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Valeria Zafar
Head of Institutional Market Development, Kinexys
JP Morgan
Valeria Zafar is the Global Head of Institutional Market Development at Kinexys and responsible for the commercialization of Kinexys digital assets products across the globe with J.P. Morgan’s institutional clients.
Valeria is a seasoned Product and Solutions Sales leader with extensive experience across APAC and EMEA, specializing in digital assets, blockchain and financial market infrastructure. She has held roles across multiple divisions at J.P. Morgan, where she developed a comprehensive understanding of capital markets infrastructure – from trading and post-trade operations to custody.
Building on this foundation, Valeria has worked at leading fintech and blockchain companies, including Digital Assets and Fireblocks, where she has been closely involved in the development of digital asset infrastructure, tokenization initiatives, and implementing these products with many financial institutions across the globe. Her experience bridges traditional finance and emerging decentralized technologies, giving her a unique perspective on how markets are evolving.
Valeria focuses on how tokenization and distributed ledger technology can transform post-trade processes, including clearing, settlement, and custody. She brings a practical, institutionally grounded view on how banks and FMIs can adapt their operating models, unlock efficiencies and new products, and redefine their role in an increasingly real-time and programmable financial system.
Speaking At
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11:30am–1:00pmTue 17 NovPublic-Private RoundtableRoundtable Room 2Open
The Scaling Challenge in Tokenized MarketsGlobal Frameworks and Shared Best Practices in Payments Chains
Multi-Issuance and Its Alternatives: Making Cross-Border Stablecoin Recognition Work
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Aymeric SalleyHead of Digital Assets PlatformBanking Circle
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Chengyi OngDirector of Policy & Regulatory Strategy, APACCircle
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Jesse McWatersEVP, Head of Global PolicyMastercard
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Jonah CraneHead of Global Regulatory & Policy StrategyStripe
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June LauAPAC Head of Policy & Regulatory AffairsElliptic
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Kwadwo BotweFintech SupervisorBank of Ghana
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Lesley ChavkinHead of PolicyRibbit Capital
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Nobuyasu SugimotoDeputy Division Chief of Financial Supervision & RegulationInternational Monetary Fund
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Peter KerstensAdvisor, DG FISMAEuropean Commission
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Rahul AdvaniGlobal Co-Head of PolicyRipple
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Sasha MillsExecutive Director of Financial Market InfrastructureBank of England
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Valeria ZafarHead of Institutional Market Development, KinexysJP Morgan
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Jannah PatchayExecutive in Residence & Board MemberGlobal Digital FinanceModerator
About this session
The GDF Global Stablecoin Regulatory Playbook, published in January 2026, set out shared terminology and outcome-based principles for stablecoin regulation across jurisdictions. The subsequent report ‘Global Stablecoin Regulatory Frameworks: Closing the Gap’ drawn from insights at the Point Zero Forum in June 2026 took this work a step further. It mapped where regulators already agree and isolated the one problem that domestic frameworks were never designed to solve: how a stablecoin issued under one jurisdiction's rules can circulate safely under another's.
The report framed two models for scaling beyond domestic rules. The first keeps issuance local while seeking to preserve a unified token, through multiple licensed entities issuing a fungible stablecoin under comparable standards. The second permits a foreign-issued stablecoin to operate through recognition based on comparable, rather than identical, regulatory outcomes. It also recorded differing regulatory perspectives on the perceived risk associated with multi-issuance, particularly correlated redemption pressure and the resilience of a stablecoin’s fungibility under stress.
The roundtable convenes policymakers, global standard-setters and industry leaders to examine how these models could operate in practice. When is multi-issuance necessary to meet host-jurisdiction objectives? When can unilateral or mutual recognition provide sufficient safeguards? Where a combination of the two is appropriate, how should responsibility for reserves, redemption, supervision and crisis management be allocated? The session will focus on the conditions needed to make each approach workable while preserving fungibility and avoiding unnecessary regulatory fragmentation.
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