXA is preparing to resume its crucial work, supported by Australia and our many other association member nations, with our friends from Taiwan, Indonesia, Hong Kong, New Zealand, Japan, Switzerland, the UK, Africa and many others.

Just as the Buttonwood Tree Agreement of 1792 gave rise to what is now Wall Street – and the Bretton Woods Agreement of 1944 laid the foundations for the modern global financial system, IDAXA aims to establish a similar framework for the global Virtual Asset Service Providers industry.

We have already delivered on our original mandate to address the "Travel Rule" crisis of 2018/19, resulting in the IVMS 101 Standards.

Now, as our industry continues to evolve rapidly, IDAXA must adapt to address new challenges and manage emerging "micro-fractions" within the global industry that can only be addressed at the international level.

My sincere hope is that the Philippines, and the BCP in particular, will not only join us at IDAXA but once again play a critical role in ensuring and underpinning our future growth and goals as valued partners on the international stage.

The collaboration between our nations has already yielded remarkable results, and I believe we've only scratched the surface of what we can achieve together. As we stand here today, at the Philippines Blockchain Week 2024, we're not just celebrating the progress we've made.

We're laying the groundwork for a future where blockchain technology enhances financial inclusion, drives economic growth, and improves lives across our region and beyond.

The road ahead may be challenging, but I'm confident that together, we can navigate any obstacles. The spirit of innovation, collaboration, and determination that I've witnessed here in the Philippines, combined with the expertise and experience we bring from Australia, creates a powerful force for positive change.

So, let this week be more than just a conference. Let it be a catalyst for new partnerships, groundbreaking ideas, and concrete actions that will shape the future of blockchain technology in the Philippines, Australia, and across the globe.

A thank you to you all for having me, for your kind hospitality, and for your commitment to this incredible industry.

I look forward to the discussions, collaborations, and innovations that will emerge from this gathering - and again in BACOLOD next month, BATAAN in September and Manila in October.

Together, we can build a more inclusive, efficient, and prosperous digital future for all. Maraming salamat po – and may our shared journey in blockchain continue to flourish!"