The virtual asset industry stands at the cusp of a transformative era—one where trust is no longer placed in centralized institutions, but verified through decentralized technology. At the heart of this evolution was OKX President Hong’s keynote address during Hong Kong’s flagship Web3 Festival, where she articulated a bold vision: cryptocurrency is paving the way toward a trustless, transparent, and more equitable financial future.
As title sponsor of the event, OKX reinforced its leadership in the global Web3 ecosystem. Hong’s speech resonated with developers, regulators, and innovators alike, highlighting how blockchain technology addresses systemic flaws in traditional finance while empowering individuals worldwide.
A Failing System Calls for a New Foundation
Recent global financial turbulence—from the collapse of Silicon Valley Bank to rising inflation and declining public confidence in Big Tech—has exposed deep vulnerabilities in the current financial infrastructure. “Recent events suggest the current system is no longer fit for purpose,” Hong stated. “The seams are showing, and a rewrite is needed.”
She emphasized that today’s financial model relies heavily on intermediaries—banks, payment processors, and regulatory bodies—that act as gatekeepers of trust. Yet, this model fails over 1.7 billion unbanked adults globally, leaving them excluded from basic financial services like savings, credit, and secure transactions.
In contrast, blockchain offers a trustless system—one where transactions are verified not by institutions, but by cryptographic proof and distributed consensus. This shift removes reliance on third parties and replaces blind trust with verifiable transparency.
👉 Discover how blockchain is redefining trust in modern finance.
What Makes Money, Money?
At the core of Hong’s argument was a fundamental question: What gives money its value? She outlined three essential properties:
- Store of value: Must retain worth over time
- Unit of account: Must be consistent and fungible
- Medium of exchange: Must be verifiable, convenient, and scalable
Fiat currencies, she argued, have been so heavily manipulated through quantitative easing and inflationary policies that they increasingly fail all three criteria. In contrast, Bitcoin and other well-designed cryptocurrencies uphold these principles through scarcity, decentralization, and cryptographic security.
“Bitcoin does what money should do,” Hong said. “And it’s not alone—cryptocurrencies are rising because they offer real utility in a world demanding better alternatives.”
This foundational shift isn’t just theoretical—it’s already enabling real-world applications across remittances, cross-border payments, and decentralized finance (DeFi).
Be Your Own Bank: The Web3 Revolution
One of the most powerful promises of Web3 is individual sovereignty. No longer must users surrender control of their assets to banks or platforms. With blockchain, anyone can be their own bank.
Hong defined banking simply: safety of savings, access to payments, and yield on wealth. In the Web3 world, these functions are accessible without intermediaries. Through tools like the OKX Wallet, users can securely store assets, interact with DeFi protocols, and earn yield—all while maintaining full custody.
“With blockchain technology, you can verify your own assets,” Hong explained. “You don’t need to trust a bank. You can see the code, audit the reserves, and transact peer-to-peer.”
This paradigm shift extends beyond personal finance. It enables creators to monetize directly, developers to build open ecosystems, and communities to govern protocols through decentralized autonomous organizations (DAOs).
👉 Explore how self-custody is changing the future of finance.
Building the Infrastructure for an Open Future
OKX isn’t just advocating for this future—it’s actively building it. The company has introduced several innovations that lower barriers to Web3 adoption:
- Monthly Proof of Reserves: In March, OKX published its fifth consecutive Proof of Reserves report, verifying $8.9 billion in BTC, ETH, and USDT holdings. This transparency sets a new standard for exchange accountability.
- MPC Wallet Technology: OKX launched the Web3 industry’s first Multi-Party Computation (MPC) wallet supporting over 37 blockchains. This eliminates the need for private keys, making self-custody safer and more user-friendly.
- Regulatory Compliance: OKX is applying for a Hong Kong Virtual Asset Service Provider (VASP) license under the new regulatory framework, along with Type 1 and Type 7 licenses under the Securities and Futures Ordinance—demonstrating its commitment to responsible innovation.
These efforts reflect a broader mission: to build the infrastructure ("rails") of a decentralized financial system that is secure, compliant, and globally accessible.
Bridging Innovation and Regulation
Hong’s appearance alongside high-level officials—including Paul Chan, Financial Secretary of Hong Kong SAR, and representatives from the Hong Kong Monetary Authority and Securities and Futures Commission—underscored growing institutional recognition of Web3’s potential.
Her message was clear: innovation must go hand-in-hand with regulation. “We believe in building within frameworks that protect users and ensure market integrity,” she said. “Compliance isn’t a barrier—it’s a foundation for sustainable growth.”
By proactively engaging with regulators and publishing transparent data, OKX aims to foster trust not only among users but also among policymakers shaping the future of digital assets.
👉 Learn how regulated innovation is driving Web3 adoption.
Frequently Asked Questions
Q: What does "trustless" mean in blockchain?
A: "Trustless" doesn’t mean distrust—it means you don’t need to trust intermediaries. Transactions are verified by code and consensus across a decentralized network, making fraud or manipulation extremely difficult.
Q: How does OKX ensure user funds are safe?
A: OKX publishes monthly Proof of Reserves audits to prove it holds sufficient assets to cover user balances. It also uses MPC wallet technology to enhance security and prevent single points of failure.
Q: Can I really "be my own bank" with Web3?
A: Yes. With self-custody wallets like OKX Wallet, you control your private keys and assets. You can send payments, earn interest via DeFi, and manage investments without relying on traditional banks.
Q: Is Hong Kong becoming a crypto hub?
A: Yes. With clear licensing frameworks for VASPs and strong government support for Web3 innovation, Hong Kong is positioning itself as a leading global hub for responsible crypto development.
Q: What is MPC wallet technology?
A: Multi-Party Computation (MPC) splits private key access across multiple parties or devices. No single entity ever has full control, reducing theft risk while improving usability compared to traditional key management.
Q: Why is transparency important for crypto exchanges?
A: Transparency builds trust. Regular Proof of Reserves reports show users their funds are backed 1:1, countering concerns about insolvency or mismanagement seen in past exchange failures.
The vision laid out by OKX President Hong is both pragmatic and revolutionary: a financial system rooted in code, not coercion; in transparency, not opacity; in inclusion, not exclusion. As blockchain matures and adoption grows, the shift toward a decentralized, equitable digital economy is no longer speculative—it’s inevitable.
With innovation, responsibility, and user empowerment at its core, OKX continues to lead the charge in building the foundation for that future—one protocol, one wallet, one transparent report at a time.