Article Author: Echo, MetaEra
Source: MetaEra
Since Hong Kong released its policy declaration on the development of virtual assets in 2022, it has been rapidly advancing on the Web 3.0 track, demonstrating unprecedented vitality and ambition. From legislative support to regulatory innovation, from the NFT issuance during Fintech Week to the tokenization of green bonds, from the stablecoin sandbox to OTC consultations, Hong Kong is steadily building itself into a global hub for virtual assets.
This issue is the first issue of 'Interviews with Hong Kong Web3 Leaders'. We are honored to invite Mr. Kong Jianping, an important member of Hong Kong's Web 3.0 special group, board director of Cyberport, and founder of Nano Labs, to share his profound insights on the future development of Hong Kong in the Web 3.0 field.
MetaEra: Since 2012, you have been involved in the blockchain industry and have successfully seized several industry opportunities. Based on your rich experience, how do you think one can accurately capture and utilize opportunities for industry development?
Kong Jianping: I believe the key lies in the industry itself having growth potential and certain industry dividends. Perhaps because I learned about the blockchain industry in 2012 and entered at a relatively good time. Secondly, continuous deep cultivation in the industry is needed. If one cannot persist on the table, many entrepreneurs will eventually be eliminated. The development of the Web 3.0 industry has obvious cyclicality and volatility, so it is very important to continue deepening development in the industry. Thirdly, maintaining an open mindset and reducing prejudices against new things is essential. New industries often come with biases toward new things. We need to reduce our biases toward emerging industries. Perhaps when new things first appear, we do not understand them, but as we participate deeper, many things will gradually become clear.
MetaEra: In your opinion, which areas or tracks in Hong Kong's Web 3.0 industry layout have considerable potential and advantages to stand out on the global stage?
Kong Jianping: Hong Kong has several significant advantages in the Web 3.0 field. Firstly, Hong Kong attempted to develop the internet during the Web 2.0 era and has relevant experience. Although the results were limited, the situation differs from the current Web 3.0 era. The development of Web 2.0 in Hong Kong followed the bucket theory, needing to address shortcomings in talent, funding, technology, etc., and Hong Kong's small size and limited population made it difficult to comprehensively address all shortcomings. However, the development of Web 3.0 follows the long board theory; as long as there is a long board in one aspect, whether it be talent, funding, or policies and laws, breakthroughs can be achieved. From a legal perspective, Hong Kong's legal system is characterized by transparency and sustainability globally, which is a significant advantage. Additionally, Hong Kong has advanced the exchange licensing system and attracted many outstanding talents from mainland China to start businesses. The ecology also holds various global conferences to attract Web 3.0 enthusiasts to start businesses in Hong Kong; the government also maintains an open attitude toward the development of Web 3.0. Moreover, Hong Kong itself is a financial center, and in recent years, its financial status has been continuously rising, with increasingly prominent funding advantages. Considering these factors, I believe Hong Kong is one of the few regions globally with strong development prospects in the Web 3.0 industry.
MetaEra: On October 13, MetaEra just announced plans to strengthen Hong Kong's technology talent immigration program, stating that it will moderately consider expanding the scope of beneficiary industries to cover more emerging technology fields, such as blockchain. What are your views on the role of Hong Kong's educational resources in cultivating the next generation of Web 3.0 talent? Are there any plans for collaboration with universities in Hong Kong?
Kong Jianping: Hong Kong has been making every effort in talent introduction over the past two years. For example, the previous Quality Migrant Admission Scheme only approved about 2,000 cases per year, but now, through the High Talent Scheme, Quality Migrant Admission Scheme, and other talent introduction policies, there is virtually no limit on the number of admissions each year. This shows Hong Kong's tremendous efforts in attracting talent; secondly, Hong Kong's educational resources are very rich, with several top universities ranking among the top 100 in the QS rankings. For instance, the University of Hong Kong has already offered courses related to Web 3.0, and I have been serving as a mentor for relevant courses.
MetaEra: MetaEra recently underwent a brand upgrade, focusing more on organizing industry events. As a heavy participant in industry events, from 'The Tide Rises in the Harbor' to the previous Web 3.0 conference, you have also participated in and promoted many activities to expand the influence of Hong Kong's Web 3.0. Can you share the stories behind these exciting events?
Kong Jianping: Hong Kong is itself a city of grand events, and it has also shown tremendous potential in the development of the Web 3.0 field. Despite a lack of systematic event organization in the past due to uncertainties regarding Hong Kong's development in Web 3.0, since the Hong Kong government issued its policy declaration on the development of virtual assets in 2022, MetaEra has taken the lead to organize the largest Twitter Space focused on Hong Kong in the industry. Following this, the promotion of Hong Kong's Web 3.0 ecosystem has gained momentum. Since then, whether it's the Hong Kong Web 3.0 Carnival, the Bitcoin Conference, or the Consensus conference that may come to Hong Kong next year, more and more industry conferences are choosing to take place in Hong Kong, which fundamentally is due to Hong Kong becoming increasingly suitable for the development of Web 3.0, and the Web 3.0 industry is also increasingly focusing on Hong Kong, which is a reciprocal choice and pursuit.
MetaEra: You have participated in many industry conferences and events. What is your perception of the industry events held around the world today?
Kong Jianping: There are significant differences in industry events held in different regions. In the past two years, the activity level of conferences and events in the United States has not matched that of Hong Kong and Singapore, which may be related to the stringent regulations in the U.S. in recent years, as many exchanges are also hesitant to conduct large-scale substantive promotions in the U.S. Events in Dubai are held vigorously, but in reality, there are not many entrepreneurs who have long-term residency in Dubai. Singapore did accumulate a huge momentum through events in previous years and achieved some industry results, but the greatest potential still lies in Hong Kong, which has consistently shown steady growth, with new large-scale conference brands continuously entering, while other places have ups and downs, Hong Kong has consistently grown.
MetaEra: In the current context of numerous industry conferences emerging, how do you view the role of these conferences in promoting industry development? What suggestions do you have for organizing conferences?
Kong Jianping: Industry conferences play multiple roles in promoting industry development, and their value is mainly reflected in several aspects. First, they enhance communication within the industry. This industry is essentially highly distributed, and having conferences allows everyone to gather for efficient communication, enabling more good projects and tracks to stand out. Second, they have an educational outreach effect on society as a whole. For those who want to learn and enter this industry, conferences provide a great opportunity for learning and exchange. Third, for the locations hosting the conferences, these events have brought significant benefits to the local industry ecosystem and growth.
MetaEra: Among the various types of conferences, which type of event do you personally prefer to attend?
Kong Jianping: During the conference, small gatherings with a relaxed atmosphere have a higher depth and efficiency of discussion. Large forums often follow a one-way sharing model. In contrast, in-depth discussions in smaller groups allow for a more thorough understanding of certain fields or tracks, and information absorption is also more effective. Of course, different stages of individuals have different understandings and needs from the industry; if you need more information output or to connect with more networking resources, large events are a good choice.
MetaEra: Hong Kong has launched a series of favorable policies for Web 3.0. As an important member of Hong Kong's Web 3.0 special group and a director of Cyberport, you are at the forefront of promoting the Web 3.0 ecosystem construction. Can you share with us some specific plans regarding Hong Kong's efforts in advancing the Web 3.0 ecosystem?
Kong Jianping: From the earliest policy declaration in Hong Kong in 2022, to the first appearance of Web 3.0 content in the financial budget, and the allocation of 50 million Hong Kong dollars through Cyberport to support industry development, we can see Hong Kong's clear commitment and support for the Web 3.0 field. During this period, many outstanding public chains and projects from around the world have rushed to develop in Hong Kong. Furthermore, with the improvement of the exchange licensing system and the approval of new exchanges by the Securities and Futures Commission, we have also seen the introduction of stablecoin sandboxes, consultations on OTC policies, and civil promotion of RWA, etc. The legislative work on the core blockchain industry chain in Hong Kong is continuously advancing step by step. This provides the necessary legal support and infrastructure for the development of the Web 3.0 industry in Hong Kong.
MetaEra: With the updates to Hong Kong's regulatory framework for virtual asset trading, how do you think this will affect the operational strategies and business models of Web 3.0 project companies?
Kong Jianping: Regulatory updates essentially strengthen the regulation of exchanges and their related institutions. We have observed that many exchanges that were previously unlicensed in Hong Kong will not be able to continue operating after the transition period ends, which will undoubtedly purify the market environment and raise the overall standards of the industry. For exchanges that have already obtained licenses, this will be an opportunity for them to promote their market and customer services more effectively. In the long run, this trend toward compliance will have profound implications for the stable development of exchanges and the protection of investors' interests.
MetaEra: Can you envision the achievements Hong Kong might attain in the Web 3.0 field and its position in the global Web 3.0 industry landscape over the next five years?
Kong Jianping: In the next five years, Hong Kong's achievements in the Web 3.0 field will depend on the overall development trend of the industry. In the past year, Web 3.0 + AI, DePIN, and RWA have exhibited new narratives and development momentum. From a macro perspective, Hong Kong's position in Web 3.0 is expected to surpass its position in Web 2.0, and even exceed its status as a traditional financial center.
Hong Kong, with its comprehensive advantages in talent, funding, information, and industrial chain capital, demonstrates stronger competitiveness in key tracks such as finance, DePIN, and RWA than regions like Singapore and Dubai. Therefore, Web 3.0 will inevitably happen in Hong Kong, and Hong Kong is destined to occupy a leading position in the future Web 3.0 cities. In systemic competition, currently, the only region that can match Hong Kong may be the United States. Although London in the UK is a traditional financial center, its development in the Web 3.0 field is evidently not as strong as that of Hong Kong. Hong Kong's status in the Web 3.0 field is experiencing significant enhancement, and its potential and influence cannot be ignored.
MetaEra: For young entrepreneurs who have dreams and hope to make a mark in Web 3.0, could you share some valuable advice and guiding principles?
Kong Jianping: First, it is crucial to stay at the table, otherwise, one will be unable to capture the dividends when the industry erupts. Secondly, Web 3.0 is too close to money, so one should not be overly obsessed with speculation. Before grasping the fundamentals of the industry, do not let yourself fall into financial difficulties. Thirdly, under the premise of good risk control, continue to deepen your efforts, awaiting opportunities to capture industry dividends.
