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Singapore's "guest-eliminating" policy, is Hong Kong the true Web3 hub of Asia?

On May 30, Hong Kong's "Stablecoin Regulation" was officially legislated, establishing a regulatory framework for stablecoins. At the same time, Hong Kong continues to strengthen its support for capital and entrepreneurship: since the release of the virtual asset declaration in 2022, over a thousand Web3 companies have settled in Hong Kong, and Cyberport has gathered nearly 300 enterprises, raising over 400 million Hong Kong dollars; policy-wise, tax incentives are provided (details to be confirmed), with a maximum monthly talent subsidy of 32,000 Hong Kong dollars, and a proactive approach to attract restricted companies from Singapore to relocate.

In contrast to Singapore's tightening regulatory environment, Hong Kong is seen as a more friendly entrepreneurial testing ground. However, in reality, Hong Kong still faces challenges such as uneven policy implementation, inadequate infrastructure, and ambiguous tax details. For entrepreneurs, relocating to Hong Kong may be a "suboptimal choice"; some voices lean towards more policy-friendly regions like Dubai, and the new South Korean president's cryptocurrency policies are still to be observed. For now, Hong Kong is viewed as a "relay station" following Singapore's tightening regulations rather than a closed-loop ecological hub.

From the perspective of the Asian Web3 ecosystem, the Hong Kong-Singapore competition essentially reflects a divergence in ecological positioning: Singapore may become a compliant asset management center, while Hong Kong focuses on technological experimentation and capital hub. For entrepreneurs, the key lies in dynamically adapting to policy and regulatory changes, rather than betting on a single region.