Radical Finance Asia 2023 saw its sponsor, Huobi, participate in the Web3 event with its General Manager of Assets & Commercial Center, making an appearance in a discussion round. The event was hosted in Hong Kong with more participants on the list. This includes SEBA Bank, Amber Group, and Dragonfly, among many others.
The theme of the event was Push Beyond The Hype And Unlock The Potential Of Web3 & AI In Finance. All the participants came together to talk about how AI and Web3 can be implemented in today’s time for a better impact on the community.
Edward Chen’s discussion at the Web3 event was centered around exploring space beyond traditional investment. Needless to say, the ideology was majorly based on looking over and above the existing financial infrastructure. The complementary talk was to encourage the adoption of digital assets by including them right by the side of traditional tokens.
Radical Finance Asia 2023, sponsored by Huobi, had two objectives:
- Look into the construction and implementation of a decentralized financial framework & blockchain ecosystem, and,
- Provide case studies about the ways in which the same can have economic significance through the encryption technology of Hong Kong.
Compliance remained at the center throughout the discussion. Hong Kong has emerged as one of the most friendly countries for digital assets, or cryptocurrencies, to be more precise. The region has not just welcomed the move, but it has also taken measures to craft a regulatory framework for cryptocurrencies.
One such recent move by Hong Kong’s Securities & Futures Commission is the implementation of regulatory provisions for digital assets. They are scheduled to go into effect on June 01, 2023. Huobi has invested in the Web3 ecosystem of Hong Kong. It continues to remain optimistic about the future of upcoming technology in the Asian region. With a new regulatory framework in practice, it strengthens not just the belief but also the efforts to further the investment.
Edward, during the discussion round, highlighted that there is a dire need to incorporate cryptocurrencies with the traditional financial system to better deal with their inefficiencies. Also, it will enable them to provide an additional option to customers who are yet to explore the sphere. There is an opportunity to crack down on the most economical and efficient payment mechanism. However, it can only be done if Web3 events like these echo similar words spoken in this edition.
Edward said that payment giants, including PayPal and Goldman Sachs, are starting to embrace their involvement in the market of cryptocurrency. Adding that their settlement process is more likely to come in handy in the times to come.
Huobi is planning to apply for a license to operate its Hong Kong entity. It will move across the grace period of 18 months, which starts from June 01, 2023, to operate the platform. Huobi may choose to secure the license during the grace period and continue its operations.