Why Crypto is "A Lot More Fun" Than Traditional Finance, According to OKX Executive

Embracing Innovation and Efficiency

While some areas of the crypto space focus on privacy and anonymity, others focus on raising the standards within the space and on bringing in traditional players and more capital in the world of digital assets. At the recent Blockchain Economy Summit held in Dubai, Cointelegraph spoke with Lennix Lai, the global chief commercial officer at crypto exchange OKX, who shared his insights on the differences between working in traditional finance and crypto, as well as how OKX is navigating the fast-changing regulatory landscape.

A Faster Pace and a Wider Audience

According to Lai, crypto is "a lot more fun" than traditional finance. He believes that traditional finance is relatively difficult to innovate in, with many inefficient processes. On the other hand, crypto offers better efficiency and cost-effectiveness. Lai explains that the pace in crypto is much faster and that the industry has the potential to serve a much larger audience than traditional finance at present.

Navigating the Regulatory Landscape

Lai notes that while there are regulatory aspects to consider in both traditional finance and crypto, regulators in the crypto space share similar guidelines and expectations with the goal of protecting consumers. However, navigating different regulations from various jurisdictions requires thorough research and understanding of the different requirements.

Raising the Compliance Standard

Lai believes that in order for crypto to grow and attract "real capital and main money," it needs to raise the bar, similar to traditional finance. He explains that implementing mandatory Know Your Customer (KYC) checks is the first step in raising the compliance standard and bringing in other players from the world of finance.

By embracing innovation, efficiency, and raising the compliance standard, the crypto space can continue to evolve and attract traditional players, ultimately expanding the real market.