Hong Kong's stablecoin legislation is said to be ahead of the United States, and many people are cheering, but I am not very optimistic.

Think about the previous Bitcoin and Ethereum spot ETFs and the exchange licensing system, which all rushed ahead of the United States. Now, compared to the ETFs and exchanges in the U.S.? It may not even reach one percent of theirs.

Wu Zhuangjie said a true statement: This time, 'we must not (again) get up early and miss the bus.'

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

Do you all know that currently, only four tokens for retail trading have been approved on compliant exchanges in Hong Kong: BTC, ETH, LINK, AVAX? It’s simply ridiculous. I wonder if the approvers have lost their minds?

Perhaps what Hong Kong should do is not compare with the United States, but rather strive to become a better safe haven for Web3 in Greater China, which is relatively more realistic.