Hong Kong Legislative Council member Au Nok-hin: The gap in catching up with Singapore's policies is only one or two years, users should choose exchanges cautiously.

In recent years, Hong Kong has undergone a significant shift in its attitude towards Web3, demonstrating a determination to promote the development of the virtual industry. As a member of the Legislative Council of Hong Kong representing the technology and innovation sector, Kenneth Fok has long focused on the development of virtual currencies and the Web3 field. He believes that while virtual currencies were initially just a niche market, their growth momentum has begun to emerge with technological advancements and the proliferation of applications. Kenneth Fok draws an analogy between the current Web3 trend and the development stage of the internet in 2003, expressing an optimistic outlook for the future of this field.

Comparison of Policies between Hong Kong and Singapore

When discussing the policy differences between Hong Kong and Singapore, Qiu Dagen stated that there are similarities in cryptocurrency regulation between the two places, but their development focuses are different. Singapore has an advantage in the field of crypto payments, allowing institutions to conduct virtual asset transactions after completing KYC, but strictly controls transactions for the general public. In contrast, Hong Kong's policy formulation is slightly lagging, but the overall direction is not significantly different. Qiu Dagen believes that the timeline for cryptocurrency support between Hong Kong and Singapore is only one to two years apart.

Hong Kong Dollar Stablecoin and Regulatory Outlook

Qiu Dagen revealed that the regulatory framework for stablecoins in Hong Kong may be launched in June next year. He suggested establishing a stablecoin sandbox environment to accelerate the development process of Hong Kong dollar stablecoins. Regarding the regulation of different types of stablecoins, Qiu Dagen emphasized that regardless of whether they issue Hong Kong dollar, US dollar, or Renminbi stablecoins, as long as they are issued in Hong Kong, they must comply with Hong Kong's regulatory requirements.

Regulatory Reflections After the JPEX Incident

The recent JPEX fraud incident has sparked in-depth reflection on cryptocurrency regulation in Hong Kong. Qiu Dagen suggested that users should only trust licensed exchanges, while also urging the Hong Kong Securities and Futures Commission to expedite the licensing review process. He pointed out that this incident is also a process of investor education, emphasizing that Hong Kong encourages the development of digital assets and innovation in financial products, rather than mere asset speculation.

Despite facing numerous challenges, such as policy uncertainty and risks associated with exchanges, Qiu Daggen remains optimistic about Hong Kong's development in the digital asset sector. He believes that with a solid foundation and ample opportunities, Hong Kong has the capability to occupy an important position in this emerging field.