Radical Finance Asia 2023 is an exclusive Web3.0 industry summit held in Hong Kong initiated by Finoverse, the organizer of Hong Kong FinTech Week. Under the theme of “Push beyond the hype and unlock the potential of Web3 & AI in finance,” the conference invited numerous institutions in the industry, such as Huobi, Dragonfly, Amber Group, SEBA Bank, Fidelity, and Token Bay Capital. They all came together to explore real-life cases of Web3 and AI along with the transformative impact these technologies have on the entire fintech industry.
As a trailblazer in the realm of Web3 exploration, Huobi attended Radical Finance Asia 2023 with two objectives. First, Huobi aimed to actively engage and promote the construction of decentralized finance and blockchain ecosystems, serving as a bridge to Web3 users. Second, it seeks to provide case studies with practical economic significance for Hong Kong’s encryption technology, while having compliance as its cornerstone.
During the fireside chat, Edward mentioned that an increasing number of traditional financial tycoons such as PayPal, Goldman Sachs, and J.P. Morgan are beginning to embrace and expand their involvement in the crypto market. He said, ”By incorporating cryptocurrencies into the traditional payment system, traditional financial institutions can improve the inefficiencies of payments with traditional currencies and explore more efficient, secure, and cost-effective payment methods. The standard settlement processes these payment giants established in their past development will also contribute to crypto’s future mass adoption. In addition, they are researching new areas and raising new questions about managing these products from a risk management perspective. That is, the potential of cryptocurrencies as a hedge against stocks, bonds, and the US dollar.”
Since last year, Hong Kong has unveiled several friendly policies for the crypto industry and announced a “new regulatory framework” for crypto. The Securities and Futures Commission of Hong Kong recently announced the implementation of regulatory provisions for virtual assets starting from June 1. As an essential participant in the crypto industry, Huobi has always been optimistic about the development of the Hong Kong crypto market.
Huobi is an important investor in Hong Kong’s first-ever Web3 ecosystem funding and will actively encourage and expedite the development of Web3 in the region. During the Hong Kong Web3 Carnival this year, the Hong Kong Web3.0 Hub announced its plan to initiate funding for the development of Web3 in Hong Kong.
In addition, Huobi is applying for a license to operate their cryptocurrency business in Hong Kong and plans to establish a new exchange: Huobi Hong Kong. After June 1, Huobi will have an 18-month grace period to operate the exchange in Hong Kong. During these 18 months, Huobi may obtain approval from the Hong Kong SAR government at any time to operate the exchange in the region.
Huobi aims to enter the Hong Kong market with its compliant and regulated operation, further expanding its influence to the Asian and global crypto markets while building a bridge for users toward Web3.
