Digital Asset Summit Concludes With Creative Assets Innovation and Call for Regulatory Evolution
- Sophie Bell
- 3 days ago
- 4 min read
Final sessions explore NFT applications and propose industry-led regulatory solutions
As the Digital Asset Summit entered its closing hours, discussions shifted from institutional treasury strategies to creative applications of blockchain technology, before culminating in a frank assessment of regulatory challenges facing the sector. The afternoon's final panels demonstrated both the breadth of tokenization possibilities and the urgent need for regulatory frameworks to match the pace of innovation.
Beyond the NFT Hype: Practical Applications Emerge
Barry James, pioneering crowdfunding advocate who introduced Lee Birkett to digital assets, chaired a panel exploring how tokenization serves creative industries. His presentation of a boomerang from Australia's Yudindji tribe—itself subject to tokenization plans—symbolised how art and culture increasingly intersect with blockchain technology.
James Matthewson, founder of Superluxe & Partners, explained his journey from brand marketer to blockchain art dealer. His £65 million platform sells art in Bitcoin, Ethereum, Solana, and traditional currencies, but blockchain adoption stemmed from practical necessity. When a client discovered Matthewson's Kate Moss collection fraudulently listed on eBay, he realised authentication required technological solutions. "I need to put every single piece of art we sell on the blockchain to remove that issue of potential black market, grey market activity," Matthewson explained.
The provenance problem extends beyond fraud prevention. Matthewson's artists, historically disconnected from secondary market profits, now benefit from smart contracts automatically routing 10% of each resale back to them. "This blows their mind on a pure practical level," he noted, observing that most artists remain perpetually cash-strapped.
Charles Humpleby, former private banker pivoting to classic car tokenization, drew parallels between automotive and artistic assets. The Lamborghini Miura from "The Italian Job" represents both transportation and sculpture - art appreciated through ownership and experience rather than wall display. His model enables fractional ownership, allowing broader participation in appreciation-worthy vehicles whilst maintaining usage rights.
Sarah Townsend from Walkers explained Jersey's regulatory approach to creative asset tokenization. Using client Savea's wine index token as example, she detailed how NFTs function as digital certificates within broader investment products. Savea's NFTs represent physical wine held by third-party custodians, whilst separate SAVW tokens provide index exposure. "The NFT has been used as collateral, a digital certificate in the context of real-world asset tokenization," Townsend explained.
Mehdi Dana, MoneyBrain's CTO, addressed technology's democratising potential. Fifty years ago, only the wealthy accessed fine art investment. Now, fractional NFT ownership enables participation at any level, with blockchain ensuring transparent, immutable ownership records. "Technology brings us transparency, authority, and trust," Dana emphasised.
The panel acknowledged persistent challenges. User experience remains technical and daunting for newcomers. Regulation creates barriers—Dana noted compliance requirements "choking" fintech innovation. Banking integration poses further obstacles. Yet panellists agreed the trajectory favours adoption, with Matthewson noting this marks his third wave of technological scepticism—following internet and social media doubts—ultimately vindicated.
Closing Fireside Chat: Regulatory Reckoning
The summit's final session evolved into urgent discussion about regulatory inadequacy. Professor Sarah Green reflected on meeting colleagues previously known only online, finding affirmation in seeing theoretical frameworks deployed practically. "It's really nice to be around so many people who are of the same mind," she observed, noting decision-makers often remain oblivious to digital asset innovations.
Miriam Greenwood OBE, investment banking veteran, confessed feeling overwhelmed by discovered ignorance. Despite decades in finance, this represented "a completely different set of horizons." She questioned whether the City of London grasps the transformation underway, ultimately concluding: "probably not." Traditional attachment to old methods persists whilst UK equity markets suffer 49 consecutive months of outflows—an "existential risk" if established players don't adapt.
Sam Mudie addressed barriers facing innovators. Savea deliberately pursued regulatory approval, accepting costs and delays to establish credibility. Yet this penalises good actors whilst 99% circumvent frameworks. The UK's digital securities sandbox charges £10,000 registration plus £85,000 annually—instantly excluding under-capitalised innovators. Jersey's VASP licence with a £1,000 application fee and £1,000–£15,000 registration fee contrasts dramatically with Guernsey's fees of £100,000 for an exchange or stablecoin issuer/operator and approximately £25,000 for a non-exchange/stablecoin VASP.
Anthony Abell from TPX Property Exchanges proposed radical solutions. The digital asset industry considers establishing its own regulator, positioned between the Prudential Regulation Authority and FCA, funded by industry but staffed by former regulators. "There isn't enough time for government to catch up," Abell stated bluntly, noting Bank of England innovation programme staff work separately from economists and monetary policy experts—a fundamental process-outcome disconnect.
This echoed earlier concerns about stablecoin volumes. With £27 trillion in annual stablecoin transactions denominated primarily in USD, European liquidity evaporates. One EMI client converts €600 million monthly to USDT. "Who's using the GBP?" Abell asked. "What happens if no one's using your money?"
The solution, Birkett concluded, lies in independent expertise exemplified by Professor Green's Law Commission work—crafted without political or economic bias, now adopted globally. Jersey positioned itself advantageously through regulatory agility, though participants identified remaining gaps. Collaboration across Crown Dependencies emerged as essential.
As delegates moved toward networking drinks in the MoneyBrain Gallery, the consensus was clear: infrastructure exists, use cases proliferate, and momentum builds inexorably. The question isn't whether on-chain finance arrives, but whether jurisdictions grasp the opportunity before capital flows elsewhere.
