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Several Opinions on Web3 Situation in Hong Kong

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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 bl

Several Opinions on Web3 Situation 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

On April 16th, Meng Yan, the Vice President of CSDN Blockchain Research Institute, published an article titled “Several Opinions on the Situation of Web3 in Hong Kong”. He discussed Hong Kong’s role in the global blockchain industry and analyzed the challenges and opportunities facing its Web3 industry.

Overview of Web3 in Hong Kong

Meng Yan pointed out that the competition in the blockchain industry is not at the level of equipment or technology but at the level of institutional innovation. Hong Kong has a transaction-oriented Web3 industry that focuses on creating new structures and mechanisms using blockchain as a tool. This approach offers more freedom in exchange services for mature mainstream digital assets such as Bitcoin.
However, Hong Kong is cautious and strict in financing and fundraising activities such as ICO. Its Web3 industry is still in the pilot phase, and there is a possibility of recurrence.

Web3 Twin Cities of Singapore and Hong Kong

According to Meng Yan, the Web3 twin cities of Singapore and Hong Kong will continue to witness an active blockchain industry. He emphasized that Singapore’s Web3 strategy is more robust than Hong Kong’s but has lower tolerance for gray digital finance.
Additionally, it is not easy for both regions to create world-class 2C projects such as Web3 social networking and gaming. Therefore, both regions will actively support the development of RWA (real world assets), which can increase the efficiency of capital allocation and reduce capital costs.

Opportunities in the Digital Asset Market

Meng Yan believes that the digital asset market is challenging to develop domestically, but it will find a breeding ground in the border areas of major country competition. Therefore, in the border areas between China and the United States, there will be an active blockchain digital economy industry that benefits both regions.

Conclusion

In conclusion, Meng Yan’s article provided several opinions on the situation of Web3 in Hong Kong. He emphasized that the competition in the blockchain industry is mainly at the level of creating new structures and mechanisms using blockchain as a tool rather than technological innovation. Both Singapore and Hong Kong will continue to witness an active blockchain industry, and RWA will play a vital role in their development.

FAQs

1. What is Web3?
Web3 is the next generation of the internet, powered by blockchain technology. It aims to decentralize the internet and give users more control over their data and online identity.
2. What are real world assets?
Real-world assets refer to physical assets that exist in the real world, such as real estate, gold, and commodities. They can be tokenized and traded on the blockchain, providing greater liquidity and efficiency.
3. What are the challenges facing the Web3 industry in Hong Kong?
Hong Kong’s Web3 industry is still in the pilot phase and is cautious and strict in financing and fundraising activities such as ICO. There is a possibility of recurrence, and it is challenging to create world-class 2C projects such as Web3 social networking and gaming.

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