Hong Kong Legislative Council Member Yau Tak-him: Hong Kong's encryption policy will catch up with Singapore in just one or two years.

In recent years, Hong Kong has seen a significant shift in its attitude towards Web3 and virtual currencies, demonstrating a determination to promote the development of the virtual industry. As a member of the Hong Kong Legislative Council representing the technology and innovation sector and a proponent of Web3-friendly policies, Charles Mok has been paying attention to related projects since the early days of virtual currencies. He believes that although virtual currencies were initially a niche market, they have begun to show strong momentum for development in recent years.

Qiu Dagen compared the current development trend of Web3 with the stage of internet development in 2003. He pointed out that with technological advancements and the continuous emergence of application scenarios, Web3 shows great potential in areas such as financial markets, personal data management, and new directions for the internet.

The Similarities and Differences in Encryption Policies between Hong Kong and Singapore

When discussing the encryption policies of Hong Kong and Singapore, Qiu Dageng stated that the policies in both places are more similar, but the development directions are slightly different. He explained: "Singapore has an advantage in encryption payments, allowing institutions to trade virtual assets after completing KYC, but it has strict regulations on virtual asset trading for the general public."

Qiu Dagen believes that although Hong Kong is slightly slower than Singapore in overall planning, there is not much difference in policy direction. He emphasized: "Hong Kong and Singapore are only one or two years apart in their timelines for supporting encryption currencies. If we can catch up with the legislative process from various aspects, the gap will only be about one or two years."

Prospects for Regulation of Hong Kong Dollar Stablecoin

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

Regulatory Recommendations After the JPEX Incident

In light of the recent JPEX scam incident, Qiu Dageng advises users to only trust licensed exchanges. He also urges the Hong Kong Securities and Futures Commission to expedite the licensing review process, pointing out that some obviously non-compliant exchanges are still allowed to submit supplementary information multiple times, resulting in extended review times.

Qiu Dagen emphasized that the JPEX incident is also a process of investor education. He stated that what Hong Kong encourages is not asset speculation, but the development of digital assets and the innovation of financial products.

Despite facing numerous challenges, Qiu Dagen maintains an optimistic attitude towards Hong Kong's prospects in the digital asset sector. He believes that with a solid foundation and ample opportunities, Hong Kong has the capacity to take a leading position in this emerging field.