The web3 carnival, which lasted for several days, has ended. I felt the enthusiasm of the industry, fresh blood, fresh faces, fancy presentations and the collision of different views and opinions in different fields.

As a legal worker, I feel that in addition to the tolerance and support of the Hong Kong government for the crypto industry, the details of supervision still reflect the slightly "old school" characteristics of the old financial port under the common law: the local crypto exchanges promoted are "rooted and red" under this theme, and the specific practitioners of industry regulators also come from traditional financial departments. They are prudent in terms of inquiry caliber and compliance requirements.

If this is compared to the internal division of labor of traditional financial institutions, the Hong Kong government and the HKMA take the lead to attract practitioners and investment institutions from all over the world, just like IBD. The SFC and the customs, which will soon serve as anti-money laundering regulatory functions in the OTC line, are like legal and compliance teams that check from different perspectives.

It is certain that Hong Kong will have a wide range of radiation as a crypto port in the future, but as a guest mentioned yesterday: crypto friendly is not crypto easy, and there will be many difficulties in the implementation of Hong Kong's policies. The maximum degree of legality and compliance is certainly good and stable, but who can refuse a free market with a hundred flowers blooming and a lot of money? How to balance this natural contradiction will surely run through the entire process of the Hong Kong government's regulation of the crypto industry in the future. But whether it is evangelists, guardians, practitioners or investors, they all hope that all efforts will be paid off.

#Web3Festival2024 #web3 #香港web3嘉年华