On April 25, 2025, the event "How Traditional Payments Transform to Web3.0: Innovative Paths and Compliance Practices" co-organized by Mankiw Law Firm, Techub News, Mobile Payment Network, Web3Hub, and BlockbeatHK was successfully held in Qianhai, Shenzhen!
As global financial technology is accelerating its reconstruction and on-chain payments are gradually maturing, PayFi is becoming a key hub connecting Web2 and Web3.
This event focuses on the innovative paths and compliance challenges in the payment track, and the deep integration scenarios of "payment + Web3", to create a high-quality and highly interactive communication space.
In this event (How to Transform Traditional Payment into Web3.0: Innovation Path and Compliance Practice), we were honored to invite four industry leaders as keynote speakers to conduct in-depth discussions on three core topics:
1. How to “go to the blockchain” for payments｜The transformation path from Web2 to Web3
Explore the integration of traditional payment systems and blockchain technology, starting from the existing payment model, and gradually analyze the core elements and key challenges required for the evolution to Web3 payment scenarios.
2. Compliance is no longer a “stumbling block” | Regulatory trends from a global perspective
Based on the global regulatory landscape, we interpret emerging policy trends in the field of crypto payments and share how to identify opportunities and innovation space for compliance implementation in the midst of change.
3. PayFi’s real implementation | Product design, business model and risk control practice
Focusing on the actual application cases of the PayFi project, we will give an in-depth explanation of the practical experience and insights in product architecture building, business model innovation and risk control system construction.
From different professional perspectives and combined with their rich practical experience, the guests deeply analyzed the technological changes, compliance requirements and business opportunities faced by the payment industry in the process of moving towards Web3. There were four keynote speeches and a high-energy AMA interactive discussion on the day of the event. The topics were closely related to the industry hot spots of the integration and development of payment and Web3, covering cutting-edge topics such as blockchain payment innovation, crypto financial compliance trends, and PayFi implementation practices. It not only provided participants with rich industry insights and practical experience, but also built a high-quality and highly interactive communication platform.
Starting from stablecoins: the compliance path for traditional payment institutions to transform to Web3
Speaker: Shao Jiayi (Partner of Mankiw LLP)
First, Manquin Law Firm partner lawyer Shao Jiayi opened the speech with the theme of (Interpretation of global stablecoin regulation and the compliance path of traditional payment institutions in transforming to Web3). Starting from the evolution cases of typical stablecoins such as USDT, USDC, and PYUSD, Lawyer Shao talked about the risks and challenges in the development of stablecoins. He also introduced the commonalities and characteristics of the major jurisdictions in the world in the regulation of stablecoins. He then analyzed the subdivisions of the encrypted payment track and the comparison of global encrypted payment licenses from a panoramic perspective, and focused on sharing with everyone the eight compliance points that need to be paid attention to in the transformation of the encrypted payment track. Lawyer Shao believes that the future of Web3 payment is not a game between code and law, but the application of compliance to build the cornerstone of trust.
Land of Innovation: Web3.0 Payment and RWA
Speaker: Yang Zixuan (Deputy Marketing Director of BlockbeatHK)
Next, BlockbeatHK Deputy Marketing Director Yang Zixuan shared (Where Innovation Happens: Web3.0 Payment & RWA). Combining the changes in the global payment market, he described how Web3 payment is breaking through traditional barriers, such as using SPARK Pay to provide merchants with a new encrypted payment experience that integrates online and offline. At the same time, he also shared the huge potential of RWA (real assets on the chain): in the future, the clearing and settlement of payments and the entire life cycle of token assets are expected to be completed on the chain, thereby achieving a more efficient, transparent and global value flow than today.
KYT: The “New KYC” in the Web3 Era
Speaker: Joe Zhou (Beosin CEO)
Then, Beosin CEO Joe Zhou brought (KYT: The "New KYC" in the Web3 Era). Joe opened the speech with a real story of asset theft, allowing everyone to feel the real existence of risks in the on-chain world. He mentioned that relying solely on traditional KYC is far from enough. What is needed in the Web3 era is KYT - Know Your Transaction, which allows real-time understanding of the risks of each transaction. Beosin is helping project parties and financial institutions to go more steadily and further in a complex environment through on-chain monitoring, risk rating and compliance consulting.
Stablecoins, the future of global payments and trade - Hong Kong’s unique position
Speaker: Zhong Jiadong (CTO of Yuanbi Technology)
Finally, Yuanbi Technology CTO Zhong Jiadong brought (The Financial Platform Bridging Web2 & Web3). He shared the current status and advantages of stablecoin applications in cross-border trade. Compared with traditional clearing processes, stablecoin payments are more efficient, more transparent, and easier to trace in compliance. Especially in Southeast Asia and emerging markets, stablecoins are becoming a new type of settlement tool connecting both parties in trade. As the regulatory framework for stablecoins in Hong Kong becomes more and more complete, this model will have greater room in the future.
Interactive Q&A session
Lawyer Liu Honglin served as the host of the AMA interactive discussion session. During the AMA interactive discussion session, the guests interacted and communicated on three points: the challenges of Web3 transformation of traditional payments; compliance and license practices; and the implementation of on-chain payment products. This form of interaction not only increased the fun and participation of the event, but also provided the audience with an opportunity to communicate directly with industry leaders.
▲Guest AMA session
Summarize
I would like to express my sincere gratitude to everyone who participated in the event (How Traditional Payments Transform to Web3.0: Innovative Paths and Compliance Practices)!
It is precisely because of everyone's enthusiastic support and active participation that this exchange event was able to come to a successful conclusion, and it also allowed us to have a more profound and three-dimensional joint exploration of how the payment industry can embrace the Web3.0 era.
As a team of lawyers focusing on Web3 and FinTech, Mankiw Law Firm has always been committed to providing in-depth, down-to-earth and practical legal and compliance services, accompanying every industry practitioner to identify opportunities, overcome challenges and move forward steadily in the midst of change.
We also look forward to more opportunities in the future to meet with you offline to share practical experience, exchange innovative ideas, and jointly promote new vitality in the payment industry in the Web3 era.
Thanks again to every partner for coming and supporting us. We look forward to seeing you all again in the near future!
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Author: Mankiw Brand Department