Author: Bitkoala Kaola Finance
Editor's note: Traditionally, the left usually advocates active reform and the elimination of old ideologies and systems to establish new ideologies and systems; the right is generally more conservative and advocates a steady, orderly, gradual, and slow reform approach, emphasizing Maintain the old tradition - that is what we often say: innovation is on the left and conservatism is on the right.
Regarding the emerging issues of Web 3.0 and cryptocurrency compliance regulation, New York, known as the "Big Apple City" and Hong Kong, known as the "Pearl of the Orient" seem to have embarked on two different paths. A hug turns into a rejection and another turns from a rejection into a hug.
Escape from New York vs. Flood into Hong Kong
While New York City Mayor Eric Adams was initially bullish on Web 3.0 and not only tried to run cryptocurrency-friendly campaigns but even accepted a salary in Bitcoin, U.S. regulators did not support the New York City mayor. Long Willingness – The crypto industry was rocked last month when the U.S. Securities and Exchange Commission filed lawsuits against Binance and Coinbase, and Web 3.0 companies are fleeing New York, driven by Washington, D.C.’s recent tough stance on crypto industry regulation. And New York’s global relevance relative to other major financial centers is waning, running counter to New York’s stated desire to move from an outdated financial system to a digital economy.
On the other hand, while crypto companies suffered setbacks in New York, Hong Kong opened its arms. On June 10, shortly after Coinbase was sued by the U.S. Securities and Exchange Commission, Wu Jiezhuang, a member of the Hong Kong Legislative Council and a member of the National Committee of the Chinese People’s Political Consultative Conference, posted on social media that he welcomed global virtual asset exchanges, including Coinbase, to apply for compliance exchanges in Hong Kong and Negotiate listing plans. In less than a week, Wu Jiezhuang said that he had contacted Coinbase and would learn more about development opportunities in Hong Kong. He bluntly welcomed global virtual asset companies to apply for a compliance trading platform and negotiate listing plans in Hong Kong and was willing to provide assistance.
In fact, the Chief Executive of the Hong Kong SAR Government, Lee Ka-chiu, stated as early as April this year that Hong Kong will allocate more than HK$700 million from the 2023 budget to accelerate the development of the digital economy, and will allocate more than HK$9 million to launch a series of international initiatives and measures. , he emphasized that he would promote the development of Hong Kong's virtual asset industry and that the third generation Internet represented by Web3.0 has great development potential. Hong Kong Financial Secretary Paul Chan Mo-po subsequently announced a piece of data, which gave a boost to the global Web 3.0 and cryptocurrency markets: Hong Kong’s “Budget” has allocated $50 million for Cyberport to accelerate the promotion of blockchain technology. With the development of Web 3.0, the third generation of Internet as the underlying technology, Cyberport has attracted more than 150 related companies to settle in Cyberport in the past year. Cyberport and its ecosystem are also growing rapidly. Currently, there are more than 1,900 companies. The total cumulative financing of start-up companies has exceeded 35.7 billion yuan, and it has more than 480 intellectual property projects.
The data doesn’t lie, Web3.0 is pouring into Hong Kong.
The crypto market is rising in the east and falling in the west, it’s New York’s turn to learn from Hong Kong
For policymakers, the right question to consider is: How can new technologies be used to promote innovation and economic growth? This is the question that New York City Mayor Eric Adams has been asking, and it is also the question that Hong Kong Chief Executive Li Ka-chiu is asking. Unfortunately, the SEC's biggest concern is: What are securities? ? ?
Frankly, it is critical that legislators quickly enact smart laws and regulations to promote innovation and growth, just as engineers quickly develop smart code to get new products to users as quickly as possible.
Today, U.S. regulators have taken restrictive measures, and although Eric Adams strives to support the Web 3.0 industry, venture capital funds and projects are beginning to leave Silicon Valley and the United States and move to other regions. The most worrying thing is that Coinbase, which supports regulation, is also considering leaving the United States due to the current environment in the United States - the Web 3.0 industry is keen!
On the other hand, Hong Kong’s active supervision of the crypto market is still accelerating. As part of Hong Kong’s move to embrace cryptocurrencies, Hong Kong regulators are formulating reference guidelines for the issuance of stablecoins, and stablecoins based on the digital Hong Kong dollar are apparently also in the pipeline. Among them.
Yes, the crypto market has been rising in the east and falling in the west, and now it’s finally New York’s turn to learn from Hong Kong.
Summarize
Hong Kong Financial Secretary Paul Chan Mo-po once said: "The encryption market has just experienced a collapse, and it is the best time to develop Web3.0."
There is no doubt that after a long trough, the encryption and Web 3.0 markets have begun to gain momentum. As a new puzzle piece of the "global digital financial center", Hong Kong is bound to use new technological capabilities to export to the world and accelerate the development and transformation process of Web 3.0. .
