Hashkey Group Chairman and CEO Xiao Feng launched the 2025 Hong Kong Web3 Festival on Sunday, highlighting the transformative impact of blockchain technology on the global financial infrastructure.
Talking to the early morning crowd at the Hong Kong Convention and Exhibition Centre, Xiao described the blockchain as a “new generation of financial infrastructure,” and fundamentally changed the record, settlement and governance of financial transactions.
The Industrial Revolution requires financial innovation
“The Industrial Revolution has to wait for the Financial Revolution,” Xiao told attendees at a four-day event hosted by his company.
Xiao highlighted historical similarities between the evolution of technology and finance. Bank credit supported the British Industrial Revolution, stock markets enabled the American electricity revolution, and venture capital promoted the Silicon Valley information revolution.
“Cryptocurrency finance will be the core financial innovation that supports the 4th Industrial Revolution.”
The executive highlighted the key differences between traditional finance and blockchain-based finance, such as the transition from bank accounts to digital wallets and from batch payment systems to instantaneous transaction completion.
Regulation changes and market evolution
Xiao notes the importance of the recent Securities and Exchange Commission decision, and its decision not to classify dollar-backed stables as securities, suggests that this will allow more institutions to participate in the financial creation process.
Hashkey Group Chairman and CEO Xiao Feng gave a keynote speech at the 2025 Hong Kong Web3 Festival. Provided by Web3 Festival
He also pointed to major stock exchanges moving towards a 23-hour trading cycle compared to the ongoingly operating blockchain market.
“Traditional exchanges will need to adapt to compete with cryptocurrency markets, which are ultimately operating 24/7 from day one,” predicted Xiao.
Hong Kong's strategic role
The event will feature several well-known regulators, including Paul Chang Mopo, the Hong Kong government's Treasury Secretary. Joseph HL Chan, Secretary of Financial Services and Ministry of Finance. Christina Choi, Executive Director of Investment Products for the Securities and Futures Commission. George Chow, head of fintech at the Hong Kong financial authorities.
Mainland China maintains strict bans on cryptocurrencies, but analysts see Hong Kong's supportive stance as a strategic test site for technology possibilities. This approach could effectively create a regulatory respiratory space where blockchain innovation can develop under controlled conditions and inform future policies of the broader Chinese economy as a whole.
The Web3 Festival continues through Wednesday, with industry panels, demonstrations and networking events that bring together blockchain developers, investors and technology enthusiasts from around the world.
