As global leaders convene in Davos for the 2026 World Economic Forum, crypto and blockchain are entering a markedly different phase from the one that defined their early rise.

The debate is no longer about ideology or price cycles, but about utility, regulation, and whether the technology can deliver outcomes meaningful enough for institutions, businesses, and everyday users.

With Bitcoin’s role as “digital gold” largely settled, attention is shifting to what comes next—and whether the broader token economy can underpin real economic activity.

Yat Siu, Chairman of Animoca Brands, argues that this moment closely resembles the post–dotcom reset, when excesses gave way to durable platforms and long-term winners.

In his view, the next wave of growth will be driven by utility-focused altcoins, clearer regulatory frameworks such as Europe’s MiCA, and a funding cycle increasingly centred on liquid, established digital assets rather than speculative launches.

Speaking ahead of his participation at Davos’ Web3 Hub, Siu outlines why identity, tokenization, and compliant public blockchains are moving to the centre of global economic discussions—and what the “crypto curious” should be watching as Web3 seeks a seat at the institutional table.

At Davos this year, we expect a clear signal that crypto and blockchain have moved beyond ideology and speculation, and into a phase defined by utility, regulation, and institutional collaboration.

Invezz: If Bitcoin is the anchor, which non-gaming utility sector will deliver the fastest real-world value to the “crypto curious,” and why?

Bitcoin will continue to cement its status as “digital gold,” but real utility will come from the broader altcoin market.

Many people who enter crypto do so through tokens that offer some kind of utility, whether it be in DeFi, NFTs, etc. 

I’d say identity will deliver the most real-world value to the crypto curious in terms of verifiable credentials, tokenized memberships, and loyalty programs.

Almost everyone has a pain point here, proving who they are, proving what they own, or accessing benefits across platforms.

You don’t need to understand DeFi to see the value of “this token proves I’m a verified professional, student, or premium customer.”

That’s real-world utility people can grasp instantly.

Invezz: Which real-world asset classes (real estate, infrastructure, IP, royalties, etc.) are closest to mainstream tokenization, and what are the single biggest operational barriers still blocking scale?

Today, digital music has been completely integrated into our lives to the point that we no longer say “digital music” or “MP3”; we simply call it music.

As such, royalties and IP are actually the closest to achieving mainstream today.

Music, film, gaming IP, and creator royalties are already moving into tokenized forms because the ownership and cash-flow structure is discrete, digital, and enforceable. 

Custody and interoperability will be the biggest operational barrier.

It’s easy to mint a token representing an asset, but if exchanges, custodians, wallets, and marketplaces don’t “talk to each other,” you’ve got isolated silos.

And then there’s the regulatory compliance side: KYC, AML, and cross-border legal frameworks can still be ineffective. 

Invezz: Many large companies are risk-averse about tokenizing assets. What mistakes or misconceptions will cause incumbents to be left behind, and what immediate, low-cost steps should they take to avoid that fate?

Businesses must tokenize or die.

Today, companies that do not tokenize their assets to make them more accessible to AI and Web3 liquidity will become less relevant in much the same way that traditional businesses lost to internet-savvy competitors like Amazon or Steam.

The biggest mistake is thinking this is “just another IT project.” It’s not; tokenization is a business model.

Immediate, low-cost steps include simply exploring the possibilities of tokenization.

Mapping out network effects and unearthing how tokenizing assets could unlock new partnerships or audiences will serve to identify strategic opportunities, inform decision-making, and lay the groundwork for scalable, value-driven implementations.

Invezz: Regulators and institutions are citing frameworks like MiCA. What specific regulatory guardrails or market infrastructure are still missing to make public blockchains a trusted settlement layer for banks and asset managers?

The adoption of compliant, institutional-grade tokenization frameworks in major jurisdictions, such as the EU’s MiCA regulation, makes RWAs a compelling reason for major banks and asset managers to engage with public blockchains.

MiCA and similar rules are a good start, but public blockchains aren’t ready for banks yet.

To become trusted settlement layers, they still need clear global rules, strong risk and compliance frameworks, legal certainty for on-chain transactions, tools for monitoring and auditing, and integration with existing financial systems.

Until these exist, banks can experiment, but cannot fully replace traditional ledgers with public blockchains.

Invezz: In contrast to Europe, how do you view the US regulatory landscape in 2026? Are we seeing a divergence where innovation continues to migrate to Europe and Asia, or is the US finally catching up to becoming a “viable settlement layer” for banks?

The US is still fragmented. Some states are aggressively pro-crypto, some agencies are cautious, and the SEC’s stance is still heavy-handed in areas like token securities.

On the other hand, Europe, with MiCA and sandboxes, is more consistent and predictable.

While the GENIUS Act provided an initial legal framework, the industry also gained much-needed guidance with the proposed Clarity Act in the US, which establishes a framework to define SEC vs CFTC jurisdiction over digital assets.

I believe the Clarity Act will pass Congress in 2026 and will trigger a wave of tokenization for many types of companies in the US, both large and small.

Invezz: Animoca is moving toward a Nasdaq listing. What strategic advantages do you expect that listing to bring for Animoca’s portfolio companies and for broader institutional engagement with Web3?

The reverse merger of Animoca Brands and Currenc will result in the world’s first publicly-listed, diversified digital assets conglomerate, giving investors on Nasdaq direct access to the growth potential of the trillion-dollar altcoin digital economy through a single, diversified vehicle spanning DeFi, AI, NFTs, gaming, and DeSci. 

I believe that this proposed transaction will usher in a new asset class that should position investors at the forefront of one of the greatest opportunities of our generation.

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