Tokyo, Japan , August 26, 2025, the WebX 2025 conference hosted a dynamic panel discussion moderated by Jake Stolarski of Neurochain, featuring industry veterans Abel Peña, CEO at Bit2Me, Motokumi “Mike” Onishi, President at Blockvalue and Jack Cullinane, senior director at Ripple. And Coin Medium was there, as a media partner!
The panel explored critical topics in blockchain technology, including on-chain scalability, stablecoin adoption, and the evolving balance between centralized and decentralized systems.
The Long Game: Compliance as a Survival Strategy
Abel Peña talks about how being in the crypto exchange industry can be exciting and boring at the same time. He described his journey as an “action movie,” filled with dramatic market events, hacks, and a constant battle against regulatory uncertainty.
Their key to longevity? Embracing compliance early on.
“We were doing compliance at a moment when nobody was, Peña stated.
“We like to think long-term, like the Japanese. And the result is, most of those exchanges [that didn’t] don’t exist anymore. We’re still here.”
This strategy has not only ensured their survival but also forged strong relationships with traditional financial institutions, with major banks like BBVA and CECA Bank now sitting on their board.
Bridging the Divide: Banks and Crypto Natives
Jeff from Ripple, a company that has worked with banks for over a decade, addressed a long-standing “us versus them” perception. He believes those days are “long gone.”
Ripple’s strategy is to build technology that allows both the digital asset world and tier-one banks to operate in the same ecosystem. This means building an “institutional-grade blockchain” that prioritizes reliability, compliance, and operational-resilience for risk-averse institutions.
The company’s focus on on-chain identity and a long-term, unhackable status is key to winning the trust of these major players.
Stablecoins: A Tale of Two Regulations
The conversation on stablecoins revealed a stark contrast between regulatory approaches.
In Europe, the Markets in Crypto-Assets (MiCA) regulation, while providing a framework, has inadvertently stifled growth.
The panel noted that MiCA’s requirements, which restrict stablecoin issuers from offering competitive yields, have hindered the adoption of Euro-denominated stablecoins.
The global crypto market remains dominated by USD stablecoins, with the volume in Euros still in the “single digits.”
In Japan, however, the mood is one of cautious optimism.
The government’s new guideline for stablecoins and the expected launch of a regulated JPY-denominated stablecoin are seen as a turning point.
Mike Onishi expressed a sense of “pity” for Japan’s traditionally conservative approach.
However, he also acknowledged that the country’s meticulous trial-and-error method is now paving the way for a more secure and trusted digital yen.
The Future is Hybrid: A Look at Trading Volume
Abel Peña predicted that the current 90/10 split in favor of centralized exchanges will shift to a more balanced 50/50 over the next five to six years. This is driven by the rise of AI agents and automated treasury management, which will favor decentralized exchanges.
However, the future is not a simple choice between one model or the other. It’s a hybrid landscape.
He pointed out that while regulated, centralized exchanges will serve the vast majority of the world with bank accounts, unregulated exchanges will continue to exist as the only option for the unbanked.
The lesson, he concluded, is that the industry, like human nature, will never agree on a single path.
The future will be a diverse ecosystem of both regulated and unregulated, centralized and decentralized, catering to different needs and risk tolerances.
