OKX President Hong: POR is an important step for industry self-regulation, and technology will bring more transparency

ChainCatcher news, OKX President Hong was invited to attend the main forum of the "2024 Hong Kong Web3 Carnival" and delivered a keynote speech on "Responsible Innovation."

In his speech, Hong stated that over the past two years of development, in addition to the best applications brought by innovators, entrepreneurs, and builders, we are also learning from regulated industries and enhancing transparency, accountability, and rights by adopting best practices from these sectors. We first increase transparency and accountability through technology. Since November 2022, we have led the industry in the widely adopted Proof of Reserves (POR) program, building it into an automated technological solution that operates monthly. We believe this is an important step for self-regulation in the industry, leveraging technology to bring more transparency and meet users' expectations for centralized platforms to comply with traditional financial audit standards.