Weekly Chat on Web3 Entrepreneurship

Join us for Web3 entrepreneurship every Wednesday!

This episode features Diana, the General Counsel of Infini, who joins us to explore the compliance practices, opportunities, and challenges in the Web3 payment space. With her unique legal background and youthful perspective, Diana reveals how Infini aims to create the vision of "Web3 Alipay" and shares firsthand experiences and insights from the PayFi industry.

Diana graduated from Peking University Law School and later studied in the United States, obtaining a New York state attorney license. After working at a law firm in the U.S. for three years, she resolutely entered the Web3 industry and served as a legal advisor for domestic payment companies and Infini. As one of the early employees of Infini, Diana was deeply involved in the project's construction process.

From Law Firms to Web3: Turning Points and Opportunities

Diana admitted that the law firm industry has encountered bottlenecks in recent years, with a long promotion path and uncertain returns. In contrast, the Web3 industry is vibrant and full of opportunities, not bound by seniority but placing greater emphasis on actual abilities. This open and innovative atmosphere deeply attracted Diana, prompting her to make the decision to change her career.

The essence and development of PayFi

PayFi( payment finance) is reconstructing payment and traditional financial tools using blockchain technology, enhancing the efficiency of fund flow and reducing transaction costs. Compared to centralized finance( CeFi), PayFi places more emphasis on user-friendliness and scenario-based applications. Diana believes that PayFi and CeFi are not opposing forces but are instead mutually integrated and promote each other.

Infini's Vision and Compliance Practices

Infini's goal is to create "the Alipay of the Web3 industry", providing a simple and easy-to-use payment platform that allows ordinary users to easily enter the Web3 world. The company's business is mainly divided into two major sectors: payment card issuance and asset management, facing many challenges in compliance, such as KYC and anti-money laundering reviews. Infini is actively communicating with regulatory authorities in Hong Kong and Singapore to obtain relevant licenses.

Balancing convenience and security

Infini adopts a CeFi custody model, balancing user experience and fund security through minimalist interface design, third-party custody, and strict compliance. Diana stated that this model can provide ordinary users with a smooth experience similar to Web2, without sacrificing compliance.

Coping with Challenges and Reviewing Lessons Learned

Diana candidly shared an incident where Infini suffered a significant theft. Although this event dealt a huge blow to the team, it also prompted the company to comprehensively upgrade its security measures, including conducting system audits and replacing custodians with reliable ones. Diana emphasized that this lesson made the team place greater importance on security and compliance, putting it as a top priority.

Global Compliance Strategy

Infini strictly adheres to regulatory requirements in various regions and only serves users with overseas identities. The company ensures global compliance through measures such as KYC, KYT, and regional restrictions. For Visa/MasterCard payment channels, Infini follows globally applicable compliance standards and implements differentiated risk control for different regions.

Balancing Regulation and Innovation

Diana believes that regulation is a double-edged sword, which can both increase compliance costs and provide a clear development environment for the industry. Infini adopts a "tailored" strategy, initially choosing lightly regulated regions, and will apply for higher-level licenses once the business scale expands. Diana emphasizes that regulation needs to be balanced; overly strict regulation can stifle innovation, while clear regulation is beneficial for the healthy development of the industry.

Balancing compliance costs with business growth ###

As a startup, Infini faces the contradiction between compliance costs and business growth. Diana shared the company's balancing strategy: choosing lightweight licenses to quickly launch the business, gradually advancing the compliance process, and strengthening internal collaboration. She emphasized that compliance, although a cost, is crucial for emerging businesses like PayFi, serving as the company's "moat."

Regions suitable for Web3 entrepreneurship.

Diana recommended several regions suitable for Web3 entrepreneurship based on regulatory attitudes and practical experience: Dubai/UAE, European VASP regions ( such as Lithuania, Malta ), and Singapore. She reminded entrepreneurs to pay attention to the regulatory differences in different regions and suggested fully understanding the local situation before establishing themselves.

Advice for Web3 Lawyers

Diana offered advice for legal professionals aspiring to enter the Web3 space: maintain professionalism, gain in-depth business knowledge, and become "allies" of the business team rather than "police." She emphasized that Web3 lawyers need to proactively study the industry and cannot rely solely on information provided by clients.

In the end, Diana shared her personal insight: "Don't be bound by rules, follow the desires of your heart." She encouraged young people to be brave in trying new things, believing that as long as they invest their hearts, the world will open doors for them.