December 19, 2023
Event Recap | How Does User Security and Regulatory Compliance Affect the Future Development of Web3?
On December 18, the renowned digital asset trading platform, HashKey Exchange, partnered with Beosin Academy and Blockchain Academy to host an investment security workshop named Hong Kong Web3 User Security. The event delved into key aspects of Web3 security, covering user safety, regulatory compliance, and the future development of Web3, aiming to enhance awareness among retail users in Hong Kong regarding Web3 regulation and investment.
During the event, HashKey Group’s Chief Analyst, Jeffery Ding, delivered a keynote speech titled How do VASPs secure users’ assets. Jeffery analyzed the current development landscape of the Web3 industry, emphasizing that compliance has become the industry’s main theme. He highlighted that compliance is not a burden for exchanges but adds value. Jeffery introduced Hong Kong’s regulatory framework for Web3 and HashKey’s compliance architecture. HashKey ensures the security of its trading platform and user assets through measures such as internal and external independent risk controls, external independent code audits, anti-money laundering, IP and admission supervision, providing both individual and institutional users with a “native compliance” trading service.
Eaton, security research expert from Beosin Academy, presented on “Web3 security guidance for retail users.” Eaton focused on exploring the current security challenges faced by Web3 users and provided security advice for ordinary investors to help them avoid potential risks and asset losses.
Eaton first highlighted the current dilemmas in Web3 user security, including the lack of attention to user security events and the absence of a systematic regulatory framework to protect ordinary investors. He emphasized the risks retail users face upon entering the Web3 space and conducted a detailed analysis of four aspects: VASP (Virtual Asset Service Provider), Web3 wallets, blockchain networks, and decentralized applications.
In the VASP segment, Eaton explained how retail users can assess and judge the security of VASPs to ensure the safe storage and transaction of their assets. He stressed the importance of background checks, security practices, and compliance measures for VASPs and shared methods and techniques to identify trusted VASPs. In the Web3 wallet section, Eaton reminded participants to carefully choose secure and reliable wallets and emphasized the importance of secure password settings and management, as well as the significance of backup and recovery mechanisms. He provided practical advice to help retail users protect their digital assets from attacks.
Finally, in the blockchain networks and decentralized applications section, Eaton discussed the potential risks retail users face when participating in decentralized finance (DeFi) and other applications. He highlighted the importance of auditing and assessing smart contracts and advised against engaging in unaudited or high-risk projects. Eaton’s presentation provided participants with in-depth insights into the security challenges faced by retail users in the Web3 environment, offering targeted security guidance and recommendations. Eaton also revealed that Beosin Academy will continue to promote research and education on Web3 security, aiming to provide users with a safer and more reliable environment for digital asset investments.
In the panel discussion on VASP regulation in Hong Kong, Alvin, the Asia-Pacific BD Manager at Beosin, participated alongside experts from HashKey Group and HKVAC. The panel focused on the impact of Hong Kong’s regulatory development on users, VASP, and the entire Web3 ecosystem. Alvin mentioned that as a Web3 security company, Beosin has actively participated in and supported the development of VASP regulatory compliance in Hong Kong. Through a series of products and services, such as security and compliance audits, on-chain risk monitoring, and malicious address tracking, Beosin provides comprehensive security protection for VASPs and retail users.
Through this panel discussion, participants gained a deeper understanding of the development of VASP regulatory compliance in Hong Kong and recognized the importance of compliance security. In the future, the progress of regulatory compliance will provide a safer and more reliable investment environment for users and VASPs, further promoting the healthy development of the Web3 ecosystem.
In the panel discussion on Web3 adoption and startups in Hong Kong, Max, the founder of Blockchain Academy, Timmy, a Hong Kong Web3 entrepreneur, and Daisy, the Head of Internationalization at Hooked Protocol, explored the development of Web3 startups in Hong Kong. The guests unanimously acknowledged and supported Hong Kong’s friendly policies toward Web3. They believed that as an international financial center, Hong Kong has the potential to attract excellent Web3 developers and startups. Support from both capital and policies will provide a favorable development environment for Web3 startups, attracting more innovative forces and investments.
Max, as the founder of Blockchain Academy, emphasized the importance of education and training in driving Web3 development. Timmy, as a Web3 entrepreneur in Hong Kong, shared his experience and insights into entrepreneurship in Hong Kong, encouraging more entrepreneurs to choose Hong Kong as their startup base and actively participate in the construction of the Hong Kong Web3 community. Daisy, as the Head of Internationalization at Hooked Protocol, shared her views on the international development of Web3 in Hong Kong, stating that Hong Kong, as a hub for international exchange and cooperation, has the advantage of attracting foreign investments and partners. Through connections with the international market, Hong Kong Web3 startups can gain more opportunities and resources, achieving faster international development.
The workshop provided important security guidance for retail users and advanced the awareness of Web3 user security. The collaboration between Beosin Academy, HashKey Exchange, and Blockchain Academy further intensified public attention to Web3 security and compliance, laying a solid foundation for the industry’s development. In the future, all parties will continue to collaborate, jointly promoting progress in Web3 security and compliance, and providing users with a safer, more trustworthy environment for digital asset investments.
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