Blockchain technology will reshape financial services in the coming decade in the same way broadband internet reshaped media companies, CMCC Global co-founder Charlie Morris said at CLSA’s 28th annual Flagship Investors’ Forum in virtual form.

“Twenty years ago, broadband enabled explosive growth of the internet,” Morris said. “We are now at the broadband moment for blockchain technology. Larger scalability, clearer regulation landscape and increasing institutional adoptions are signs that we are standing at the pivot point.’’

Where some see regulatory threats, Morris sees opportunity, as what is occurring now is “actually regulators regulating the space into existence.” A clearer regulatory landscape is a positive development, he said.

Morris also sees convergence as traditional finance begins to incorporate crypto products into client offerings and with many large companies now also holding bitcoin on their balance sheets.

“Two of the largest bitcoin holders in the world are the U.S. government and the Chinese government,” he said.

CMCC Global is one of Asia’s first venture capital funds focused purely on blockchain technology and has offices in North America and Asia.