Hong Kong Legislative Council Member Yiu Tak-ken on Web3 Development and Regulation

Hong Kong Legislative Council member Yiu Tak-ken recently elaborated on his understanding and promotion logic of the Web3 and cryptocurrency industry during an exclusive interview. He reviewed his journey from tech venture capital to supporting blockchain development, emphasizing the importance of blockchain technology, and explained the evolution of Hong Kong from a "tolerant experiment" to formulating clear regulatory policies.

Qiu Dagen believes that a sound regulatory strategy for steady development helps to enhance market confidence and avoid short-term speculation that harms Hong Kong's financial brand. He pointed out that Hong Kong should focus on the international market and build a center for financial product innovation. Stablecoins, compliant exchanges, and on-chain financial infrastructure are key to Hong Kong's next stage of development.

When discussing the relationship between Hong Kong and the mainland, Qiu Dagen emphasized that Hong Kong should remain open and play a complementary role with the mainland, rather than competing. He believes that Hong Kong can become a window for mainland technology companies to "go overseas," helping them establish trustworthy standards internationally.

Regarding the current issue of the limited number of tokens allowed for retail trading in Hong Kong, Qiu Dagen stated that this is due to considerations for the protection of retail investors, and that progress will be made gradually based on market feedback. He also mentioned the potential of the Hong Kong dollar stablecoin, believing that it might have advantages over the US dollar stablecoin in certain aspects.

Regarding emerging fields such as DeFi and tokenization of stocks, Qiu Dagen stated that it is still in the exploratory stage, but believes that in the future, all traditional assets may achieve on-chain trading. He emphasized that Hong Kong's promotion of Web3 development is not driven by short-term economic considerations, but rather aims to support the sustainable development of the industry from an institutional foundation.

Finally, Qiu Dagen reiterated Hong Kong's position in the national technology strategy, believing that it should focus on identifying its own role to support and enhance national development. He remains optimistic about Hong Kong's development prospects in the Web3 field, believing that as long as it adheres to openness and innovation, Hong Kong can maintain an important position in this emerging industry.