Recently, the topic "Are you optimistic that Hong Kong will return to the cryptocurrency center?" has aroused heated discussion in the Binance Chinese community. 25 friends actively participated in the discussion and expressed their views on this hot event. Among them, 28% expressed positive support and optimism, 24% expressed neutrality, and 48% expressed unfavorable opinion. Everyone expressed their opinions and conducted a relatively in-depth analysis from factors such as history (climate), geography (geographical convenience), politics (people and people), etc. The following are some selected speeches, compiled for your reference (the author has modified some of them with typos).
#Hierarch (bullish)
Hong Kong issued a policy statement on the development of virtual assets in Hong Kong, clarifying the government's policy stance and guidelines for developing a vibrant virtual asset industry and ecosystem in Hong Kong. At the same time, the launch of pilot programs, including the issuance of non-homogeneous tokens (NFTs) at the 2022 Hong Kong Fintech Week, green bond tokenization, and digital Hong Kong dollars, shows the Hong Kong government's policy changes on virtual assets. Now even the HT exchange that has cleared out Chinese people is preparing to invest heavily in Hong Kong. The domestic ban and the open policy in Hong Kong may be a pilot in Hong Kong, and one day the domestic virtual asset policy will also be open. In the future, all operations will be licensed, and virtual currency has taken another big step towards full legalization.
#Chongtingon (neutral)
Whether Hong Kong can regain its status as a cryptocurrency center, I think it requires freedom of the press and academics, and transparent information to enable research in all aspects to develop rapidly. Talent is important, but the employees are not in Hong Kong. Now many digital nomads no longer work in the same place. Regarding the future attitude of Hong Kong's supervision, I think the old financial thinking is still used, and the rule of law has regressed. The details of supervision have not yet been released. Loose supervision is beneficial, but detailed supervision is harmful. In the end, whether Hong Kong can regain the cryptocurrency center is really nothing special. Web3 has no platform. Facebook’s failure shows that the xx center is just a slogan. The most important thing is whether you can grow in web 3.
#Bruce (Neutral)
Regarding Hong Kong's welcoming attitude towards virtual currency assets, I am neutral, neither against nor in favor of it. Because to me, this is just the first step for Hong Kong to regain its position as a global cryptocurrency center. And for Hong Kong to regain its position as a global cryptocurrency center, I personally believe that at least the following three conditions must be met:
(1) Relaxation of virtual asset regulation for retail investors Before this, Hong Kong only allowed professional investors to trade on virtual asset trading platforms, which means that the threshold for investors is high and retail investors are temporarily unable to enter the market. If Hong Kong's regulation of virtual assets can become more mature in the future, it will only be a matter of time before retail investors enter the market.
(2) Adopt open licensing supervision for virtual asset trading platforms. As long as the virtual asset trading platform does not violate any regulations or ceases to operate, the license must be valid all year round and cannot be revoked by the SFC. It does not even need to be inspected regularly. In this way, Hong Kong can establish multiple distribution channels extensively, so that retail investors can also enjoy the convenience brought by virtual asset trading services, further promoting Hong Kong's financial market.
(3) Supporting Non-Fungible Tokens (NFTs) and Security Tokens Hong Kong must remain open and inclusive to the global community of innovators engaged in virtual asset business. As long as the technology can improve transparency and efficiency and be properly regulated, Web 3.0 will have the potential to become the future development trend of Hong Kong's finance and trade, and apply the benefits brought by non-fungible tokens (NFTs) and security tokens to promote the sustainable development of Hong Kong's virtual industry, which will surely bring greater opportunities. I remain neutral on Hong Kong's future regulatory attitude.
After all, what is said may be one thing, and what is done may be another. Anyway, there are still uncertainties. If Hong Kong is really committed to promoting the entire virtual asset industry, I believe that Hong Kong has the ability to implement the declaration of policies on the virtual asset industry and exert the level and potential that it should have as a global cryptocurrency center.
#null (not optimistic)
I'm not optimistic about it in the short term. A few months ago, the Hong Kong government said it would ban retail investors from investing in cryptocurrencies and would only open it to professional investors (with more than HK$8 million in liquid assets). Now it has suddenly changed its direction, largely because it saw Singapore seize the opportunity during the epidemic. Although it has opened up many opportunities, it is afraid that it will be surpassed and shaken Hong Kong’s status as an international financial center. A year or two ago, many cryptocurrency exchanges were still headquartered in Hong Kong (such as crypto.com, bitfinex), but because the Hong Kong government’s policies will tighten, they have moved to other countries. I guess they will not move again in the short term. Return to Hong Kong. As for whether these exchanges can be attracted back in the future, it depends on whether the Hong Kong government's policies can continue to cooperate with the development of the cryptocurrency market and whether there are tax incentives.
#jastra (not optimistic)
Working at a Hong Kong Web3 company, I witnessed the policy and government’s suspicions and doubts about Web3 and virtual assets. The policy is not clear, leaving people at a loss as to what to do. Last year, they said they would regulate retail investors' investment in virtual currencies, requiring at least HK$8 million to invest, but just now they said they would consider relaxing the rules. Other companies have already formulated clear policies, so what are you still considering? . Because companies don’t know when something will break the law, they don’t step into the gray area, and innovation and technology is restricted. I feel particularly sad to see many Web3 companies established in Hong Kong move away due to unclear laws and numerous restrictions. It was handed over to a group of innovation and technology talents and funds from Singapore, Dubai, the United Kingdom and the United States. It’s not that the government wants to attract talents and invest a lot of money to return itself to the status of a virtual asset center. At least they need to understand what Web3 is so they can formulate appropriate policies. For the time being, policymakers do not have enough knowledge, and there is no point in throwing medicine and stone at random.
#W.I.BTC (not optimistic)
Being born and raised in Hong Kong, I have to admit that today’s Hong Kong is no longer the place where “you can win if you fight hard” in the past. Not to mention the cryptocurrency market, even the most popular “Asia Financial Center” and “Shipping Center” are gradually being replaced by Singapore. ,Shanghai,Shenzhen replaced... Let's not talk about the most sensitive political topics. As for the basic policies, Hong Kong spends most of its time waiting and watching...from basic electronic payments, electronic wallets, personal electric mobility devices, cryptocurrency... .In fact, these have appeared in Hong Kong for a long time, but sadly:
(1) Electronic payment--there has always been one dominant player. Have you seen the market progress of a dominant player?
(2) Personal electric mobility - the whole world is talking about energy conservation and carbon reduction. In fact, I could see personal electric vehicles everywhere in Hong Kong 5-6 years ago, and more and more countries have included them as legal mobility tools, and even It is encouraged, but Hong Kong actually wants to ban them all and treat them as illegal.
(3) Cryptocurrency market - I am a novice in this market, but as far as I know, in the earliest days, Hong Kong already had local cryptocurrencies that performed well, and the capital restrictions were not large, so they were subject to the laws of major exchanges. It is also very convenient to buy and exchange coins/coins, and the future is bright. But when it was at its peak, mainland China banned trading, and of course we were not immune. In fact, in this market, the sooner you enter the market, the more advantage you will have. Moreover, Hong Kong has always been full of talents in the fields of finance, stocks, and currencies, but the government has introduced a ban... What a pity! When trading is severely restricted, funds are strictly controlled, and exchanges are forced to remove users in order to prevent illegal activities, is it easy to re-enter the market? Not to mention big companies and groups, even a small retail investor like me will be afraid that one day I will fall into the trap without realizing it. With access to the French court, how can we talk about becoming a cryptocurrency center? When other countries have already amended laws to cater to this new trend, and Hong Kong has abolished its martial arts, is it easy to talk about abolishing it and retraining it?
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