HashKey Group Chairman and CEO Xiao Feng kicked off the 2025 Hong Kong Web3 Competition on Sunday with a keynote tackle highlighting blockchain expertise’s transformative affect on international monetary infrastructure.
Talking to an early morning crowd on the Hong Kong Conference and Exhibition Heart, Xiao described blockchain as “a brand new era of economic infrastructure” that essentially modifications how monetary transactions are recorded, settled and ruled.
Industrial Revolution Requires Monetary Innovation
“Any industrial revolution should look forward to a monetary revolution,” Xiao instructed attendees on the four-day occasion hosted by his firm.
Xiao emphasised historic parallels between technological and monetary evolution: banking credit score supported the British Industrial Revolution, inventory markets enabled {the electrical} revolution in America, and enterprise capital fueled Silicon Valley’s data revolution.
“Cryptocurrency finance will change into the core monetary innovation supporting the fourth industrial revolution.”
The chief highlighted key variations between conventional and blockchain-based finance, together with the shift from financial institution accounts to digital wallets and the transfer from batch settlement methods to instantaneous transaction completion.
Regulatory Adjustments and Market Evolution
Xiao famous the importance of the U.S. Securities and Trade Fee’s current choice to not classify dollar-backed stablecoins as securities, suggesting this enables extra establishments to take part in financial creation processes.
He additionally pointed to main inventory exchanges shifting towards 23-hour buying and selling cycles, in comparison with blockchain markets that function constantly.
“Conventional exchanges will ultimately have to adapt to compete with cryptocurrency markets which have operated 24/7 since day one,” Xiao predicted.
Hong Kong’s Strategic Function
The occasion options a number of high-profile regulators, together with Paul Chan Mo-po, Monetary Secretary of the Hong Kong Authorities; Joseph H. L. Chan, Underneath Secretary for Monetary Companies and the Treasury; Christina Choi, Govt Director of Funding Merchandise on the Securities and Futures Fee; and George Chou, Chief Fintech Officer of the Hong Kong Financial Authority.
Whereas mainland China maintains strict prohibitions on cryptocurrencies, analysts view Hong Kong’s supportive stance as a strategic testing floor for the expertise’s potential. This method successfully creates a regulatory respiration area the place blockchain improvements can develop beneath managed situations, doubtlessly informing future insurance policies throughout the broader Chinese language economic system.
The Web3 Competition continues by Wednesday with business panels, demonstrations and networking occasions, bringing collectively blockchain builders, buyers and expertise lovers from world wide.
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