Hong Kong Financial Secretary Paul Chan's latest article shows a starkly different attitude between Hong Kong and Singapore, one strongly supportive and the other fully restrictive, clearly competing for Singapore's Web3 companies to return to Hong Kong:

"Digital assets are driving traditional financial businesses; a second policy declaration will be released; stablecoins reflect the firewall and experimental field functions under the 'one country, two systems' principle, providing experience and reference for the country's finance."

https://www.fso.gov.hk/chi/blog/blog20250615.htm