#Several Opinions on the Situation of Web3 in Hong Kong

On April 17th, it was reported that on April 16th, Meng Yan published an article titled “Several Opinions on the Situation of Web3 in Hong Kong”, stating that the competition in blockchain is mainly not at the level of equipment, technology, processes, algorithms, and other tools, but rather at the level of how to apply blockchain as a tool to create new structures and mechanisms. It is a competition for institutional innovation, not a competition for tool innovation. The digital asset market is difficult to develop domestically, but it will find a breeding ground in the border areas of major country competition. Therefore, in the border area of competition between China and the United States, there will be an active blockchain digital economy industry, and the Web3 twin cities of Singapore and Hong Kong will continue to be staged. He also pointed out that Hong Kong’s Web3 is transaction oriented and offers more freedom in exchange services for mature mainstream digital assets such as Bitcoin. However, it will still be very cautious and even strict in financing and fundraising activities such as ICO. Web3 in Hong Kong is still in the pilot phase and there is a possibility of recurrence; Singapore’s Web3 strategy is more robust, but has lower tolerance for grey digital finance. In addition, it is not easy for both places to create world-class 2C projects such as Web3 social networking and gaming. Both regions will actively support the development of RWA (real world assets).

Meng Yan: Hong Kong Web3 is transaction oriented and still in the pilot phase

Web3 is the term used to describe the third generation of the World Wide Web. It is a decentralized platform that allows users to interact and transact without the need for intermediaries. This new technology has gained popularity in recent years, and many countries are now racing to develop their Web3 industry. In this article, we will examine the situation of Web3 in Hong Kong and Singapore, and the opinions of Meng Yan on this subject.
##Outline
I. Introduction
A. Explanation of Web3
B. Importance of Web3 industry
II. The competition in blockchain
A. The focus of the competition
B. The relevance of applying blockchain as a tool
C. The competition for institutional innovation
III. The digital asset market
A. The challenges of developing digital assets
B. The potential of border areas
C. Hong Kong’s Web3 approach
D. Singapore’s Web3 strategy
IV. Web3 in Hong Kong and Singapore
A. Hong Kong’s transaction-oriented Web3
1. Greater freedom in exchange services
2. Caution in financing and fundraising activities
3. Possibility of recurrence
B. Singapore’s robust Web3 strategy
1. Lower tolerance for grey digital finance
2. Difficulty in creating world-class 2C projects
V. RWA and the future of Web3 in Hong Kong and Singapore
A. Explanation of RWA
B. The importance of RWA in the Web3 industry
C. The active support of both regions in RWA development
VI. Conclusion
A. The potential of Web3
B. The importance of institutional innovation
C. The future development of Web3 in Hong Kong and Singapore
##Several Opinions on the Situation of Web3 in Hong Kong
On April 16th, Meng Yan published an article discussing the situation of Web3 in Hong Kong. According to Meng Yan, the competition in blockchain is not primarily focused on the level of equipment, technology, processes, algorithms, and other tools, but rather on how to apply blockchain as a tool to create new structures and mechanisms. In other words, the competition is for institutional innovation, not tool innovation.
Meng Yan also discussed the challenges of developing the digital asset market domestically. He stated that while it may be difficult to develop the digital asset market in domestic areas, it will find a breeding ground in the border areas of major country competition. Therefore, in the border area of competition between China and the United States, there will be an active blockchain digital economy industry, and the Web3 twin cities of Singapore and Hong Kong will continue to be staged.
Hong Kong’s Web3 approach is highlighted as transaction-oriented, and it offers more freedom in exchange services for mature mainstream digital assets such as Bitcoin. However, it remains cautious and even strict in financing and fundraising activities such as ICO. Meng Yan added that Web3 in Hong Kong is still in the pilot phase and there is a possibility of recurrence.
Singapore’s Web3 strategy is more robust, but it has lower tolerance for grey digital finance. Both regions will actively support the development of RWA (real world assets), which is crucial in the Web3 industry.
In conclusion, Meng Yan believes that the potential of Web3 is in its ability to create new structures and mechanisms through institutional innovation. The competition is not about tools, but creativity and innovation. The development of the digital asset market is a challenge, but the border areas of competition provide opportunities for growth. Hong Kong and Singapore have their unique approaches to Web3, and they will actively support the development of RWA.
##FAQs
1. What is the digital asset market?
The digital asset market refers to the market for cryptocurrencies and other digital assets that are traded using blockchain technology.
2. What is Web3?
Web3 is the term used to describe the third generation of the World Wide Web. It is a decentralized platform that allows users to interact and transact without the need for intermediaries.
3. What is RWA?
RWA (real world assets) refers to assets that exist in the physical world, such as real estate, commodities, and art. In the Web3 industry, RWA can be represented using blockchain technology, allowing for easier transfer and verification of ownership.
##Keywords
Web3, Hong Kong, Singapore, blockchain, institutional innovation, digital asset market, RWA, cryptocurrency, decentralized platform.