Blog
Success at Hong Kong Event as Regulation Develops
June 01, 2023
With the requirement of compliance looming ever higher over Hong Kong, Blockpass is hard at work as always ensuring that our regulatory solutions are the best suited to meeting businesses and users’ needs. In this, Blockpass was delighted to be invited to Radical Finance Asia 2023 in Hong Kong earlier this week and, with the opportunity to showcase our solutions in a head-to-head competition, was thrilled to be awarded first place!
Held at Freespace West Kowloon on the 29th of May, Radical Finance Asia 2023 was an elite event focused around the intersection of FinTech, Web3 and AI that aimed to explore how the transition to Web3 and AI will revolutionize the financial industry. Featuring talks, competitions and roundtables, the event hosted 400 of the industry’s best and brightest minds to examine pitfalls and opportunities and what the future holds for crypto and blockchain.
The significance of the day can be seen in the reveal of two new associations that took place at the event, with the launch of the Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour aiming to further Hong Kong’s goals of becoming a crypto hub. With members that know how important regulatory compliance is (some of whom Blockpass already provides compliance services for), the two associations will capitalize on the promise of crypto and blockchain at a time when many other countries in Asia, as well as the USA, are deterring crypto and blockchain innovations with their approaches. With forward-thinking minds leading the charge, the outcomes of Radical Finance Asia 2023 are sure to be significant.
Part of the event also consisted of a ‘live battle’ where startups competed to showcase the potential of their services. Represented by CEO Adam Vaziri, Blockpass took to the floor in front of a panel of expert judges to pitch the benefits and use cases of Blockpass’ unique compliance solutions, highlighting how KYC and AML can be simple, efficient and safe at the same time. Although up against stiff competition, the value of Blockpass shone through and Blockpass came in first place!
As of the first of June, following the Hong Kong Securities and Futures Commission’s decision, retail investors are allowed to trade specific virtual assets on licensed trading platforms and as such there has never been a more important time for such businesses, and the customers that use them, to have the best compliance solutions in place. A number of the members of the HKLVAA are from companies that have been licensed by the Hong Kong Securities and Futures Commission and have first-hand experience of what regulatory compliance entails.
Winning the award, Blockpass hopes to showcase its suitability in providing regulatory solutions but that doesn’t mean improvements and developments will stop! Blockpass continuously works to improve the way compliance is met and our services are constantly being updated to meet upcoming regulatory standards and to make the experience of compliance as seamless and painless as it can possibly be.
The Blockpass platform is fully automated and hosted in the cloud, with no integration or setup fee. Businesses can sign up to the KYC Connect console in a matter of minutes, test out the service, and start conducting identity documents verification, KYC and AML checks. Take a look at Blockpass' groundbreaking crypto compliance solutions:
KYC CONNECT®
- Built-for-Crypto, centralized off-chain KYC platform
- Bank-grade KYC/AML
- No integration necessary, no setup cost
- Self-service and managed SaaS plans
ON-CHAIN KYC®
- On-chain, zero-knowledge verification KYC platform
- Customers complete KYCin an anonymous, data-free way
- Verification results delivered by API KYC / ID data oracle across multiple blockchains
UNHOSTED WALLET KYC™
- Only KYC solution for unhosted (or non-custodial) wallets in the market
- Adheres to the Crypto Travel Rule laws being adopted, reduces regulatory risk of transactions
- Verifies users own/control their crypto addresses
By Matthew Warner