The so-called rush to legislate stablecoins in Hong Kong compared to the United States has many cheering, but I am not very optimistic.

Think about the Bitcoin and Ethereum spot ETFs and the exchange licensing system from years ago. How many years ago were the licenses issued, and how do they compare to the ETFs and exchanges in the United States now?

Wu Zhuangjie said a true statement:

This time, 'we must not (again) get up early and miss the bus.'

'Hong Kong has been actively developing Web3 in recent years, and some results have been seen, but due to insufficient liquidity and overly strict regulations, it is still in the initial stages.'

Perhaps what Hong Kong should do is not to compare with the United States, but rather to better become a safe harbor for WEB3 in the Greater China region, which is relatively more realistic.