In a pivotal address at Hong Kong’s flagship Web3 Festival, OKX President Hong delivered a compelling vision for the future of finance — one built on blockchain-powered transparency, decentralization, and individual empowerment. As the title sponsor of the event, OKX reinforced its leadership in the Web3 ecosystem by advocating for a trustless financial system that redefines how value is stored, transferred, and accessed globally.
The Cracks in Traditional Finance Are Showing
Recent global financial turbulence — from the collapse of Silicon Valley Bank to rising inflation and declining public trust in Big Tech — signals a systemic failure, according to Hong. “Recent events suggest the current system is no longer fit for purpose. The seams are showing, and a rewrite is needed,” she declared during her keynote.
This growing instability highlights the fragility of a financial model dependent on centralized intermediaries. With 1.7 billion adults still unbanked worldwide, traditional finance fails to deliver basic services to vast segments of the global population. The solution? A decentralized alternative rooted in blockchain technology: a trustless system where verification replaces blind faith.
Redefining Money in the Digital Age
At the heart of Hong’s message was a fundamental question: What makes money, money? She outlined three essential qualities:
- A reliable store of value
- A fungible unit of account
- A verifiable, convenient, and scalable medium of exchange
Fiat currencies, she argued, have been so heavily manipulated through inflation and quantitative easing that they no longer meet these criteria. In contrast, Bitcoin and other cryptocurrencies are emerging as credible alternatives — digital assets designed with scarcity, transparency, and decentralization at their core.
👉 Discover how blockchain is redefining financial trust in the 21st century.
This shift isn’t just technological — it’s philosophical. It represents a move from systems that demand trust in institutions to those that allow users to verify truth independently through code and consensus.
Empowering Individuals: Be Your Own Bank
One of the most transformative promises of Web3 is the ability for individuals to become their own bank — and their own platform. Hong emphasized that banking services such as asset safety, payment access, and wealth yield can now be accessed without relying on traditional financial institutions.
“Banking can be defined as safety of savings, access to payments and yield on wealth,” Hong explained. “You don’t need a bank in the Web3 world to access these services. No longer do you need to rely on trusting a bank. With blockchain technology you can verify your own assets.”
OKX is actively building the infrastructure to make this vision accessible. Through its global crypto exchange and the OKX Wallet, users gain seamless entry into decentralized finance (DeFi) and Web3 applications, enabling greater control over their digital assets.
Building Transparent Infrastructure for the Future
Trust in financial systems must be earned — especially after recent industry upheavals. To lead by example, OKX has consistently prioritized transparency. In March, the company published its fifth monthly Proof of Reserves, confirming it holds US$8.9 billion in BTC, ETH, and USDT — assets fully backed and independently verifiable.
This level of accountability sets a new standard for the industry and demonstrates OKX’s commitment to sustainable growth grounded in integrity.
Moreover, OKX introduced the Web3 industry’s first Multi-Party Computation (MPC) wallet supporting over 37 blockchains. Unlike traditional custodial models, MPC technology enables secure self-custody without private key exposure — making it easier and safer for everyday users to manage their assets.
This innovation brings the “be your own bank” ethos one step closer to reality, removing technical barriers while enhancing security and interoperability across chains.
👉 Explore how MPC wallets are making self-custody simple and secure.
Regulatory Compliance Meets Innovation
As the Web3 ecosystem matures, regulatory clarity becomes essential. Hong reaffirmed OKX’s dedication to operating within evolving legal frameworks, including its recent announcement to apply for a Hong Kong Virtual Asset Service Provider (VASP) license under the new regulatory regime.
Additionally, OKX is pursuing Type 1 (dealing in securities) and Type 7 (automated trading systems) licenses under Hong Kong’s Securities and Futures Ordinance. These steps underscore the company’s strategy: innovate aggressively while maintaining compliance and fostering long-term trust with regulators and users alike.
Hong’s appearance alongside high-level policymakers — including Financial Secretary Paul Chan, HKMA’s Clara Chan, and SFC’s Keith Choy — highlighted the growing alignment between forward-thinking crypto platforms and public institutions committed to responsible innovation.
FAQ: Understanding the Shift to a Trustless System
Q: What does “trustless” mean in blockchain?
A: “Trustless” doesn’t mean distrust — it means you don’t need to trust intermediaries. Instead, cryptographic proofs and decentralized networks allow you to verify transactions and balances yourself.
Q: How does a crypto wallet differ from a traditional bank account?
A: With a crypto wallet, especially a self-custody one like OKX Wallet, you control your private keys. There’s no middleman holding your funds — you own your assets directly on the blockchain.
Q: Is self-custody safe for average users?
A: Thanks to innovations like MPC wallets, yes. Multi-Party Computation eliminates single points of failure by splitting key management across secure devices, making it both safer and more user-friendly than ever.
Q: Why is Hong Kong becoming a hub for Web3?
A: Hong Kong has introduced clear regulations for virtual asset service providers, supports institutional crypto adoption, and hosts major events like the Web3 Festival — creating a fertile environment for innovation.
Q: Can cryptocurrencies really replace fiat money?
A: While full replacement may take time, cryptos like Bitcoin already fulfill key monetary functions better than many fiat currencies — particularly in preserving value amid inflation and enabling borderless transactions.
👉 See how Web3 is reshaping global finance from the ground up.
The Road Ahead: An Open, Equitable Financial Future
OKX President Hong’s keynote wasn’t just a call to action — it was a blueprint for transformation. By combining cutting-edge technology, regulatory responsibility, and user empowerment, OKX is helping lay the foundation for a more equitable, transparent, and accessible financial future.
As blockchain adoption accelerates and public demand for accountability grows, the transition from trust-based to trustless systems appears not only possible but inevitable.
The tools are here. The infrastructure is being built. And the movement toward decentralized ownership of value is gaining unstoppable momentum.
Core Keywords:
crypto, blockchain technology, trustless system, Web3, decentralized finance (DeFi), self-custody, MPC wallet, equitable finance