Hong Kong Legislative Council member Kenneth Fok: The large-scale application of Web3 requires three factors

ChainCatcher news, Hong Kong Legislative Council member Yau Tak-gin published an article in the Hong Kong Wen Wei Po stating that this is a critical moment for Hong Kong to develop Web3. While maintaining stability and order, it is also necessary to encourage technological innovation to attract various elites. Currently, some Web3 application solutions are highly anticipated, but to truly implement them on a large scale in the community, three factors are essential: first, the underlying technology still needs time to mature; second, the public needs to understand the application scenarios of Web3 and adapt to the various changes that new technologies bring to society and life; third, policies and regulations must keep pace to support the orderly and compliant development of Web3.

In addition, in recent months, some malicious individuals have taken advantage of the Hong Kong government's push for Web3 development to engage in illegal activities, such as promoting certain "air coins" through pyramid schemes for fraud. Others operate illegal platforms for fundraising. These operators ultimately flee or go bankrupt, tarnishing Hong Kong's reputation and significantly undermining the healthy development momentum of Web3. Therefore, regulatory agencies should closely monitor and work with law enforcement to ensure that criminals do not exploit the name of Web3 to make money in Hong Kong.

Yau Tak-gin also stated that the Securities and Futures Commission should promptly disclose operators who do not intend to apply for licenses or are not granted licenses, allowing the public to avoid trading with "doomsday" platforms. The Hong Kong government should also be vigilant against exaggerated and misleading advertising content from certain platforms, warning retail investors. Furthermore, the government should enhance public education, take the lead in launching reliable Web3 application solutions and scenarios, and help the public become familiar with them in daily life. In the long run, it is necessary to legislate to regulate Web3 products, allowing citizens to use or purchase Web3 products in a transparent, compliant, and safe manner, which is a reasonable safeguard.