Hong Kong Legislative Council Member Yau Tak-ken Discusses Web3 Development Strategies and Regulatory Approaches

Hong Kong Legislative Council member Kevin Yeung recently accepted an exclusive interview, elaborating on his understanding and driving logic of the Web3 and cryptocurrency industry. He reviewed his personal journey from tech venture capital to supporting blockchain development, emphasized 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 robust regulatory strategy can help enhance market confidence and prevent short-term speculation from harming 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 maintain an open international position 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 profitability challenges currently faced by compliant exchanges in Hong Kong, Qiu Dagen stated that this is a necessary phase in the early development of the industry. He suggested that exchanges should explore new business models, develop innovative products, and look towards broader international markets.

Regarding stablecoins, Qiu Dagen is optimistic about the potential of the Hong Kong dollar stablecoin, believing it has dual support: reserves from the US dollar and the Hong Kong government. He anticipates that there is still significant growth potential in the stablecoin market in the future.

Regarding emerging fields such as DeFi and stock tokenization, Qiu Dagen stated that there are currently no plans to impose prohibitions in Hong Kong, but regulatory strategies need to be developed based on market demand and technological advancements. He hopes to achieve on-chain trading of various asset classes, including stocks and bonds, in the future.

Finally, Qiu Dagen emphasized that Hong Kong's development of Web3 is not driven by short-term economic considerations, but rather aims to support the sustainable development of the industry from an institutional foundation. He urged Hong Kong to maintain its friendly and open attitude towards the international market, which is one of the fundamental reasons for Hong Kong's past success.