In order to accurately capture the development of Hong Kong in terms of encryption policies, regulatory measures, virtual assets, asset management trading platforms, stablecoins, payment OTC, RWA, infrastructure construction, etc., MetaEra will launch the "Hong Kong Web3 Leaders Interview" series in succession.
Article author: Echo, MetaEra
Source: MetaEra
Since Hong Kong issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong" in 2022, Hong Kong has been moving forward rapidly on the track of Web 3.0, showing unprecedented vitality and ambition. From legislative support to regulatory innovation, from the issuance of NFTs at Fintech Week to the tokenization of green bonds, from stablecoin sandboxes to OTC consulting, Hong Kong is building itself into a global center for virtual assets step by step.
This is the first issue of "Exclusive Interviews with Hong Kong Web3 Leaders" . We are honored to invite Mr. Kong Jianping, an important member of the Hong Kong Web 3.0 Task Force, Director of Cyberport, and Founder of Nano Labs, to share with us his profound insights on the future development of Hong Kong in the field of Web 3.0.
MetaEra: You have been involved in the blockchain industry since 2012 and have successfully seized multiple industry trends. Based on your rich experience, how do you think we can accurately capture and utilize opportunities in industry development?
Kong Jianping: I think the key is that the industry itself has growth potential and certain industry dividends. Maybe it's because I learned about the blockchain industry and entered it in 2012, which was a good time to enter. Secondly, we need to continue to dig deep in the industry. If we can't stay at 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 persist in deepening development in the industry. Third, we should keep an open mind and reduce prejudices against new things. New industries are often accompanied by prejudices against new things. We need to reduce prejudices against emerging industries. Maybe we don't understand new things when they first appear, but as we get more involved in them, many things will gradually become clear.
MetaEra: In your opinion, in which areas or tracks of the Web 3.0 industry layout does Hong Kong have greater potential and advantages and can stand out on the global stage?
Kong Jianping: Hong Kong has several significant advantages in the field of Web 3.0. First, Hong Kong also tried to develop the Internet in the Web 2.0 era and has relevant experience. Although the results were limited, the situation is different from the current Web 3.0 era. At the beginning, the development of Web 2.0 in Hong Kong followed the wooden barrel theory, which required filling the gaps in talent, capital, technology, etc. However, Hong Kong is small in area and has a limited population, so it is difficult to fill all the gaps. 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 is talent, capital, policy or law, a breakthrough can be achieved. From a legal perspective, Hong Kong's legal system is transparent and sustainable on a global scale, which is a major advantage. In addition, Hong Kong has promoted the exchange licensing system, and has siphoned off many outstanding talents from the mainland to start businesses. In terms of ecology, various global conferences have been held to attract global Web 3.0 enthusiasts to start businesses in Hong Kong; the government is also open to the development of Web 3.0. In addition, Hong Kong itself is a financial center. In recent years, its financial status has continued to rise, and its financial advantages have become more and more significant. Taking all these factors into consideration, I believe that Hong Kong is one of the few regions in the world with great development prospects in the Web 3.0 industry.
MetaEra: On October 13, it was announced that the Hong Kong Science and Technology Talent Immigration Program would be strengthened, saying that it would moderately consider expanding the scope of beneficiary industries to cover more emerging technology fields, such as blockchain. How do you view the role of Hong Kong's educational resources in cultivating the next generation of Web 3.0 talents? Do you have any plans to cooperate with Hong Kong universities?
Kong Jianping: Hong Kong has spared no effort in attracting talents in the past two years. For example, the previous Talent Scheme only approved about 2,000 cases each year, but now there is almost no upper limit on the number of admissions each year through the High Talent Scheme, the Talent Scheme and other talent introduction policies. This shows the great efforts of Hong Kong in attracting talents; secondly, Hong Kong has very rich educational resources, and the top universities in Hong Kong are all in the top 100 of the QS ranking. For example, the University of Hong Kong has previously opened courses related to Web 3.0, and I have been serving as a tutor for related courses.
MetaEra: MetaEra has recently upgraded its brand and will focus more on organizing industry events. As a heavy participant in industry events, from "The Great Tide Rises in Hong Kong" 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, and also promoted MetaEra's exposure as a Hong Kong media in the industry. Can you tell us the stories behind these exciting events?
Kong Jianping: Hong Kong itself is a city of events, and it has also shown great potential in the development of the Web 3.0 field. Although in the past, there was uncertainty about the development of Hong Kong in Web 3.0, which led to a lack of systematic event planning. However, since the Hong Kong government issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong" in 2022, MetaEra has taken the lead in the industry and organized the industry's largest Hong Kong-themed Twitter Space, and the promotion of Hong Kong's Web 3.0 ecosystem has become louder and louder. Since then, whether it is the Hong Kong Web3.0 Carnival or the Bitcoin Conference, or the Consensus Conference that may enter Hong Kong next year, more and more industry conferences have chosen to land in Hong Kong. In essence, this is because Hong Kong is becoming more and more suitable for the development of Web 3.0, and the Web 3.0 industry is also increasingly focusing on Hong Kong. This is a two-way choice and rush.
MetaEra: You have participated in many industry conferences and events. How do you feel about the industry events currently being held around the world?
Kong Jianping: There are significant differences in the industry activities held in different places. In the past two years, the United States has not been as active as Hong Kong and Singapore in terms of conferences and activities. This may be related to the strict supervision of the United States in recent years. Many exchanges do not dare to carry out large-scale substantive publicity in the United States. Although Dubai's activities are in full swing, there are actually not many entrepreneurs who stay in Dubai for a long time. Singapore has indeed accumulated huge momentum through activities in the past few years and achieved some industry results, but Hong Kong still has the greatest potential. It has been growing steadily as a whole, and new large-scale conference brands have continued to pour in. While other places have had both inflows and outflows, Hong Kong has continued to grow.
MetaEra: With so many industry conferences emerging one after another, what do you think of the role these conferences play in promoting the development of the industry? What suggestions do you have for organizing conferences?
Kong Jianping: Industry conferences play multiple roles in promoting the development of the industry, and their value is mainly reflected in several aspects. First, they strengthen communication within the industry. This industry is highly distributed in nature, and conference activities can bring everyone together to communicate efficiently, allowing more good projects and good tracks to stand out. Second, it has an educational and popularizing effect on the whole society. For people who want to learn and enter this industry, conferences are a good opportunity to learn and communicate. Third, for the venues where the conferences are held, these activities have brought significant benefits to the construction and growth of their local industry ecosystems.
MetaEra: Among the many conference formats, which type of activities do you personally prefer to attend?
Kong Jianping: During the conference, there are some small gatherings with a relaxed atmosphere. The topics of these exchanges are more in-depth and efficient. Large forums are often one-way sharing models. In contrast, in-depth exchanges in a small range can give me a more thorough understanding of certain fields or tracks, and information absorption will be more effective. Of course, people at different stages have different understandings and demands of the industry. If you need more information output or make more connections, large-scale events are a good choice.
MetaEra: Hong Kong has introduced a series of favorable policies for Web 3.0. As an important member of the Hong Kong Web 3.0 Task Force and a director of Cyberport, you are at the forefront of promoting the construction of the Web 3.0 ecosystem in this precious place. Can you share with us some specific plans of Hong Kong in promoting the construction of the Web 3.0 ecosystem?
Kong Jianping: From Hong Kong's earliest policy declaration in 2022, to the first appearance of Web 3.0 in the budget, to the allocation of HK$50 million through Cyberport to support the development of the industry, we have seen Hong Kong's clear commitment and support for the Web 3.0 field. During this period, outstanding public chains and projects from around the world have come to Hong Kong for development. After that, the licensing system of exchanges has been improved, and new exchanges are being approved by the Securities and Futures Commission. We have also seen the launch of the stablecoin sandbox, the consultation of OTC policies, and the RWA promoted by the private sector. Hong Kong's legislative work on the industrial chain of the core blockchain sector is continuing step by step. This provides corresponding legal support and infrastructure for the development of the Web 3.0 industry in Hong Kong.
MetaEra: With the update of Hong Kong’s regulatory system for virtual asset trading, how do you think this will affect the operating strategies and business models of Web 3.0 project companies and organizations?
Kong Jianping: Regulatory updates are essentially a strengthening of supervision over exchanges and their related institutions. We have observed that many exchanges that were originally unlicensed in Hong Kong will not be able to continue operating after the transition period ends, which will undoubtedly purify the market environment and improve the overall standards of the industry. For exchanges that have already obtained licenses, this will be an opportunity for them to conduct marketing and customer service more effectively. In the long run, this trend towards compliance has far-reaching significance for the stable development of exchanges and the protection of investor interests.
MetaEra: Can you give us a glimpse into Hong Kong’s possible achievements in the Web 3.0 field and its position in the global Web 3.0 industry landscape in the next five years?
Kong Jianping: In the next five years, Hong Kong's achievements in the field of Web 3.0 will depend on the development trend of the entire industry. In the past year, Web 3.0+AI, DePIN and RWA have all shown 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 surpass its position as a traditional financial center.
With its comprehensive advantages in talent, capital, information, and industrial chain capital, Hong Kong has demonstrated stronger competitiveness than Singapore, Dubai and other regions in key tracks of Web 3.0 such as finance, DePIN, and RWA. Therefore, Web 3.0 will inevitably happen in Hong Kong in the future, and Hong Kong is destined to take a leading position among future Web 3.0 cities. In systemic competition, perhaps only the United States can currently compete with Hong Kong. Although London, the United Kingdom, is a traditional financial center, its development in the field of Web 3.0 is obviously not as good as Hong Kong. Hong Kong's position in the field of Web 3.0 is ushering in a significant improvement, and its potential and influence cannot be ignored.
MetaEra: Can you share some valuable advice and guiding principles for young entrepreneurs who have dreams and want to make a difference in Web 3.0?
Kong Jianping: First, it is very important to stay at the table, otherwise you will not be able to capture the dividends when the industry explodes. Second, Web 3.0 is too close to money, so don't be too obsessed with speculating in cryptocurrencies. Don't let yourself get into financial trouble before you have a good grasp of the industry's fundamentals. Third, on the premise of doing a good job of risk control, continue to dig deep and embrace the opportunity to capture industry dividends.
