CZ Emphasizes the Importance of Regulation in Web3 Industry, Calls for Regulatory Agencies to Gain More Experience

As a guest speaker at the “Web 3 Festival HK” today, CZ shared his thoughts on the Web3 industry. He suggested that cryptocurrency exchanges can improve transparency through proof of reserves verified on the blockchain, but acknowledged that “holding your own keys” can be challenging for most people. It is important to consider the risks and benefits of different approaches, and not take a one-sided view.

CZ emphasized that Cefi acts as a bridge between the traditional financial industry and the crypto industry and that both Defi and Cefi should work together to grow the industry. When discussing regulations, he stated that clear regulatory frameworks are better for the crypto industry, despite their potential drawbacks. It is crucial to find an optimal balance and regulate the industry after it has grown to limit nefarious players and prevent harm to users.

Lastly, CZ expressed his excitement about Bitcoin NTFs, faster blockchain payment services, and wallet safety solutions in the Web3 industry.