Exploring the Future of Trust in Web3: Cregis and Sumsub Event

Cregis and Sumsub Host Web3 Compliance and Trust Summit

In a significant event for the digital asset sector, Cregis, a digital asset infrastructure provider, and Sumsub, an identity verification platform, came together for the "Web3 Finance: Powering the Future of Trust" summit. This summit created a platform where industry experts discussed the core elements of trust and compliance in the rapidly evolving Web3 space.

Joint Presentations and Product Innovation

The summit began with an engaging presentation featuring Cregis COO Jason Ma and Sumsub’s Ying Li. They introduced their companies and discussed how their technologies enhance industry standards. Jason Ma elaborated on the benefits of Multi-Party Computation (MPC) technology, which significantly minimizes risks in asset security. With a focus on their current management of hundreds of billions in assets and the provision of a seamless wallet and payment infrastructure, he showcased the extensive service reach to over 3,500 enterprises worldwide. Ying Li further emphasized Sumsub’s vital role in identity verification, serving over 4,000 clients including notable names in crypto, working diligently to meet varied regulatory requirements.

Participants also enjoyed interactive Q&A sessions which encouraged lively discussions and provided attendees with opportunities to win prizes.

Conversations on Compliance and Trust

The panel discussion titled "Web3 Trust Stack: Identity, Compliance, and Infrastructure in Action" featured seasoned professionals exploring significant topics regarding trust building within the Web3 framework. The conversation was led by moderator Eelee Lua, Chief of Staff at xcube.co, fostering dialogue around the practical challenges in compliance.

Cregis APAC Business Development Director Eric Cheung shared valuable insights on the current landscape of compliance, urging businesses to rethink their strategic approach given resource limitations and increasing regulatory demands. He stated that partnerships with experienced entities are critical for mutual growth, reinforcing the essence of collaborative development.

Strategic Balancing Act between Regulation and Innovation

Henry Chan, Head of Strategy and Operations at Interlace, shed light on the difficulties faced due to the compliance landscape, acknowledging the evolving challenge for companies. He noted that while regulations present hurdles, organizations can adopt technological solutions to manage compliance costs effectively.

Emerging Challenges and Solutions

Addressing the technical side of compliance, Sumsub’s APAC Vice President Penny Chai spoke on the growing threat of new fraud techniques, such as deepfake technology. She highlighted the dilemma users face with repetitive KYC processes across platforms. In response, Sumsub has introduced reusable KYC solutions that enable a single verification useable across multiple platforms, alleviating compliance pressures while enhancing user experience.

The Future of Identity Verification in Web3

Experts at the summit unanimously concluded that identity verification is no longer optional; it is a fundamental part of establishing a robust Web3 infrastructure. There is a clear shift towards ensuring seamless alignment with compliance mechanisms as regulatory frameworks continue to advance.

In the days following the summit, several participating organizations expressed interest in collaboration to further explore technology services. Both Cregis and Sumsub plan to enhance product integration, providing comprehensive digital asset management solutions that range from identity verification to asset management.

About Cregis

Cregis is a premier digital asset infrastructure service provider helping institutional clients globally to manage their digital assets securely and effectively. Their offerings include self-custody wallets built on MPC architecture, Wallet-as-a-Service, and high-performance payment engines, all tailored for various platforms and enterprises in the Web3 ecosystem. By serving over 3,500 enterprises globally, Cregis is playing a pivotal role in fostering businesses’ transition into the Web3 era while unlocking new growth opportunities.

Frequently Asked Questions

What is the focus of the summit hosted by Cregis and Sumsub?

The summit focuses on Web3 compliance and trust-building, emphasizing the importance of identity verification and technological innovation.

Who were the main speakers at the summit?

The main speakers included Jason Ma, COO of Cregis, and Ying Li from Sumsub, alongside industry leaders who participated in discussions.

What challenges did Eric Cheung highlight regarding compliance?

Eric Cheung emphasized the limited resources available for enterprises and the need to balance in-house capabilities with external partnerships for compliance.

How did Sumsub address user experience challenges?

Sumsub responded by developing reusable KYC solutions that streamline the verification process across multiple platforms, reducing friction for users.

What is the overall sentiment towards identity verification in Web3?

There is a consensus that identity verification is essential for future Web3 success, shaping how regulatory compliance is approached.

About The Author

My name is Dylan Bailey, and I am 28 years old. I am an author and an expert on the stock market who specializes in publicly traded companies. Early fascination with the stock market inspired me to seek a finance degree and then delve deeply into the world of stocks. I have developed over the years my abilities to spot investment prospects, assess business performance, and analyze market trends.

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