Hong Kong Legislative Council member: Large-scale application of Web3 requires three factors: mature underlying technology and policy follow-up

Odaily Planet Daily News Hong Kong Legislative Council member Qiu Dagen published an article in Hong Kong Wen Wei Po, saying that some Web3 application solutions are highly anticipated, but if they are to be implemented on a large scale and popular among the people, three factors are indispensable: The first is the bottom layer The technology still needs time to develop more maturely; the second is that citizens understand the application scenarios of Web3 and adapt to the changes brought about by new technologies in society and life; the third is that policies and laws must be coordinated to support the orderly and Compliance development. It is now a critical moment for Hong Kong to develop Web3. In addition to being stable and orderly, it is also necessary to encourage technological innovation, so as to attract elites from all walks of life. However, in recent months, unscrupulous elements have taken advantage of the opportunity of the SAR government to promote the development of Web3 to come to Hong Kong to carry out illegal activities, such as selling some "air coins" through pyramid schemes for fraud. Others operate illegal platforms to raise funds. These operators eventually absconded or went bankrupt, which stigmatized Hong Kong and greatly undermined the healthy development momentum of Web3. Therefore, regulators should pay close attention to the law enforcement agencies, and do not allow criminals to make money in Hong Kong in the name of Web3. Qiu Dagen also said that the China Securities Regulatory Commission should disclose operators who have no intention of applying for a license or are not licensed as soon as possible, so that citizens can avoid trading with the "doomsday" platform. The SAR government should also be wary of retail investors who publish exaggerated and misleading advertising content on some platforms. In addition, the government should strengthen public education and take the lead in launching reliable Web3 application solutions and scenarios so that citizens can become familiar with them in daily life. In the long run, it should regulate Web3 products through legislation so that citizens can use or use them in a transparent, compliant, and safe manner. Buying Web3 products is a reasonable guarantee. The article also mentions that Norman Chan, the former president of the Monetary Authority, recently mentioned that the name "virtual asset" (virtual asset) is easily misunderstood by the public, thinking that it is equivalent to cryptocurrency, so it should be called "digital asset". Fully agree with this.