While some areas of the crypto house deal with privateness and anonymity, others deal with elevating the requirements inside the house and on bringing in conventional gamers and extra capital in the world of digital belongings.
At the latest Blockchain Economy Summit held in Dubai, Cointelegraph spoke with Lennix Lai, the world chief business officer at crypto alternate OKX. During the interview, the government mentioned a number of matters, together with the variations between working in conventional finance and crypto, how OKX dealt with the wave of exchanges implementing necessary Know Your Customer (KYC) checks and the way the alternate navigates the quickly altering regulatory panorama.
Lai and Cointelegraph’s Ezra Reguerra at the Blockchain Economy Summit in Dubai. Source: Joanna Alhambra
According to Lai, crypto is “a lot more fun” than conventional finance. Lai, who beforehand labored in conventional companies, mentioned there are lots of processes in the outdated finance world that he believes are inefficient. He defined:
“It’s relatively difficult to innovate in traditional finance. In crypto, it’s a lot better and more efficient. And in terms of cost, it is a lot more cheap. So, you can see the pace is a lot faster, and we can serve an even bigger audience than traditional finance right now.”
When issues arose, the government mentioned that there was a lot of inner and exterior friction earlier than with the ability to repair issues in conventional finance, even when the options had been apparent. Furthermore, Lai mentioned there are additionally regulatory facets to contemplate earlier than developing with options.
When it involves crypto, Lai advised Cointelegraph that regulators share virtually the similar pointers and expectations as they share the objective of defending the client. The government mentioned that navigating completely different rules from varied jurisdictions throughout the world requires intensive analysis and mapping out the completely different necessities.
Lai delivering his keynote speech at the Blockchain Economy Summit Dubai occasion. Source: Cointelegraph
“Different level of requirement, different level of regulation. But I think all the regulators share similar guidelines and expectations. For example, they want to protect the customer, they want to monitor the trade, they want customer segregation,” he mentioned.
Related: How OKX convinced F1 star Daniel Ricciardo it’s safe to promote crypto
When requested about OKX following the pattern of bringing necessary KYC to its alternate, Lai mentioned there’s a have to “raise the bar” in crypto, just like conventional finance. According to the government, this will bring what he described as “the real capital and the main money” to the house. He defined:
“That’s how we grow the real market, because if ever your compliance standard cannot meet or somehow talking in the same language with traditional finance, they can never, despite of their interest, despite of our innovation, invest or bring in capital to the space.”
According to Lai, KYC is the first degree and the first step to attempting to lift the compliance customary in the house in order that it may possibly welcome different gamers in the world of finance.
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