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

On April 6th, OKX President Hong was invited to attend the main forum of the "2024 Hong Kong Web3 Carnival" and delivered a keynote speech on the theme of "Responsible Innovation". In the speech, Hong stated that in the development process of the past two years, in addition to bringing the best applications as innovators, entrepreneurs, and builders, we are also learning from regulated industries and adopting their best practices to enhance transparency, responsibility, and rights. We first increase transparency and responsibility through technology.

Since November 2022, we have led the industry-wide adoption of the Proof of Reserve (POR) plan, and have built it into a monthly automated technology solution. We believe this is an important step in industry self-regulation, using technology to bring more transparency and meet users' expectations of centralized platforms to meet traditional financial audit standards.

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