Discussion on Hong Kong Web3.0: Whether Hong Kong can become the future center of Web3 is related to multiple factors
Hong Kong needs to make corresponding efforts and improvements in policy, taxation, cost of living and convenience, and supporting infrastructure to become a Web3 hub.Author: Fu Rao, Senior Research Fellow at the Hong Kong International New Economy Research Institute
In mid-April, the Hong Kong Web3.0 Association was established, and hundreds of events such as the Hong Kong Web3.0 Carnival were held. During the events, tens of thousands of Web3.0 industry practitioners came to Hong Kong to attend. They raised various viewpoints and suggestions covering multiple aspects of WEB3 entrepreneurship, investment, policy, education, and trends, which I have summarized.
The industry holds an optimistic attitude towards the Hong Kong government's regulation and policy support, pointing out the issues that need to be addressed and the opportunities that should be seized in Hong Kong WEB3 entrepreneurship.
The industry believes that the regulatory retreat in North America may make Hong Kong one of the starting points/important driving forces for the next narrative. Dr. Xiao Feng's three-token model will influence the design of token models in the upcoming cycle. Practitioners suggest that the industry should remain cautious and proactive, focus on practical issues, and build a global perspective. Most attendees discussed viewpoints and suggestions regarding WEB3 entrepreneurship, investment, policy, education, and trends.
Aaron Zhang from ChainXing Capital believes that in WEB3 entrepreneurship, it is important to create small companies with sufficient profitability. Zuo Luo, co-founder of the 3WW3 Asia-Africa-Latin America Web3 Research Institute, emphasized the importance of English.
Wang Yishi pointed out that Web3 should focus on growth around technology and users, creating real value. Todd from Nothing Research believes that the essence of WEB3 is freedom, allowing everyone to understand the code, which is crucial for promoting the development of WEB3.
Web3 KOL Zhao Chen likened WEB3 to the Chinese Hip Hop scene, pointing out that the composability and openness between components/tools is a significant difference of WEB3 compared to WEB2.
Jordan, co-founder of UXUY, mentioned that entrepreneurs should focus on fundraising in Hong Kong. 0xLeon, co-founder of CrossSpace, pointed out that the Science Park and Cyberport will conduct comprehensive assessments of projects, helping good projects to drive out bad ones. Shang Silin suggested that the industry needs more action-oriented individuals who are well-versed in crypto economics.
@getupanderson believes that the Chinese-speaking world needs an authoritative Web3 news media. Cai Kailong proposed that Web3 changes the production relationship, while AIGC enhances productivity; the two are different dimensions and cannot be compared on the same level; Web3 changing the production relationship and AIGC enhancing productivity are complementary; the future path of Web3 lies in breaking boundaries.
Steven Li from FutureMoney Group pointed out that the participation of traditional family office funds has increased the overall compliance and legitimacy of investment institutions in the circle. The next year will welcome a window period for project layout, and how to balance the allocation of energy between fundraising and investment will be a test for various institutions.
Jolestar from RoochNetwork believes that first there are the native assets of Web3, then the native finance of Web3, which leads to the native applications of Web3.
Everyone believes that whether Hong Kong can become the future Web3 center is related to multiple factors. Firstly, in terms of policy, the Hong Kong government has clearly announced its intention to develop into a global virtual asset center and Web3 center, establishing an office for introducing key enterprises and a high-end talent visa program to provide preferential policies and a better development environment for enterprises and talents. Secondly, regarding taxation, Hong Kong's tax system is relatively simple, allowing both enterprises and individuals to enjoy lower tax rates, which can attract more businesses and talents to develop in Hong Kong. Thirdly, the cost of living and convenience are also important factors.
As a bridge connecting the Chinese and English-speaking worlds, Hong Kong offers convenience in life, and government officials have particularly mentioned the good public security and abundant food in Hong Kong. However, the cost of living in Hong Kong is much higher than in mainland China, which may affect the choices of entrepreneurial teams. Finally, supporting infrastructure is also a key factor for Hong Kong to become a Web3 center. To successfully develop Web3, comprehensive infrastructure and application scenarios are needed. However, Hong Kong currently lacks in this area and needs to strengthen construction and development.
For Hong Kong to become a Web3 center, corresponding efforts and improvements are needed in policy, taxation, cost of living and convenience, and supporting infrastructure.
