Editor's note:

In recent years, the development of Web3 in Hong Kong has shown some positive trends. A complete Web3 supervision system has been preliminarily established.

In this lecture, Mr Yau Dagan comprehensively introduced the rise of Web3 in Hong Kong, made a comprehensive discussion on the virtual asset market in Hong Kong, the legislative and regulatory policies of Web3 in Hong Kong, and the unique advantages of Hong Kong, and explained the development opportunities of Web3 in Hong Kong in detail to the audience.

　On the afternoon of July 4, 2024, at the invitation of Hong Kong College of Business, Mr. Yau Dakan, Member of the Legislative Committee of the Hong Kong Special Administrative Region, was a guest at "Hong Kong Financial Watch" and delivered a wonderful online lecture on the theme of "Exploring the development potential of Web3 in Hong Kong". The lecture was streamed live online and received a total of 350 views and 1219 likes.

　　Mr Yau Dak Kan is a Member of the Legislative Council of the Hong Kong Special Administrative Region. He is also Chairman of the Hong Kong Information Technology Consortium, Chairman of the Steering Committee of the "Industry-University-Research 1+ Programme", Chairman of the Information and Communications Technology Services Committee of the Hong Kong Trade Development Council and Chairman of the IT Services Committee of the Hospital Authority.

• Before the lecture, Mr. Xu Huijun, Dean of Xiangjiang Business School, delivered a speech.

President Xu Huijun delivered a speech

In the lecture, Mr. Qiu Dagan first introduced the three stages and areas of Web3 development in Hong Kong, the first stage is virtual currency, the second stage is tokenization, and the third stage is the new application of blockchain development.

The market of virtual currency is already very large, and the emergence of spot ETFs has promoted the market value of virtual currency market. The era of virtual currencies rushing in is over, and the market is now really starting to think about how to develop and under what scenarios. This includes the precipitation of applicable scenarios and the reservation of technological development space, and legal supervision also needs to play a corresponding role.

In terms of science and technology, although the market size is not large, Hong Kong has a strong team, international data, cross-border data and other advantages, which can promote the development of artificial intelligence; Secondly, in terms of financial innovation, Hong Kong has certain advantages in blockchain technology and virtual currency, which can attract more teams to develop in Hong Kong; In terms of the digital economy, Hong Kong also has certain potential in terms of financial products, asset tokenization and so on.

Mr Yau Dagen introduced the advantages of Hong Kong

Subsequently, Mr. Yau Dagen introduced the advantages of tokenization and the development of tokenization in Hong Kong. In the future, it is likely that a large number of underlying assets will be tokenized through blockchain, a process that is likely to continue for decades. The government took the lead in issuing tokenized bonds.

In the next step, the Hong Kong market will promote the issuance and use of stablecoins. Speaking about the token space, Mr Chiu Dagen also compared the situation in Hong Kong, Singapore and Dubai, and pointed out that Hong Kong has a leading position. In terms of law, Hong Kong has also introduced anti-money laundering regulations, as well as licensing access to virtual asset trading platforms and over-the-counter trading supervision.

Mr. Chiu Dagen compared the status quo of virtual currencies in Hong Kong, Singapore and Dubai

Mr. Qiu Dagen believes that blockchain technology can play a huge role in areas such as asset management and data sharing, stressing the importance of establishing credibility, legal systems and regulatory mechanisms in blockchain. At the same time, he believes that artificial intelligence and blockchain will complement each other, and welcomed the talents of artificial intelligence and blockchain to Hong Kong, and showed the development ideas of Hong Kong Web3.

Mr. Qiu Dagen Hong Kong Web3 development ideas

In the interactive session, the audience actively participated and asked questions about Hong Kong's special development advantages and how to protect the rights and interests of investors. Mr. Qiu Dagen gave in-depth analysis and detailed answers to various questions.

This lecture is the third installment of the Hong Kong Financial Watch. "Hong Kong Financial Watch" is initiated and hosted by Hong Kong Business School. It is committed to building a professional sharing platform with content, quality and depth, covering hot issues in the economic and financial fields. In the form of online live broadcasting, senior experts are invited to share the latest developments in professional fields, express original views, and communicate with the audience in depth.

Hong Kong Graduate Schoolof Business (Hong Kong Graduate Schoolof Business) was established in Hong Kong as the teaching executive agency of the business Schoolof the Hong Kong Schoolof Finance and Management. Adhering to the school motto of "Knowing and doing, connecting the East and the West", Hong Kong Graduate Schoolof Business pioneered the teaching paradigm of "mentoring system - salary transmission", integrating the essence of Chinese and Western education. Develop business leaders with an international outlook.

Adhering to the educational philosophy of continuous lifelong learning, the College aims to meet the needs of students for continuous growth and development. By providing a wealth of academic and business resources, regular seminars and internal exchanges on business topics, as well as a doctoral fellowship and alumni network, we are committed to helping students constantly update their knowledge and skills, deepen their professional competence, and enable students to remain competitive in a rapidly changing business environment to cope with the challenges and opportunities of "the greatest changes in a century".