OKX exec says KYC will ‘raise the bar,’ bring real capital into crypto: Blockchain Economy Dubai 2023

While some areas of the crypto area concentrate on personal privacy and privacy, others concentrate on raising the requirements within the area and on bringing in standard gamers and more capital worldwide of digital possessions. At the recent Blockchain Economy Summit held in Dubai, Cointelegraph talked to Lennix Lai, the international chief commercial officer at crypto exchange OKX. During the interview, the executive talked about numerous topics, consisting of the distinctions in between working in traditional financing and crypto, how OKX dealt with the wave of exchanges executing compulsory Know Your Customer (KYC) checks and how the exchange navigates the rapidly changing regulatory landscape. Lai and Cointelegraphs Ezra Reguerra at the Blockchain Economy Summit in Dubai. Source: Joanna AlhambraAccording to Lai, crypto is “a lot more fun” than traditional financing. Lai, who previously operated in standard firms, said there are lots of processes in the old finance world that he believes are ineffective. He described: ” Its relatively difficult to innovate in conventional finance. In crypto, its a lot better and more efficient. And in terms of expense, it is a lot more low-cost. So, you can see the rate is a lot quicker, and we can serve an even larger audience than traditional finance today.” When problems emerged, the executive stated that there was lots of internal and external friction before being able to fix issues in traditional finance, even when the services were apparent. Lai said there are likewise regulatory elements to think about before coming up with solutions.When it comes to crypto, Lai told Cointelegraph that regulators share almost the same standards and expectations as they share the goal of safeguarding the consumer. The executive stated that navigating different policies from different jurisdictions across the world needs extensive research study and drawing up the various requirements. Lai providing his keynote speech at the Blockchain Economy Summit Dubai event. Source: Cointelegraph” Different level of requirement, different level of regulation. But I think all the regulators share similar guidelines and expectations. They desire to protect the customer, they want to monitor the trade, they want consumer segregation,” he said.Related: How OKX persuaded F1 star Daniel Ricciardo its safe to promote cryptoWhen asked about OKX following the trend of bringing obligatory KYC to its exchange, Lai stated there is a need to “raise the bar” in crypto, similar to standard financing. According to the executive, this will bring what he referred to as “the main cash and the real capital” to the space. He explained: ” Thats how we grow the real market, because if ever your compliance requirement can not satisfy or in some way talking in the same language with conventional financing, they can never, despite of their interest, despite of our development, bring or invest in capital to the area.” According to Lai, KYC is the first action and the first level to trying to raise the compliance standard in the space so that it can invite other players on the planet of finance. Magazine: $ 3M OKX airdrop, 1-hour due diligence on 3AC, Binance AI– Asia Express

Source: Joanna AlhambraAccording to Lai, crypto is “a lot more enjoyable” than conventional financing. Lai, who formerly worked in standard companies, stated there are numerous procedures in the old finance world that he believes are inefficient. Lai stated there are also regulatory elements to consider before coming up with solutions.When it comes to crypto, Lai informed Cointelegraph that regulators share almost the very same standards and expectations as they share the objective of securing the consumer. They desire to protect the customer, they desire to monitor the trade, they desire consumer segregation,” he said.Related: How OKX persuaded F1 star Daniel Ricciardo its safe to promote cryptoWhen asked about OKX following the pattern of bringing compulsory KYC to its exchange, Lai said there is a need to “raise the bar” in crypto, similar to standard finance.