Produced｜Okey Cloud Chain Research Institute
Author｜ Jason Jiang
On April 20, the European Parliament passed the Regulation on Markets in Cryptoassets (MiCA), making the EU the first major jurisdiction in the world to introduce comprehensive encryption laws. At the same time, Hong Kong in the eastern world is also accelerating its embrace of Web3 transformation. The Legislative Council of the Hong Kong Special Administrative Region promulgated the "Anti-Money Laundering and Terrorist Financing (Amendment) Ordinance" last year, stipulating that from June 1, 2023, virtual asset service businesses in Hong Kong must apply for a license. In response to this regulation, the Hong Kong Securities Regulatory Commission issued the "Consultation Document on Proposed Regulatory Regulations Applicable to Operators of Virtual Asset Trading Platforms Licensed by the Securities and Futures Commission" to widely solicit public opinions.
Today, it has been less than a month since Hong Kong’s new licensing system for virtual asset service platforms came into effect. Leung Fung-yee, chief executive of the Hong Kong Securities and Futures Commission, said at the end of April that the Hong Kong Securities and Futures Commission has completed public consultation on regulatory recommendations for operators of virtual asset trading platforms, and will announce the results of the consultation and final guidelines for licensing virtual asset trading platforms in May. After experiencing the excitement in April, Hong Kong Web3 is about to usher in another important moment .
At this important point in time, the Okey Cloud Chain Research Institute had a serious chat with many entrepreneurs, legal experts, university representatives and industry observers who have long been concerned about and deeply involved in Hong Kong Web3, to see what Hong Kong and Web3 are in their eyes. What kind of appearance.
1. Senior media person, Web3 observer Yuning
Yuning is a senior reporter of a domestic media, and the Hong Kong Carnival in April is one of the few offline events she has participated in that can be so lively since she entered the industry. Due to the relatively embarrassing position of virtual assets and Web3 tracks in China, many media do not have a dedicated team to track and report on this field, and the same is true for Yuning's media. In fact, many traditional media people are still accustomed to viewing virtual assets with colored glasses, especially with the long bear market, the reports on virtual assets are mostly negative. Under such circumstances, Yuning has always been optimistic about the positive changes in this industry, and firmly believes in the reconstruction power behind Web3. Because of this, she came to Hong Kong in April at her own expense to feel the freedom of Chinese Web3. I admire her enthusiasm, but I am also curious about Hong Kong and Web3 she has observed.
Q1
How do you feel about participating in the Web3 Carnival in Hong Kong in April?
A: Large surface-based site. In the past, Web3 was more of a bottom-up atmosphere, often with some grassroots or cyberpunk attributes. However, the strong support from the Hong Kong government this time not only provides real funding, but more importantly, it recognizes the industry in terms of values and raises the compliance of the industry to a new level. I believe this has also given practitioners a boost. A wave of faith.
Q2
As an industry observer, what do you think about the future of Web3 in Hong Kong?
develop?
A: It will develop relatively steadily. Web3 needs Hong Kong, and Hong Kong also needs Web3 to withstand the economic recession after the brain drain. Therefore, Hong Kong Web3 will not be just a flash in the pan. I believe that if the talent density is high enough, the industry will flourish. The cost of living in Hong Kong is relatively high. For Web3 practitioners, it is attractive, but it is not irreplaceable. Many Web3 practitioners are digital nomads who will nomad to places of opportunity. At present, many project parties will choose to set up a site in Hong Kong, but if Hong Kong's policies continue to be favorable, they can still stay.
Q3
Which Web3 projects/tracks do you pay more attention to/optimistic about?
Hong Kong's development potential?
A: Compared with technology developments such as Infra, Hong Kong still has strong financial attributes, and there are more opportunities for some compliant transaction projects.
Q4
In the communication with Hong Kong Web3 practitioners, what impressed you the most?
What is the deepest person/sentence/thing?
A: A feeling. Before, I felt that everyone was cursing and cutting leeks on the Internet. In fact, the atmosphere offline is very friendly. In real life is also very important to web3, and can correct some unhealthy trends in the industry.
2. Member of a well-known domestic lawyer team and newcomer to Web3 Ziheng
Ziheng is a talented legal student of Tsinghua University and a member of a well-known lawyer team in China. In the legal profession, he has enough accumulation, but in the field of Web3, he may still be just a newcomer. Hong Kong Carnival is the first time that Ziheng has entered the Web3 world in such a formal way. He was active in every corner of the venue with full of curiosity, met many old friends, and made many new friends. I didn't meet Ziheng in Hong Kong, but saw the photos he posted in Moments and realized that we had "passed by". However, I marveled at his keen observation and sharp expression, so I had an in-depth chat with him after I came back. When talking about Hong Kong Web3, he repeatedly mentioned the word "capital": he is not used to the prosperity created by capital, but he has to admit the importance of capital. This is a wanton pull between the inner self and the physical reality, but he is always optimistic about Web3 technology.
Q1
Is Hong Kong Carnival your first Web3 event?
How do you feel?
A: Yes, this is the first time I participated in such a large-scale web3 event, and I learned two words - "industry" and "capital". I am quite uncomfortable with the atmosphere where everyone starts a business and everyone invests/speculates. During those crazy nights, the project party booked the penthouses and yachts one after another. Everyone is discussing "money": the rise in currency prices, which fund is investing in which track, which project is airdropping again, which boss shows up and can lead me. But the so-called value, I summed it up, is more about capital gains, and few people pay attention to whether this technology can be used or not.
Another point is that I have witnessed the diversity of an industry. Around the capital, the business landscape was quickly spread out. L1, L2, wallet, node operation, cross-chain for infrastructure, DeFi for contracts, social protocols (thinking about it, there are really few applications or protocols that exist purely in the form of contracts), exchanges, Market makers, investment research, media, KOLs, compliance, associations... everyone is trying to take advantage of their relatives to get a share of the pie.
Q2
What do you think of the development of Web3 by the Hong Kong government? Web3
What is its value to Hong Kong?
A: The giants and the government have joined forces to stage a good show, which has attracted the attention of capital to web3, an area that has created many "myths". But how many of these "myths" are Hong Kong's own? Can the so-called government's attention really guide the healthy development of this industry (how is health defined)? How many technical talents and how many start-up projects come from Hong Kong or are you willing to stay in Hong Kong? My field of vision is too shallow to give an answer.
Q3
In Hong Kong, the person/sentence/thing that impressed you the most
what is it
A: No technical person should exclude business cognition. Although I don't like the exaggeration of capital, I have to admit the power of capital. A friend who made a lot of money at a young age asked me: "What do you think money is?" I replied disdainfully: "Actually, I don't really care about money, I think it's enough to spend enough money..." He smiled: "Who doesn't? ? How many people are short of living expenses? Money is just a fuel to start bigger projects and manage more people..." I seem to understand a little bit. The number of people connected by blood relatives is limited... only capital, and companies and even countries are formed under the agglomeration. Capital is like a bewitching succubus! So those "capitalists" are best at using limited resources to leverage larger resources. Use limited opportunities to create maximum profits. Nothing out of place.
Q4
How do you see the future of Web3 in Hong Kong?
A: The development of Web3 in Hong Kong depends on two parts, one is the development of Web3 itself. This industry is still the target of capital's public criticism, but there is still a lack of projects that have exploded in the circle, and there is no strong reason to urge ordinary citizens to embrace the decentralized world. Even with the influx of so much money, the Web3 field is still stagnant. , there are very few normal users, and most of them are speculators. I think this industry is unhealthy; secondly, Hong Kong’s love for Web3, including efforts to attract projects, attract technical talents to Hong Kong, and formulate a series of industry regulations to guide industry compliance. Standardized development, I am optimistic about this part.
3. Wang Wei, Web3 legal expert, partner of Tianyuan Law Firm
在香港发展Web3，合规是基础条件。事实上，无论在香港、新加坡还是美国，关于Web3和虚拟资产的监管实验都正缓缓拉开序幕，市场会告诉监管者Web3需要怎样的生存土壤，监管机构也会逐步为Web3市场勾勒出清晰的监管框架。作为研究机构，我们习惯于立足市场去解读监管者的各类举措，但却时常忘记从不同纬度去审视监管发展脉络及深层原因。于是，在香港我们与Web3领域的资深专家王伟律师深入聊了聊。王律是天元律师事务所合伙人，也是肖风博士发起的“万物创造营”的首批Coach。我与王律初识于2019年的一次线上研讨会，随后时常线下沟通，但因疫情始终未能线下见面，此次在香港见面却是第一次面对面沟通。
Q1
4月的香港感觉和之前有什么不一样吗？
香港Web3氛围如何？
A：香港此前对于Web3已经有相关的探索，现在则是明确拥抱Web3。对于华人Web3的创业者来说，毫无疑问，香港是一个极具竞争力的选择。
Q2
作为法律专家，您怎么看待香港出台的
一系列Web3与虚拟资产相关政策？
A：香港特别行政区作为有独立立法权的司法区域，与新加坡相比有明确的优势，凸现了香港政府的前瞻和监管能力。大陆目前还严格限制状态，所以大陆的创业者一定注意整体的合规性，而不能仅仅注册香港公司。
Q3
在参与万物创造营的过程中，哪些Web3项目
让您感到惊喜？
A：我们确实注意到Tool、Social、Defi、Game、Infra、AI、Metaverse、DAO各个赛道都有非常杰出的项目。创业者需要关注，团队是否完整，资源是否足够，投资人在哪方面助力，合规架构如何搭建，万一项目失败是否有金降落伞。
Q4
这次与香港Web3从业者的沟通过程中，印象
最深的一个人/一句话/一件事是什么？
A：肖风博士的话，来都来了，抓紧干吧。
来源：万物岛ThreeDAO
4、Web3创业老兵、NFTChina CEO TonyFu
NFTChina是数字藏品市场的头部企业之一，如今正积极开拓香港及海外市场。
在与Tony的沟通过程中，他多次表达了对香港Web3市场的长期看好，并希望用好香港桥头堡功能，把多年积累的Web3技术、运营经验应用于东南亚等香港辐射的市场。
Q1
如何看香港发展Web3的时机？
A：行业普遍认为，北美监管回撤可能会使香港成为下一轮叙事的起点/重要推力之一。作为从业者，我们建议行业保持谨慎和进取，关注实际问题，打造全球视野等。
就创业者来说，香港适合Web3初创项目融资。香港的科学园和数码港都是很好的创业孵化器，可以提供全方位的支持和帮助。不过香港的资本是“聪明钱”。能够顺利融到资的Web3项目，首先需保持盈利性，其次需注重技术和用户增长，第三应当重视英语的重要性，因为它是全球通用的商业语言，第四需重视各组件/工具间的可组合性和开放性，这使得 Web3 更加灵活和可扩展。
从投资端来说，首先投资端需要尽快全面掌握Web3的信息，中文世界也需要一家权威的 Web3新闻媒体来传播相关信息。其次关于投资端热议的AIGC和Web3，它们虽然不在同一维度上，但它们是相辅相成的，可以一起推动 Web3 的发展。第三，在投资和募资方面，平衡精力分配非常重要，需要机构们认真考虑和规划。总之，只有有了 Web3 的原生资产、原生金融和原生应用，Web3 才能真正实现其潜力和价值。
Q2
香港如何才能成为全球Web3中心？
A：香港能否成为未来的 Web3 中心与多个因素有关。首先在政策方面，港府已明确宣布将发展成为全球虚拟资产中心和Web3中心，并且设立了引进重点企业办公室和高端人才通行证计划，为企业和人才提供优惠政策和更好的发展环境。其次在税收方面，香港的税收体系相对简单，企业和个人都可以享受较低的税率，这可以吸引更多的企业和人才来香港发展。第三，生活成本和便利性也是重要因素之一。香港作为连接中文和英文世界的一个桥梁，生活便利，政府的官员活动上还特别提到了香港社会的治安良好，美食众多。但是香港的生活成本比大陆高很多，这可能会对创业团队的选择产生影响。最后，配套建设也是香港成为 Web3 中心的关键因素之一。为了成功发展 Web3，需要完备的基础设施和应用场景。但是目前香港在这方面还有欠缺，需要加强建设和开发。
香港要成为 Web3 中心，需要在政策、税收、生活成本和便利性、配套建设等方面做出相应的努力和改进。
写在最后
在欧科云链研究院此前发布《热闹之后，香港是否会成为Web3的“应许之地”？》和《在香港，我们发现了一个值得长期关注的Web3赛道》两篇文章中，我们试图从香港与行业视角出发，探寻Web3在香港发展的立足点与落脚点。文章发布后，我在与更多关注香港Web3发展的小伙伴的沟通中，“东升西降”这一概念被多次提及。
东升西降是一众政客和专家眼中未来全球格局演变的主要趋势，如今也成为探讨Web3变迁的重要关键词。从全球来看，东西方世界对虚拟资产及Web3的监管态度正出现明显分化，东升西降似乎正成为现实：以美国为代表的西方世界正试图对加密行业及Web3创新采取更为严厉且保守的监管措施，而香港、日韩等国家及地区则给予虚拟资产与Web3更大的生存与发展空间。在这种鲜明的对比之下，资金、流量和人才都正在向香港等东方城市汇聚，使其成为Web3未来发展的重要根据地。
东升西降现阶段看似已成定局，但这只是Web3数字游牧民族逐“监管”而居的被动选择。东升西降的表象背后，是Web3行业在遭遇多轮流动性危机后对透明且可预期的监管环境的积极诉求。过去数年，全球宽松的货币政策使传统资本市场溢出的流动性陆续进入加密市场，进而迅速推动虚拟资产价格屡创新高，部分机构在高点依旧使用杠杆放大收益，进一步营造繁荣景象。但随着美联储持续而剧烈的加息缩表，市场流动性迅速枯竭，隐藏在高杠杆之下的高额收益无法维持，机构投资者被迫通过挪用客户资金、操纵市场价格等不法行为弥补账面亏空，但也因此引发连环暴雷事件，使外界对虚拟资产与Web3行业的风险担忧愈演愈烈。面对这些风险，东西方采取了截然不同的应对措施，这才导致如今我们所看到的东升西降格局。在这个过程中，Web3从业者也意识到监管合规的重要性，但不是所有的监管措施都适合Web3：美国对虚拟资产与Web3的监管不清晰始终为外界所诟病，其面向大公司的严格执法行动也使得众多知名加密机构不得不降低在美国的存在感而将目光转向其他地区。
For the current Web3 industry, a transparent and predictable regulatory environment is the most urgent development factor. Only by maintaining leadership and initiative in regulatory policy and regulatory technology, and cooperating with other elements such as capital and talents, can Hong Kong truly retain the Web3 industry. Obviously, Hong Kong is currently striving to provide such a suitable regulatory framework for the Web3 industry, and this is where the confidence of all those who are optimistic about the development of Web3 in Hong Kong in the long term lies.