Several Opinions on the Situation of Web3 in Hong Kong: A Competition for Institutional Innovation

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

On April 16th, Meng Yan’s article titled “Several Opinions on the Situation of Web3 in Hong Kong” sparked conversation in the blockchain community. Yan stated 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. This article will explore Yan’s opinions on the Web3 industry in Hong Kong and Singapore and the possibility of recurrence and world-class 2C projects in both regions.

Outline

I. Introduction
– Meng Yan and his article on the Web3 industry in Hong Kong
II. Blockchain and Institutional Innovation
– The importance of institutional innovation in the blockchain industry
– Competition in blockchain is at the institutional level, not tool level
III. Web3 Industry in Hong Kong
– The current state of the Web3 industry in Hong Kong
– Hong Kong’s transaction-oriented Web3 and its stance on digital assets
– Cautious approach to financing and fundraising activities in Hong Kong’s Web3 industry
– Possibility of recurrence in Hong Kong’s Web3 pilot phase
IV. Web3 Industry in Singapore
– Singapore’s more robust Web3 strategy
– Singapore’s lower tolerance for grey digital finance
– Difficulty in creating world-class 2C projects in Singapore
V. Developing RWA in Hong Kong and Singapore
– Both regions actively support the development of real-world assets
VI. Conclusion
– The importance of institutional innovation in the Web3 industry
– The potential for growth in the Web3 industry in Hong Kong and Singapore
– The need to balance caution with development in the Web3 industry

Blockchain and Institutional Innovation

Blockchain technology has been hailed as a revolutionary force that can disrupt industries and change the world. However, Meng Yan argues that the competition in blockchain is not at the tool level but rather at the institutional level. Institutions must be willing to innovate and adopt blockchain technology to create new structures and mechanisms that drive progress.

Web3 Industry in Hong Kong

Hong Kong’s Web3 industry is primarily transaction-oriented and offers more freedom in exchange services for mature mainstream digital assets such as Bitcoin. However, Hong Kong is cautious and even strict in financing and fundraising activities such as ICO. As a result, Hong Kong’s Web3 industry is still in the pilot phase, with the possibility of recurrence.

Web3 Industry in Singapore

Singapore has a more robust Web3 strategy than Hong Kong, but it also has lower tolerance for grey digital finance. While Singapore’s Web3 industry is more advanced, it is not easy for the region to create world-class 2C projects such as Web3 social networking and gaming.

Developing RWA in Hong Kong and Singapore

Both regions actively support the development of RWA (real-world assets), which refers to assets that exist in the physical world and can be tokenized on the blockchain.

Conclusion

Meng Yan’s article highlights the importance of institutional innovation in the Web3 industry. While the competition in blockchain is not at the tool level, it is crucial that institutions be willing to innovate and adopt blockchain technology to drive progress. The Web3 industry in Hong Kong and Singapore is growing, but caution must be balanced with development. Both regions will actively support the development of RWA, which could unlock new opportunities for the Web3 industry.

FAQs

1. What is institutional innovation?
Institutional innovation refers to the adoption of new structures and mechanisms within institutions to drive progress and innovation.
2. What is the Web3 industry?
The Web3 industry refers to the decentralized web, also known as Web 3.0. It encompasses blockchain technology, decentralized applications, decentralized finance, and other related technologies.
3. What are real world assets?
Real-world assets refer to assets that exist in the physical world, such as real estate or commodities. These assets can be tokenized on the blockchain and used in decentralized applications.