Event Review | The "PayFi Compliance Insights: Technological Innovation and Legal Regulation" event has successfully concluded!

On the afternoon of July 17, 2025, the event themed "PayFi Compliance Insights: Technological Innovation and Legal Regulation" was successfully held in Shanghai Xuhui, hosted jointly by BlockbeatHK, the London Stock Exchange Group (LSEG), and Mankun Law Firm. This event focuses on on-chain payment and compliance system construction, presenting an intellectual feast on technological evolution and regulatory collaboration through in-depth discussions from multiple perspectives. It not only directly addresses the key pain points in the current PayFi ecosystem but also provides clear thinking and beneficial insights for future development paths.

The event was packed, with a lively atmosphere that fully showcased the industry's high attention to the topic. Numerous heavyweight guests gathered together to engage in in-depth discussions on the core issues of PayFi Compliance and technological innovation, with exchanges of viewpoints and collisions of ideas, highlighting the cutting-edge wisdom and practical insights of the industry.

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Senior Lawyer of Mankun Law Firm - Mao Jiehao Lawyer Mao first introduced the concept of PayFi, then focused on the regulatory dynamics of stablecoins, mentioning the US GENIUS Act, Hong Kong's passage of the "Stablecoin Ordinance Draft", and compared the regulatory differences in stablecoins and other aspects among regions such as the EU, Singapore, and Japan. He summarized four global regulatory consensus points: full reserves, independent custody, and requirements for redemption at any time. At the same time, the market performance of stablecoins was shared, and a detailed explanation of the segmented track of cryptocurrency payments was provided, emphasizing that obtaining a license is just the starting point for Compliance. Attention must also be paid to key points such as anti-money laundering, sanctions Compliance, and other eight major aspects, giving participants a comprehensive and clear understanding of the Compliance challenges and responses in the PayFi field.

BlockbeatHK Consulting Partner - Eddy Tao Professor Eddy Tao shared his thoughts on the "Prospects for PayFi Development," boldly envisioning the future form of the PayFi ecosystem—a highly interconnected, intermediary-free, real-time settlement value internet underlying protocol. In his view, this form will profoundly transform global financial infrastructure, making value circulation more efficient and inclusive, and his depiction of the future opened up the imagination for the long-term development of PayFi for the audience. Professor Eddy Tao pointed out that PayFi is a vehicle for financial inclusion, enabling groups outside the traditional system to access equal service opportunities. This deep outlook prompted the attendees to reassess the long-term value of PayFi. Finally, Teacher Eddy Tao introduced SPARK Pay, developed by BlockbeatHK, which is a Web3.0 business payment solution that combines the attributes of a payment tool and a digital wallet, making the business processes of merchants more secure and efficient, and greatly enhancing the user experience of easily enjoying Web3.0 products and services.

Professor Zhu Haikun of the China Europe International Business School Professor Zhu's presentation on the topic "Stablecoins and Financial Markets" deconstructed the core logic of stablecoins from both academic and market perspectives. He provided a detailed introduction to the classification of stablecoins, including fiat-backed stablecoins represented by USDT and USDC, and demonstrated the astonishing growth of the stablecoin market through data. Professor Zhu conducted an in-depth analysis of the regulatory paradox between "price stability" and "financial stability" of stablecoins, proposing the view that "the more stable a stablecoin is, the more likely it is to trigger a run." He emphasized, "Price stability does not equate to financial security." He explored the pros and cons of regulatory policies such as the GENIUS Act, providing academic insights for the improvement of the regulatory framework.

Zhejiang Shuqin Technology Co., Ltd. Innovation Business Director - Chen Hongtao Director Chen delved into the practical value of RWA in addressing real financial pain points during his presentation. He bluntly stated that the current "crypto world" has a significant problem of speculative hollowing out, with a large amount of capital flowing disorderly in virtual concepts; many small and medium-sized enterprises in traditional financial service systems are facing funding difficulties. As a key bridge connecting real assets and blockchain technology, RWA breaks down information barriers. It enables more efficient ownership confirmation and fractional trading of physical assets such as real estate, thereby activating asset liquidity. Director Chen emphasized that the forecasts in the Boston-related research reports are highly valuable for reference. They not only highlight the broad prospects of the RWA sector but also underscore the immense potential when RWA is deeply integrated with PayFi (payment finance) in enhancing payment efficiency and expanding the boundaries of financial services, providing new possibilities for reshaping the financial ecosystem.

Guest AMA session

This roundtable AMA session invited four heavyweight guests to participate in the discussion, namely: Yue Yue | London Stock Exchange Group Risk and Compliance Business Sales Consultant Vivian | BlockbeatHK Market Partner James Xia | ALLOYX Managing Director, Stablecoin Payment System Operations Director Hao Xin | Chief Compliance Officer of a well-known cross-border payment company In this roundtable AMA, Yue Yue, a risk compliance advisor from the London Stock Exchange Group, discussed the implications of the implementation of the Hong Kong OTC license for domestic and overseas payment companies, emphasizing that payment companies need to pay attention to the evolution of policies such as MiCA and BitLicense in their global compliance layout. Hao Xin (Chief Compliance Officer of a well-known cross-border payment company) focuses on the linkage between KYC data and risk control, pointing out the "pseudo-closed loop" risk of on-chain payments and calling for synchronization between regulation and technology. James Xia (Managing Director of ALLOYX) analyzed the real challenges and potential of stablecoins as payment intermediaries from a practical perspective, suggesting that a compliant and sustainable path should approach from both liquidity and regulatory logic. Vivian (Market Partner of BlockbeatHK) focuses on the design of the "minimum compliance closed loop" in on-chain payment systems and raises the question of whether PayFi needs a "regulatory sandbox" mechanism, which is worth in-depth discussion in the industry. Four guests engaged in a multi-dimensional discussion from policy, technology to practice, bringing cutting-edge insights on the construction of "on-chain payment + Compliance path".

Conclusion Against the backdrop of the accelerated evolution of the global payment landscape and the gradual implementation of stablecoin regulations, we are at a critical intersection of on-chain payments and the reconstruction of compliance systems. This roundtable focuses on "How technology and systems can collaboratively build a new order," with four guests bringing cutting-edge insights and practical experiences, as well as posing more thought-provoking questions for the industry. In the future, every innovation in Web3 should not bypass Compliance, and every advancement in Compliance deserves a technological response. We believe that in the current situation where systems are becoming clearer and ecosystems are gradually maturing, the Compliance closed-loop of on-chain payments is no longer just a future concept. Thank you to every friend who attended and showed interest; we look forward to more cross-disciplinary connections and ongoing explorations in the next encounter.