Original | Odaily (@OdailyChina）
Author | Golem (@web3_golem）
During the 2025 Web3 Carnival, Odaily was fortunate to have a conversation with Lennix, the Global Chief Business Officer of OKX, discussing the future product development direction of OKX Web3 wallet, Web3 wallet regulation, and future market trends.
In the conversation, Lennix pointed out that the key development directions for OKX Web3 wallet in the future are still self-custody, multi-chain, and compliance, and they will establish an on-chain identity system to ensure user safety. He also responded to questions about when the OKX Web3 wallet trading aggregator will restart and why the new wallet version hides the inscription market entrance.
For clarity, Odaily will concisely summarize the interview Q&A, enjoy~
Odaily:At this Web3 Carnival, did you feel any changes in industry atmosphere or trends? At the current stage, are you more focused on Web3 tracks that connect with the real world and have practical application value?
Lennix: My biggest observation is that more and more Web2 and Web3 companies involved in crypto business are moving towards compliance, such as banks, funds, and some companies in the payment field. So Hong Kong may gradually become a compliant Web3 center, allowing many industry companies to participate.
Actually, the track I'm most interested in is the application of Web3 in the payment field, namely PayFi. In this field, OKX Web3 wallet is doing well. I believe wallets should have the function of supporting global payments, and OKX wallet plans to focus on this, enabling users to interact seamlessly between reality and the Crypto world. This sounds simple, but it's actually difficult to implement. Because in this process, we must engage with Web2 enterprises like banks, payment companies, card issuers, and companies issuing RWA assets. Therefore, I believe PayFi should be the next important entry point for traditional industries to enter Crypto, so I will pay attention to this field and related companies' development.
[The translation continues in the same manner for the rest of the text, maintaining the specified translations for specific terms and preserving the original formatting.]Lennix: First, for regulators, this is something very new. The concept of self-custody itself is already very difficult for global regulators to understand, so there is currently no comprehensive regulatory framework for Web3 wallets. However, we have encountered similar challenges before. Crypto exchanges were also not understood initially, and the situation improved after years of communication and efforts from all parties. This involved not only OKX's investment but also other crypto industry practitioners continuously explaining to regulators how crypto exchanges operate and manage themselves, and their derivative risk control policies. That's why exchanges can now obtain compliance licenses.
I believe wallet regulation will follow a similar path. We need to explain and demonstrate to regulators what a wallet is. Meanwhile, the OKX Web3 wallet itself must overcome some technical challenges, such as maintaining self-custody while meeting compliance requirements and standards. For example, using a real-time on-chain monitoring system to review black addresses at a second-level speed; satisfying on-chain KYC requirements without disclosing user information, allowing KYC-verified wallet addresses to have higher trading permissions. These are the key development directions for the Web3 wallet industry in the future, and the path we want to lead OKX Web3 wallet towards.
Odaily: What are the requirements for on-chain KYC for users?
Lennix: On-chain KYC is different from crypto exchange KYC. This term itself might cause misunderstandings. A better term would be on-chain identity, which records the user's past transaction history on the chain. OKX Web3 wallet may in the future classify different addresses according to risk levels, which might involve analyzing whether an address is completely clean based on past transaction history, whether it has participated in suspicious transactions, and what the address's transaction patterns are.
This means we don't need to obtain users' real identity information while ensuring which user addresses are safe and clean.
Odaily: What will OKX Web3's focus be after Q2 this year?
Lennix: Overall, we will continue to support multi-chain and self-custody, and update a series of features to improve user experience, such as social recovery. We will also continue to develop DEX to make it faster and lower cost. But the most important point is to continue exploring compliance, including how to implement anti-money laundering requirements on-chain.
Odaily: Trump's recent tariff policies have caused significant volatility in global capital markets, including global stock markets and crypto markets. Some believe we have already entered a bear market. How do you view the upcoming market situation?
Lennix: The macro environment has a huge impact on Bitcoin. Trump's series of policies have increased market uncertainty. The previous market panic selling was mainly due to uncertainty about how tariff policies might affect inflation and global trade.
However, Trump's tariff policies actually have room for maneuvering. So I think each of his tariff negotiations could potentially turn into a positive, mostly supporting Bitcoin's rise. I am personally a Bitcoin maximalist. I entered the crypto industry largely because I deeply appreciate Bitcoin's simple beauty and philosophy.
