Hong Kong Legislative Council Member Kenneth Lau Discusses Web3 and Crypto Assets Development

Hong Kong Legislative Council Technology and Innovation Sector Member Kenneth Lau recently accepted an exclusive interview, elaborating on his understanding and driving logic of Web3 and the Crypto Assets industry, and reflecting on his personal journey from technology venture capital to supporting blockchain development.

Qiu Dagen stated that he first came into contact with Crypto Assets around 2014-2015, when he learned about this emerging field through investment experiences in the United States. Although he had a conservative attitude towards activities such as ICOs in the early days, he has always believed that blockchain is a very important underlying technology.

When discussing the evolution of Hong Kong's regulatory policies, Qiu Dagen explained that Hong Kong has always adhered to the concept of inclusive innovation. The shift from the early "tolerant experimentation" to the current establishment of clear regulatory policies is a natural evolution based on the needs of industry development. He emphasized that a robust regulatory strategy helps to enhance market confidence and avoids short-term speculation that could harm Hong Kong's financial brand.

In response to societal concerns that Hong Kong's policies are "too tight," Qiu Dagen stated that "to walk steadily is to walk far." He believes that the current policy pace is characterized by "seeking progress while maintaining stability," aimed at supporting the long-term sustainable development of the industry.

When discussing the comparison between Hong Kong and regions such as Singapore, Qiu Dagen pointed out that Hong Kong should focus on enhancing its international market and building a center for financial product innovation, rather than being limited to the local market. He believes that stablecoins, compliant exchanges, and on-chain financial infrastructure are the keys to Hong Kong's next stage of development.

Regarding whether Hong Kong will expel unlicensed encryption projects like Singapore, Qiu Dagen stated that there is currently no such policy direction. He emphasized that Hong Kong will continue to maintain an open attitude towards the international market while promoting the issuance of more types of licenses to meet the demand for new products and service models.

Regarding Hong Kong's positioning issue in the context of the China-US framework, Qiu Dagen believes that Hong Kong should continue to leverage its advantages as an international financial center and serve as a bridge connecting the mainland with international markets. He emphasizes that Hong Kong and the mainland have a complementary rather than a competitive relationship and should assist mainland enterprises in "going global" and establishing internationally credible standards.

Finally, Qiu Dagen stated that the development of Web3 in Hong Kong is not driven by short-term economic considerations, but is aimed at supporting the sustainable development of the industry from an institutional foundation. He urged all parties to focus on identifying Hong Kong's position in the national technology strategy to provide strong support for national development.