Several Opinions on the Situation of Web3 in Hong Kong

On April 17th, it was reported that on April 16th, Meng Yan published an article titled “Several Opinions on the Situation of Web3 in Hong Kong”, stating that the competition in blockchain is mainly not at the level of equipment, technology, processes, algorithms, and other tools, but rather at the level of how to apply blockchain as a tool to create new structures and mechanisms. It is a competition for institutional innovation, not a competition for tool innovation. The digital asset market is difficult to develop domestically, but it will find a breeding ground in the border areas of major country competition. Therefore, in the border area of competition between China and the United States, there will be an active blockchain digital economy industry, and the Web3 twin cities of Singapore and Hong Kong will continue to be staged. He also pointed out that Hong Kong’s Web3 is transaction oriented and offers more freedom in exchange services for mature mainstream digital assets such as Bitcoin. However, it will still be very cautious and even strict in financing and fundraising activities such as ICO. Web3 in Hong Kong is still in the pilot phase and there is a possibility of recurrence; Singapore’s Web3 strategy is more robust, but has lower tolerance for grey digital finance. In addition, it is not easy for both places to create world-class 2C projects such as Web3 social networking and gaming. Both regions will actively support the development of RWA (real world assets).

Meng Yan: Hong Kong Web3 is transaction oriented and still in the pilot phase

Introduction

On April 16th, Meng Yan published an article titled “Several Opinions on the Situation of Web3 in Hong Kong.” Yan, a well-known blockchain expert, discussed the current state of blockchain technology and its competition in the market. According to his article, the competition for blockchain technology is not at the level of tools, but rather at the level of how to apply blockchain technology to create new structures and mechanisms. In this article, we will discuss the opinions and insights provided by Meng Yan regarding Web3 in Hong Kong.

The Competition for Institutional Innovation

The competition in the blockchain market is not at the level of tools, but rather at the institutional level. The application of blockchain technology to create new structures and mechanisms is what sets companies apart. Blockchain technology can be viewed as a tool that can be used to enhance institutional innovation. In the Web3 market, companies that create innovative mechanisms will come out on top.

The Digital Asset Market in Hong Kong

The development of the digital asset market in Hong Kong has been difficult. However, Yan notes that the border areas of major country competition will be a breeding ground for the development of the blockchain digital economy industry. In the border area between China and the United States, there will be a thriving blockchain industry. One of the primary reasons for this is due to the differences in regulatory frameworks between these two countries.

Web3 in Hong Kong

Yan notes that Web3 in Hong Kong is transaction-oriented and offers more freedom in exchange services for mainstream digital assets like Bitcoin. However, it is still very cautious, even strict, in financing and fundraising activities like ICO. Web3 in Hong Kong is still in the pilot phase, and there is the possibility of recurrence.

Web3 in Singapore

Singapore’s Web3 strategy is more robust than Hong Kong’s. However, it has lower tolerance for grey digital finance. In addition, it is not easy for both places to create world-class 2C projects such as Web3 social networking and gaming. Regardless, both regions will actively support the development of RWA (real world assets).

The Future of Web3 in Hong Kong

In conclusion, Web3 in Hong Kong is transaction-oriented and cautious in financing and fundraising activities. Nevertheless, it offers more freedom in exchange services for mainstream digital assets like Bitcoin. The pilot phase of Web3 in Hong Kong presents the possibility of recurrence. Singapore’s Web3 strategy is more robust, but it has its own limitations. As the competition in the blockchain market continues to grow, both Hong Kong and Singapore will actively support the development of RWA.

FAQs

Q1. What is the competition in the blockchain market?
Ans: The competition in the blockchain market is not at the level of tools, but rather at the institutional level.
Q2. Is Web3 thriving in Hong Kong?
Ans: Web3 in Hong Kong is still in the pilot phase, and there is the possibility of recurrence.
Q3. What is the future of Web3 in Hong Kong?
Ans: Hong Kong and Singapore will actively support the development of RWA in the Web3 market.