On July 31, 2024, CertiK’s “Happy Hour with CertiK” event during Malaysia Blockchain Week ended successfully with in-depth discussions and exchanges. CertiK was fortunate to invite industry elites from different fields to discuss the innovation and risk balance of Web3.0. The participation of Malaysian regulators provided us with valuable regulatory perspectives and support for blockchain innovation. In order to further promote the development of the ecosystem, CertiK signed a memorandum of understanding with pitchIN, laying the foundation for future cooperation.
Professor Kang Li, Chief Security Officer of CertiK, attended the event and answered questions about Web3.0 security innovation and improvement, risks faced by Web3.0 projects, the development direction of global digital asset regulation, and actions to improve Web3.0 security:
He said he was happy to see the continuous improvement of the user interface in the Web3.0 and digital asset fields, providing more warnings about potential phishing or address poisoning attacks, ensuring that users can pay attention and take corresponding preventive measures in time. But this is still an area that requires continued attention and investment from developers and the community.
Regarding the risks faced by Web3.0 projects, Professor Li Kang said that CertiK encourages projects to apply security design principles. These principles include conducting detailed threat modeling to identify and understand the various factors that may pose a threat to the project; implementing a comprehensive risk management strategy to assess the potential impact of these threats on the success of the project; and developing effective risk mitigation measures to mitigate or eliminate these risks. Professor Li Kang further pointed out that in practice, Web3.0 projects should actively seek security partners, or at least professionals with extensive experience in the field of cybersecurity who can help projects conduct risk assessments and provide necessary consultation when needed.
Regarding the development of global digital asset regulation, CertiK has established partnerships with regulators in multiple regions. In terms of virtual asset risk management and security assessment, CertiK has provided training and consulting support to multiple regions including Japan, Singapore and Hong Kong.
Recently, the policy of fiat-backed stablecoins has become a focus in the regulatory space. The Monetary Authority of Singapore (MAS) has developed a stablecoin licensing policy, and the Hong Kong Monetary Authority (HKMA) has also released its stablecoin sandbox policy and opened applications. CertiK is actively helping our clients navigate regulatory challenges and supporting their licensing applications. In fact, the first license was awarded to CertiK client Paxos.
As global digital asset regulation continues to evolve and improve, CertiK will continue to work with regulators, clients, and the industry as a whole to promote the construction of a secure and compliant digital asset ecosystem and contribute to the innovation and stability of global financial markets.
Professor Kang Li said that close collaboration between key players in the Web3.0 community is critical to improving the security of Web3.0. As a leader in the security field, CertiK has actively established partnerships with key custody solution providers. The core goal of this collaboration is to increase the transparency of the solution, ensuring that users and regulators have a clear understanding of how assets are stored and managed. By enhancing transparency, CertiK not only helps reduce the uncertainty associated with centralization risks, but also promotes trust and stability in the entire ecosystem.
Through this event, we not only gained unique insights from industry leaders, but also witnessed a new chapter of industry cooperation. CertiK will continue to uphold its unremitting pursuit of security and attach great importance to customer security, and work with all partners to promote the healthy growth of the Web3.0 ecosystem. We look forward to seeing more innovation and cooperation in the future to jointly shape the future of Web3.0 security.
