Navigating the Digital Frontier: BASEL’s Crypto Asset Framework and the Blockchain Paradigm

The Hong Kong Digital Finance Association and the Laboratory for AI-Powered Financial Technologies Limited (AIFT) organized a seminar as part of the Hong Kong FinTech Week Satellite Event at IncuHub, HK Tech 300 on 31 Oct 2023. The event focused on exploring the opportunities and strategies for leveraging new BASEL guideline implementation and latest technologies in the digital era to unlock Hong Kong’s potential in the fintech industry. It aimed to provide insights into how Hong Kong should prepare for these challenges.

The event included two keynote speeches by Prof. David Yao, from Columbia University and Co-Director of AIFT, on research development on blockchain technologies, specifically the mechanism design problem in the proof-of-stake protocol, and Prof. Michael Wong, from City University of Hong Kong (CityU) and Senior Scientist of AIFT, on the Basel Committee’s guidelines for crypto assets in the banking industry. The event also featured two panel discussions addressing the Web3 regulatory climate in Hong Kong and the evolution of regulatory frameworks for cross-border digital assets remittance. Industry experts from ZA Bank, Livi Bank, HKVAX, Deloitte Consulting, Airstar Bank, Aereve, Hong Kong Police Force – Cyber Security and Technology Crime Bureau and CityU participated in the discussions. The event concluded with closing remarks delivered by Prof. Houmin Yan, Director of AIFT and Chair Professor of CityU, providing a thoughtful conclusion to the seminar. Attendees gained valuable insights into the future of blockchain technology, regulatory challenges, and the fintech industry’s potential.