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digi

first_img HK Web3 Feastival Roundtable: The Present and Future of Cross-Border Payments and Asset Digitization

ChainCatcher reported live that KGA Managing Partner Kevin M. Goldstein, Binance Co-CEO Richard Teng, Stable CEO Brian Mehler, JPMorgan Asia Pacific (Payments) Fintech Industry Head Akhil Devmurari, and Bitstamp by Robinhood President Leonard Hoh jointly attended the 2026 Hong Kong Web3 Carnival roundtable discussion, focusing on "The Present and Future of Cross-Border Payments and Asset Digitization."Richard Teng pointed out that the existing financial infrastructure is extremely outdated, with bank transfers taking two to three days and high fees, while cross-border remittance rates can be as high as 11%. In contrast, stablecoin transfers are instant and cost very little. He revealed that with the passage of the U.S. Genius Act, stablecoin transaction volume has increased by over 70% year-on-year, surpassing Visa's transaction volume, and its market capitalization has grown by over 50% year-on-year. He also mentioned that Binance started trading precious metals in January this year, and within three months, its trading volume has exceeded that of many traditional commodity exchanges. Additionally, it has launched products such as petrochemical products, stock tokens, and Pre-IPO offerings, aiming to create a multi-jurisdictional, multi-asset trading platform serving over 310 million users. Regarding AI, he believes that stablecoins will become the native currency of AI, with the payment ecosystem for intelligent agents built around blockchain and AI.Akhil Devmurari pointed out from JPMorgan's perspective that the Asia-Pacific region has a population of 4.8 billion and over 90% fintech adoption rate, with cross-border payments being the biggest pain point. Digital currencies present a significant opportunity as an alternative payment track. He stated that JPMorgan's payment platform processes $12 trillion daily, focusing on tokenized deposits and tokenized assets, and applying blockchain technology to fund flows to reduce friction. He emphasized that the current market capitalization of digital currencies accounts for only about 1% of total payment volume, with 99% still in fiat currency, indicating huge growth potential, but compliance is a key link in ecological development. He defined the relationship between traditional finance and crypto as "co-opetition," stating that banks need to collaborate with the industry to drive ecological growth.Leonard Hoh stated that Bitstamp, as an exchange and infrastructure provider, has observed that trading and payment counterparties are adopting a "stablecoin-first" strategy, whether for prepayments, settlements, or credit collateral, with both traditional finance and crypto-native institutions feeling secure about this technology. He pointed out that the industry currently faces growing pains from excessive fragmentation—there is an oversupply of stablecoin issuers, Layer 1 solutions, and regulatory frameworks relative to market size, and exchanges need to address interoperability challenges across chains and borders. He believes that the key to unlocking the next stage lies in the development of non-U.S. dollar stablecoins and on-chain foreign exchange markets.Brian Mehler pointed out from the perspective of Layer 1 public chains that the technology itself is already functioning normally, with traditional cross-border payments charging about 6.5% fees for a $200 transaction, while on-chain it only requires 1% or even less. The real issue lies in the fragmentation of compliance, as regulatory frameworks in different countries operate independently. Therefore, compliance elements such as whitelist, blacklist, and travel rules must be embedded in the infrastructure layer of the chain to achieve true global interoperability. He also mentioned that PayPal has introduced PYUSD to the Stable chain, and traditional financial institutions are actively seeking to establish a presence on-chain, with Layer 1 not aiming to replace banks but to become a settlement layer.

first_img HK Web3 Feastival Roundtable: Balancing Regulation and Innovation to Co-build a Sustainable Digital Financial Ecosystem in Asia

ChainCatcher reported live that Li Guoquan, Dean of the Global Fintech Academy, Hong Kong Legislative Council member (Technology and Innovation Sector) Kenneth Lau, Chief Public Mission Officer of Hong Kong Cyberport, Chan Sze Yuen, and Executive Director of the Japan Virtual Currency Exchange Association (JVCEA) & Japan Crypto Asset Business Association, Koji Takeda, attended the HK Web3 Feastival roundtable discussion, focusing on "Balancing Regulation and Innovation to Co-build a Sustainable Asian Digital Financial Ecosystem."Kenneth Lau stated that the legislative process has been significantly advanced, and he hopes to see innovation-driven developments next, exploring how to leave space for new products and business models while improving the regulatory framework. He cited the startup exemption mechanism in U.S. legislation as an example, emphasizing the importance of a nurturing environment for innovation. He also pointed out that the Hong Kong stock market currently does not allow for a market maker system, and the liquidity provision rules in virtual asset trading will be addressed in legislative discussions within the year. Regarding prediction markets, he personally believes that Hong Kong currently does not have the conditions to open them.Chan Sze Yuen introduced that Cyberport launched a pilot subsidy program for blockchain and digital assets last year, with nine projects participating, more than half of which involve RWA tokenization, aiming to promote projects from proof of concept to commercialization. He stated that Cyberport has gathered over 300 Web3 companies from 19 countries and regions, emphasizing that trusted digital identity (KYC/AML compliance) is the foundation for scaling RWA and payment projects, while secondary market liquidity determines whether tokenized assets can become real market products.Koji Takeda revealed that the Financial Services Agency (FSA) of Japan submitted a new bill to the Diet on April 10, proposing to move the regulation of crypto assets from the Financial Services Act to the Financial Instruments and Exchange Act, which means the government officially recognizes the investment attributes of crypto assets, marking a significant shift. He also pointed out that Japan had previously seen over 200 companies relocate to places like Singapore due to strict regulations, but recently, through adjustments to corporate tax systems and discussions on personal crypto tax reforms, companies are gradually returning.Host Li Guoquan summarized that the various jurisdictions in Asia are not in competition but are part of the same ecosystem. Excessive compliance costs may push quality institutions into gray areas, and how to lower compliance thresholds in regulatory dialogues and promote responsible innovation is a common challenge facing the Asian digital financial ecosystem.

first_img Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Yip Chi-hang: The Hong Kong Securities and Futures Commission will promote three major tasks for digital asset regulation in the next 12 months

ChainCatcher live report, the Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Ye Zhi Heng, delivered a keynote speech titled "ASPIRe in Action Hong Kong's Digital Asset Journey" at the 2026 Hong Kong Web3 Carnival. He reviewed the six major milestones since the Commission launched the ASPIRe roadmap last year, including allowing licensed platforms to provide staking services, conducting joint consultations on virtual asset trading and custody systems, opening up perpetual contracts and margin financing frameworks, and launching plans to strengthen market defenses through technology.He revealed that the draft regulations for the four systems of virtual asset trading, custody, management, and advisory have reached 260 pages, and the draft was received last week. The work for the next 12 months is divided into three major clusters: first, promoting innovation through regulation, advancing legislative and regulatory guideline consultations; second, promoting innovation through practice, gradually allowing tokenized authorized funds to trade on licensed platforms; third, promoting innovation through interaction, advancing automated reporting, signing international bilateral memorandums, and combating financial crime frameworks. He emphasized that Hong Kong is "moving steadily forward, fast because of stability."

The consultation on the draft "Financial Law" has ended, with very little involvement regarding the legal status of digital currencies and the regulatory boundaries of crypto assets

According to Caixin, the one-month public consultation for the "Financial Law of the People's Republic of China (Draft)" ended today (April 19). This is the first overarching law in China and the world with "finance" in its name. The expansion of "quasi-judicial powers" for financial regulation is a topic of great concern in the market.According to Article 55 and related provisions, financial regulatory authorities have the right to access and copy property rights information, communication records, and transaction records of relevant entities and individuals when investigating financial violations. They can directly freeze or seal assets if there is evidence suggesting the transfer or concealment of illegal funds and securities. They can even decide that individuals suspected of violations cannot leave the country during the investigation.In addition, Zeng Gang, chief expert and director of the Shanghai Financial and Development Laboratory, believes that the "Financial Law" should also strengthen its focus and coverage on emerging financial formats. Topics such as AI-driven financial decision-making, the legal status of digital currencies, and the regulatory boundaries of crypto assets have sparked widespread controversy globally, but the draft addresses them very little. How to maintain a dynamic balance between lawful regulation and inclusive innovation is a problem left to be solved by legislation.

Gongye Feng, founder of Monera Digital: AI should serve as a "trust accelerator" for private banking, rather than replacing traders

At the "Crypto 2026: From Cryptocurrency to Smart Economy" themed forum held in Hong Kong, Gongye Feng, co-founder and CEO of Monera Digital, delivered a keynote speech titled "AI Empowered Private Banking for the Smart Economy."Feng pointed out that what disappeared after 2022 was not the demand for digital assets, but the market's confidence in the ways capital could enter. Monera Digital positions itself as an AI private bank for the smart economy, with the core not being to use AI as traders, but to act as an accelerator, compressing the research, testing, and iteration cycles from months to days.He emphasized that risk control must be institutionalized rather than personalized. Monera has built four lines of defense: source constraints on exposure and collateral, automated clearing and margin management, complete segregation of client assets, and eliminating maturity mismatches while maintaining liquidity buffers. Additionally, AI plays the role of a 24/7 digital CRO, achieving a leap from passive monitoring to proactive warning.In terms of service model, Monera does not operate as a pure technology platform, but insists on "anti-AI illusion," where AI is responsible for optimization and efficiency, while trust, responsibility, and continuity of relationships are still borne by humans. Feng believes that the prerequisite for crypto assets to truly become configurable assets is to translate complexity into clear, continuous, and trustworthy private banking services.
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