Review of Hong Kong EDGE Summit: The emergence of Web3 technology in anti-money laundering in finance.

23-09-29 12:00

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Hong Kong, September 27, 2023 - The EDGE Global AI & Web3 Investment Summit successfully concluded yesterday, with one of the most anticipated sub-forums being "WEB3 Technology and Anti-Money Laundering". Government representatives, industry experts, investors, and business practitioners gathered together to explore the latest trends in global financial anti-money laundering and innovative opportunities for Hong Kong in financial system anti-money laundering and counter-terrorism financing compliance measures.

With the rapid development of financial technology and the widespread application of blockchain technology, Web3.0 is gradually becoming a new tool for anti-money laundering in finance. As one of the most important financial centers in Asia, Hong Kong faces the threat of financial crimes such as money laundering and terrorist financing due to its geographical location and the complexity of its financial business. Therefore, the Hong Kong Monetary Authority has been strengthening its regulatory and preventive measures against anti-money laundering. The application of Web3.0 technology can provide more efficient, secure, and transparent solutions for anti-money laundering, helping to prevent financial crimes such as money laundering and terrorist financing.

The sub-forum brought together a series of leaders, witnessing their high attention and strong support for the theme of this event. The opening ceremony was hosted by Thomas Cheung, a Hong Kong Justice of the Peace, former Hong Kong National People's Congress representative, and President of the Hong Kong Blockchain Association HKBA.club. In his speech, he emphasized the huge potential of Web3 technology in the financial field and the importance of this technology in anti-money laundering work.

Meanwhile, Mr. Eddie Yue, Director and Chief Executive of the Hong Kong Monetary Authority, and Mr. Dong Yiyue, Director and Head of Policy Research at the Hong Kong Institute of Monetary Research, also shared their insights on the application scenarios and development prospects of Web3 and the blockchain industry.

He pointed out that in 2021, the Hong Kong Special Administrative Region government issued a series of policies related to cryptocurrencies. At that time, many people were concerned about whether Hong Kong should continue to promote cryptocurrency-related affairs. However, in reality, the Hong Kong Monetary Authority is not a regulatory body, but a government agency established by the Hong Kong Special Administrative Region government. The Hong Kong Monetary Authority's mission is to regulate the financial market while promoting its development. Over the past decade, the Hong Kong Monetary Authority has issued approximately 60 reports covering multiple areas such as regulation, market promotion, and policy recommendations.

In addition to policy research, the Hong Kong Financial Development Bureau also participates in market promotion and talent training. Among them, the application of blockchain technology is a key area that the Hong Kong Financial Development Bureau believes is relevant to everyone. The application of blockchain technology is not only related to cryptocurrency, but it can also have important impacts in other fields.

As an international financial center, Hong Kong needs to retain blockchain technology and related talents in order to serve the financial industry. This requires the creation of appropriate regulations and business environment to attract talents and businesses to stay in Hong Kong.

In addition, the Hong Kong Monetary Authority is also paying attention to the application of blockchain technology in the field of anti-money laundering. Blockchain technology can improve the traceability of transactions and help prevent money laundering activities. The Hong Kong Monetary Authority is also actively participating in international cooperation to share best practices and experiences.

The roundtable discussion in the sub-forum will be hosted by Andy, the founder of Blockchain Academy, with the theme of "Strengthening cooperation and innovation opportunities in Hong Kong's anti-money laundering system". The experts participating in the discussion include Liangdian Capital partner, Lau Wai Sun, adjunct professor at the Chinese University of Hong Kong, Belt and Road Technology Finance Association, Hong Kong Blockchain Association Federation Chairman Tang Yi, and Flashwire co-founder Chen Hao, a compliant digital bank in the Asia-Pacific region.

In this sub-forum, participants delved into how Web3 technology can provide innovative solutions for anti-money laundering, including how the decentralized nature of blockchain technology ensures the security and traceability of transactions. At the same time, the automation of smart contract execution is also considered to improve the efficiency and accuracy of anti-money laundering work.

This event brought together a series of important institutions and well-known figures in the field, not only bringing valuable opportunities to Hong Kong's fintech industry, but also pointing the way forward for the development of global anti-money laundering efforts. It provides stronger support for the security and transparency of financial transactions. Through cooperation and innovation, we hope to build a stronger and more sustainable anti-money laundering system, contributing to the stability and development of the global financial system.

In addition, it is worth mentioning that the success of the EDGE Summit is also due to the support of several government agencies in Hong Kong, as well as the hosting and cooperation of Vertex Labs, AGI Society, Luna PR, and others. The summit, led by Vertex Labs, will continue to expand globally, committed to integrating investment, technology, and fashion, contributing to innovation and compliance in the financial industry, and ensuring the stability and sustainable development of the global financial system.