On June 3, Techub News and Web3Labs jointly hosted a grand online AMA live event to celebrate the first anniversary of the implementation of the Hong Kong virtual asset trading platform licensing system, and conducted in-depth discussions on the theme of "New Challenges and Opportunities for Hong Kong Web3 in the Raging Bull Market". The event attracted widespread attention from many people inside and outside the industry, and the number of listeners on major platforms hit a new high. Among them, X Space reached an astonishing 770,000 listeners, fully demonstrating the influence and popularity of the event.
This online Space is co-organized by Techub News and Web3Labs, and sponsored by BeL2, Elastos, ORIGYN, Gold DAO, LayerX Protocol, and RWA Finance; and supported by OSL, Hashkey Group, China Asset Management, Mura, Harvest Global, Shengli Securities, Cuntou CBD, Uweb, Arkreen, Moonchain, Waterdrop Capital, Coral Finance, Bitlayer, UtilityNet, CRYPTO BOX, Central Research, CROSSPACE, BIBI Community, RICH CLUB, Rats Community, Unisat and other institutions.
Topic 1: VATP’s first anniversary: New progress in Hong Kong’s Web3 compliance
Moderator Alma, founder of Techub News, led the topic to the new progress of Hong Kong's Web3 compliance on the first anniversary of VATP. Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference and a member of the Hong Kong Legislative Council, shared his views on the Hong Kong government's licensing system after one year of implementation. He emphasized that Hong Kong has made significant progress in Web3 compliance, and stability and predictability are crucial to the continued development of the industry.
He reviewed the process of Hong Kong and the SFC jointly formulating regulatory rules, and pointed out that this initiative successfully attracted many companies to apply for licenses. At the same time, Councillor Wu also hopes that the SFC can increase communication resources to ensure that the entire application process is smoother and more transparent. In addition, he also mentioned that Hong Kong is steadily advancing the development of virtual assets and is committed to promoting the legislative process of DAO, in order to achieve all-round development in multiple aspects such as stablecoins and custody in addition to the exchange field.
Afterwards, the host asked the guests questions about the progress of compliance in Hong Kong over the past year.
Gilbert Ng, legal counsel at the Association of Blockchain Compliance Professionals, pointed out that the regulatory authorities’ unfamiliarity with “native” operations in the cryptocurrency industry is the main reason for the “regulatory ambiguity” problem, and proposed that education should be used to solve this problem. He also mentioned that there is a difference between being deemed to be licensed and being formally licensed, and that applicants who are deemed to be licensed in the future may also be rejected.
OSL Chief Financial Officer Davin Wu, from the perspective of licensed institutions, pointed out that there are still not many retail products provided by licensed institutions, and market demand has not been fully met. He emphasized that Hong Kong's regulatory framework focuses on protecting investors, but as the industry develops, it is particularly important to moderately relax capital requirements, insurance requirements and product diversity. Hashkey Group Chief Analyst Jeffery predicted the future development direction of exchanges. He believes that compliance will be an important development direction for future exchanges. Although non-compliant exchanges may have more advantages in business expansion, as the regulatory policies of various countries become clearer, they will face high compliance costs.
Theme 2: What other structural opportunities are there in stablecoins, digital Hong Kong dollars, spot ETFs, and Hong Kong Web3?
When discussing stablecoins, digital Hong Kong dollars, spot ETFs, and structured opportunities in Hong Kong’s Web3, Flora Lou, head of digital assets at Harvest Global Investment, said that although the development of virtual asset spot ETFs in Hong Kong has not yet met expectations, the trading scale of the local market is not small and has great potential for future development. She believes that with the continuous maturity of the market and the improvement of regulatory policies, Hong Kong is expected to achieve greater breakthroughs in the field of virtual assets.
Davin Wu, Chief Financial Officer of OSL, further pointed out that Hong Kong has a strong strength in innovation, but the key lies in how to transform innovation into compliant products. He suggested starting with STO products with lower risks and gradually advancing the legalization of digital assets such as stablecoins. At the same time, he also emphasized the importance of protecting investors from fraud and unfair practices, and looked forward to Hong Kong being able to establish a clear third-party custody framework to attract more investment demand in the Asia-Pacific region.
Theme Three: New Challenges and Opportunities for Hong Kong Web3 in the Raging Bull Market
Panel 1 DePIN+A! The deep integration of DePIN and AI
In this session, Yu Jianing of Uweb first introduced the three development directions of DeAI: distributed computing power, distributed models and distributed agents. He mentioned that although the combination of DePIN and AI is still in the proof-of-concept stage, the potential in fields such as distributed computing power networks is huge and future development is worth looking forward to. Then, Arkreen founder Leo Lin elaborated on the deep integration of DePIN and AI. He emphasized that the DePIN model can effectively aggregate idle computing resources and provide strong support for AI projects. At the same time, he pointed out the core position of data in the development of AI, and foresaw that DePIN will become an important source of data for AI applications in the future.
In addition, Leo also looked forward to the wide application prospects of AI capabilities in the DePIN project, especially in the context of chip technology advancement and the formation of AIoT networks. In response to the host's questions about data privacy and compliance, William/Utility Lab CRYPTO BOX DePIN News responded to the challenges of the deep integration of DePIN and AI. He proposed three major challenges, including the operation verification of AR algorithms in a distributed environment, the limitations of traditional software development environments on developers' imagination, and the market positioning and development potential of DePIN.
William believes that to solve these challenges, it is necessary to overcome technical difficulties, promote innovation, and accurately grasp market demand. Jack Kong, founder of Nano Labs, emphasized the key role of the native correspondence of the underlying technology in the integration of AI and Depin. He pointed out that most of the integration between Depin and AI is still thinking about the problem in two dimensions, and it is necessary to deeply combine the aligned systems. In addition, he also pointed out that finding projects with explosive points is crucial to achieve better AI function implantation.
Panel 2: RWA Regulation and Compliance: How to Promote the Healthy Development of Hong Kong’s RWA Ecosystem
In the discussion on RWA regulation and compliance, RuiHe Capital partner Ye Kai said that Hong Kong is at the forefront of the world in terms of RWA tokenization regulation and compliance, but there is also a problem that traditional regulation does not match the characteristics of the Web3 industry. He suggested that Hong Kong can learn from the decentralized financial concept of Web3.0 and issue T-Bill RWA tokens based on Bitcoin spot ETF products to promote the development of Hong Kong's native RWA token products.
Melissa of Gold DAO emphasized the importance of compliance in the development of RWA and shared Gold DAO’s three-phase plan, including physical on-chain, smart contract splitting, and the creation of collateralized stablecoins. She pointed out that although there are high compliance barriers to gold on-chain, once the foundation is established, subsequent innovations can be carried out smoothly.
Zhu Haokang, Head of Digital Asset Management and Head of Family Wealth Management at China Asset Management (Hong Kong), and Founder of the Asian RWA Working Group, discussed Hong Kong's advantages in promoting the issuance of security tokens based on its status as an international financial center. He mentioned that Hong Kong has a complete virtual asset regulatory system and securities legal system, which provides a clear legal framework and standards for the tokenization of RWA assets.
Panel 3 L2: The new form of L2 brings Bitcoin back to life
In this Panel 3 discussion, many guests conducted in-depth discussions on the impact of the new form of L2 technology on Bitcoin. BeL2 co-founder Han Feng said that the goal of expanding Bitcoin is to make it an interest-bearing asset. In order to improve the liquidity of Bitcoin, the previous main method was to cross-chain Bitcoin through the "Wrapped BTC" method. The new purpose of BeL2 is "native BTC", which only transmits information, does not move assets, and only allows Bitcoin information to establish connections with smart contracts on other chains through zero-knowledge proofs, without crossing Bitcoin across chains. As for the future development of the Bitcoin L2 ecosystem, Han Feng predicts that the DeFi of Ethereum Solana will be able to seamlessly connect with BeL2 on ELA and Native BTC.
Doris/Layerx spokesperson gave an in-depth discussion on how L2 technology can inject new vitality into the Bitcoin network. She pointed out that L2 technology has significantly improved the scalability and performance of the Bitcoin network by processing transactions off-chain. She analyzed the four L2 technology types in detail, and particularly emphasized the advantages of the Lightning Network in improving transaction speed and reducing costs. Doris’ speech revealed the important role of L2 technology in promoting the development of the Bitcoin network.
As the CMO of Bitlayer, Peter firmly believes in the potential of Bitcoin scaling technology. He introduced how Bitlayer used Beatworm technology for experimental expansion, and emphasized the technological breakthrough of the BTR3 network in supporting multi-signal EM compatibility. He also mentioned the innovative method of using DLC and BTWM as escape channels to enhance the scalability of the Bitcoin network. Peter’s speech demonstrated Bitlayer’s positive attitude and practical actions in promoting the development of Bitcoin L2 technology.
Pudat/Cuntou CBD is cautious about the security of Bitcoin's L2 technology. He emphasized that although L2 technology improves efficiency, methods such as client verification may introduce centralization risks and threaten asset security. He advocated that true asset verification should rely on miners rather than third parties or servers. Pudat/Cuntou CBD's speech reminds us that while pursuing efficiency, we cannot ignore the decentralization and security principles of Bitcoin.
Layerx spokesperson Doris discussed in depth the challenges and opportunities of Bitcoin L2 technology in terms of decentralization and security. He pointed out that there are differences between the smart contract mechanisms of Bitcoin and Ethereum, and that L2 technology also brings operational links and unknown challenges. However, he also emphasized the importance of protocol specifications and code maintenance in ensuring security.
Doris’ speech demonstrated a deep understanding of the complexity of Bitcoin’s L2 technology and called for continued exploration and improvement.
Jademont, co-founder of Waterdrip Capital, is full of expectations for the future of Bitcoin L2 technology. He believes that L2 technology can not only improve Bitcoin's user experience and convenience, but also provide developers with opportunities for innovative applications. He emphasized that Bitcoin L2 still has room for innovation in terms of gas fees, security and privacy, and believes that Bitcoin L2 will continue to lead in technological innovation and ecological development. Jademont's speech showed an optimistic attitude towards the potential of Bitcoin L2 technology.
The representative of the Chinese community of Coral Finance believes that the breakthrough and innovation of Bitcoin L2 technology is crucial to the development of the industry. He emphasized the potential of L2 technology in improving Bitcoin scalability, transaction efficiency and security, and pointed out that this will help attract more users and developers. At the same time, he also reminded that the Bitcoin ecosystem needs to flexibly adapt to new technologies and continuously optimize L2 solutions to meet future challenges and opportunities.
Panel 4 MEME: The fusion of Meme culture and cryptocurrency
In this Space event with the theme of the integration of Meme culture and cryptocurrency, four guests, Cuntou CBD No.1/Cuntou CBD; CIC/BIBI Global Community; Kai Ge/RATS Community; Hu Ge/RITDLABS, had an in-depth discussion on the popular phenomenon of meme coins. They generally believe that meme coins are experiencing a strong development momentum and are expected to become an important market sector. The prosperity of meme coins is not only reflected in the market popularity and discussion, but also in the strong community power and cultural value behind them.
Guests pointed out that the rise of memecoins stems from the community members’ enthusiasm for exploring potential projects, and is also driven by external factors such as political events. This dual motivation has made memecoins a hot topic in the market. In addition, guests also emphasized the importance of infrastructure in the memecoin industry, believing that the stability and scalability of memecoins can be further enhanced by strengthening infrastructure. During the discussion, guests particularly emphasized the cultural value of memecoins. They believe that memecoins are not only an investment tool, but also a manifestation of community spirit and cultural concepts. The cultural connotations and community consensus contained in memecoins are the key to distinguishing them from other cryptocurrencies. They believe that as the market and technology develop, memecoins will continue to maintain a strong momentum and create more value for investors and the community. This event not only provides participants with an opportunity to gain an in-depth understanding of the integration of Meme culture and cryptocurrency, but also provides useful thinking and inspiration for the future development of memecoins.
Summarize
At the end of the Space event, the host summarized this online AMA live event and looked forward to the future development of Hong Kong's Web3. He said that Hong Kong's exploration and practice in the field of virtual assets have achieved remarkable results. In the future, with the continuous advancement of technology and the continuous improvement of regulatory policies, Hong Kong's Web3 will usher in a broader development prospect. This online AMA live event came to a successful conclusion. It not only provided participants with a platform to gain an in-depth understanding of the results of the one-year implementation of the Hong Kong virtual asset trading platform licensing system, but also showed everyone the new challenges and new opportunities in Hong Kong's Web3 field. I believe that in the days to come, Hong Kong will continue to play a leading role in the Web3 field and promote the sustained and healthy development of the industry.
Special thanks to the cooperating media and community:
Special thanks to the following media and communities for their strong support and active participation in this event: Golden Finance, Mars Finance, Cointime, Liandede, Shilian Finance, Chafang Blockchain, Blocklike, Bixiaobai, Gyro Finance, News3.ai, Pukecast, FINMETA, DeFam, Diandian Finance, DepinNews, as well as TinTin, Uweb, Moledao, UR, 1783 DAO, 3WW3, NODE LAB, bfrenz, FatProtocol, Whaler, Daliang Think Tank, BY DAO and other community platforms. Your attention and support are the driving force for our progress, and we look forward to continuing to work with you in the future to create a better future.
Special thanks to the live broadcast media:
In addition, we would like to thank the following live broadcast media for their wonderful presentation and wide dissemination of this event: Techub Info, Techub News Bilibili, Chafang Blockchain WeChat Video Account, Huoxun Finance WeChat Video Account, iCloser WeChat Video Account, Taiwei DAO WeChat Video Account and FINMETA WeChat Video Account. It is your professionalism and dedication that made this online AMA live event a complete success and received so much attention and praise. Thank you for your hard work and unremitting efforts!