"Under the Lion Rock, never admit defeat." After the announcement of Hong Kong's virtual currency policy declaration, this sentence went viral in the communities of people in the Web3 industry in Hong Kong and China. Half a month ago, Hong Kong officials intended to release news to the media, stating that they would release a policy declaration on virtual currencies at the Hong Kong FinTech Week to warm up activities and policies. On October 31, the first day of Hong Kong Fintech Week, the Financial Secretary of Hong Kong issued the "Policy Declaration on the Development of Virtual Assets" as scheduled, releasing an open and friendly attitude towards virtual assets.

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In sharp contrast, at the 2019 Fintech Week, the Hong Kong Securities and Futures Commission issued the "Position Statement: Supervision of Virtual Asset Trading Platforms" and "Warning on Virtual Asset Futures Contracts", both of which took a serious regulatory attitude towards cryptocurrency. Strictly require licensed operations and can only serve professional investors. At that time, PANews interviewed Hong Kong industry insiders on site and pointed out that this was an excessive approach, but it was by no means the final solution. Hong Kong’s supervision has always adhered to the principle of leaving space and encouraging innovation. The China Securities Regulatory Commission document also foreshadowed: "In the future, it is not ruled out that after the relevant laws are revised and the industry further develops, some relevant regulations will also be revised."