Interviewee: Lee Kok Choy, Professor at Singapore University of Social Sciences
Author: Anderson Sima, Foresight News
After delivering a 20-minute keynote speech, Professor Lee Kok Choy hurried to the interview room. Among the young attendees, he stood out as one of the few septuagenarian participants. Yet in blockchain circles, he’s recognized as a rare expert bridging academia and industry.
Professor Lee teaches at Singapore University of Social Sciences and chairs the Global FinTech Institute. A London School of Economics PhD graduate, he has lectured at top institutions like the National University of Singapore. Beyond academia, his entrepreneurial ventures span hedge funds and real estate development, consistently collaborating with innovators.
His blockchain journey began through his son—at age 14, the boy revealed he could earn Bitcoin by gaming. This sparked Lee’s fascination with decentralized technology. In 2014, he pioneered blockchain courses at Singapore Management University (SMU) and authored the award-winning Handbook of Digital Currency (2015).
Notably, this Singaporean scholar keenly observes China’s technological evolution. During his October 17th speech at Shanghai Blockchain Week, he interpreted "new quality productive forces" for global audiences as the integration of AI, blockchain, and clean energy innovations.
Foresight News Interview: Key Insights
Q: How do you assess blockchain’s current ecosystem and future trajectory?
Lee: Early stages resembled wildgrass growth—ICO-funded projects flourished indiscriminately. Survival rates were ~5%, but those enduring matured remarkably. Bitcoin’s 15-year journey makes 1000x gains improbable now; valuations align with traditional metrics. Today’s blockchain isn’t chaotic—it’s a well-tended garden.
Ethereum slashed fees, boosting adoption, while Solana intensifies competition. The next 15 years will diverge sharply from the past. Future projects transcend token launches—RWA, DePIN, and Web3-traditional economy hybrids hold vast potential. Crucially, initiatives must align with national interests: compliance, security, equitable growth, and sustainability. Impactful projects will dominate this decade.
Q: Your perspective on Mainland China’s strict crypto regulations?
Lee: Drawing from Singapore’s experience a decade ago—we anticipated Bitcoin’s acceptance, and were proven right. Similarly, I’m confident China will embrace Web3 when global frameworks stabilize. Early-stage suppression of speculation was necessary; China’s approach mirrors pruning wildgrass before cultivation.
As BIS, central banks, and financial institutions adopt crypto, China won’t remain isolated. Hong Kong’s pilot zone demonstrates China’s cautious encouragement—regulated exchanges there thrive. This controlled experimentation is pivotal.
Q: How does Singapore’s crypto strategy differ?
Lee: Singapore leads as a first-mover. While smaller than the U.S. market, it bridges China and America amid their tech distrust. Singapore’s proposed unified blockchain could interconnect these giants—a unique role Hong Kong can’t replicate, given its deep Mainland ties (which strengthen its position).
Q: Could the 2024 U.S. election impact crypto?
Lee: Regardless of the winner, crypto’s upward trajectory won’t falter—though a Trump victory might accelerate adoption. Crypto has become a political tool, influencing voter bases and great-power dynamics. Its integration into formal finance is inevitable.
Q: AI’s evolution and synergy with blockchain?
Lee: AI’s compliance costs dwarf crypto’s. Its winner-takes-all nature favors governments and corporations over individuals. While AI boosts efficiency, it risks job displacement and misuse—thus requiring ethical guardrails. Blockchain’s cryptographic frameworks can secure AI data ownership and distribution, ensuring human oversight. This convergence is inevitable.
Q: Balancing "common prosperity" with crypto’s winner-takes-all reality?
Lee: Early adopters merit high rewards for disproportionate risk. As crypto institutionalizes, returns will normalize (~30% annually). Sustainable growth demands creating entirely new industries—not redistributing existing wealth.
Ethics are non-negotiable: profit without principle leads to fraud. Don’t chase money; let demand find you. Patience rewards genuine innovation.
FAQ Section
Q: Why does blockchain need traditional economic integration?
A: Hybrid models like RWA unlock liquidity and legitimacy, attracting institutional capital—vital for mainstream adoption.
Q: Will China ever legalize crypto trading?
A: Likely, but only after global regulatory consensus and when risks are quantifiable—Hong Kong’s model provides a template.
Q: How can startups thrive amid competition?
A: Focus on unmet needs—build new "cakes," don’t fight for slices. Ethical foundations ensure longevity.
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This interview has been edited for clarity and length. All investment carries risk—conduct independent research before decisions.