Last week, WeChat Moments, Twitter, and TG groups were all about the Hong Kong Web3 Summit.
From VC bosses, project parties, exchanges to senior government officials and traditional finance, all crowded into the Wan Chai Convention and Exhibition Center to talk about blockchain, regulation, and scramble for resources. But as a retail investor, I would like to ask: Does this feast have anything to do with us?
I also attended this summit, and after experiencing it, I felt that Hong Kong has changed a lot in the past two years.
In the past, if you said you were into cryptocurrency, even the bank might freeze your account;
Now the government is taking action, setting up a Web3 office, approving exchange licenses, and formulating policy guidelines.
Even the HKMA has come out to say: “We want to be a global crypto asset center!”
The policy change is not just empty talk, it is real money being invested——
Draft law on stablecoins is in preparation
Licensed exchanges such as HashKey and OSL are beginning to slowly eat up traffic
The channels for opening accounts and depositing fiat currency are gradually relaxed, and USDT becomes "tradable and financial"
The most obvious feeling at the summit was: "VC is alive again."
Although the market is not doing well, I have met many people through my contacts.
Tencent VC, Hong Kong-funded funds, and Southeast Asian Web3 giants
The CEO of a local listed company in Hong Kong came to see the project directly
Japanese and Korean institutions are also testing the market
Many people are actually not optimistic about the currency, but are optimistic about the bonus period of "compliant arbitrage".
[Comparative Analysis] Hong Kong vs Singapore: The Battle for Web3 in Asia
🇭🇰Hong Kong:
Policy attitude: Actively promote Web3 as the future financial center
Stablecoin stance: Legislation expected to support Hong Kong dollar stablecoin
Fiat currency deposit: The path from HKD to USDT is becoming smoother
Compliant exchanges: HashKey and OSL have been issued licenses and continue to increase in volume
Capital participation: Hong Kong-funded funds and listed companies actively enter the market
Development potential: driven by both policies and capital, still in the initial stage
🇸🇬Singapore:
Policy attitude: tightening regulation, cautious neutrality
Stablecoin stance: open but highly audited
Fiat currency deposit: Difficult to deposit, with many restrictions
Compliant exchanges: There is no similar main compliance platform
Capital participation: mostly international VCs, with fast inflow and outflow of small capital
Development potential: already formed, but the pace of innovation is slowing down
If you are a trader——
The channels for depositing Hong Kong dollars will gradually loosen up, and OTC and cross-border payments will become more compliant in the future
The days of blocked cards and difficulty in transferring money may gradually pass
If you are an entrepreneur——
Development companies set up in Hong Kong can get government subsidies, attract Hong Kong investment, and benefit from favorable policies
The competition among projects now is not just about Tokenomics, but whether they can "exist legally"
If you are an observer——
Now is the time to start from the policy dividend. Although there are not many opportunities, the direction has changed.
It’s time to update your perception that Hong Kong is a city for real estate speculation