Hong Kong Legislative Council member Au Daken: Promoting Web3 development requires a steady and progressive approach

Recently, Hong Kong Legislative Council member Yau Tak-ken gave an exclusive interview, elaborating on his views regarding the Web3 and cryptocurrency industry. He emphasized that Hong Kong's promotion of Web3 development requires a "steady and progressive" approach, maintaining an open attitude while also focusing on risk prevention.

Qiu Dagen stated that Hong Kong's evolution from the early "tolerance experiment" to the current establishment of clear regulatory policies is a natural process. As the industry scales up, it is necessary to establish clearer rules. He believes that a robust regulatory strategy helps to enhance market confidence and avoid short-term speculation that could harm Hong Kong's financial brand.

Regarding the view that some believe Hong Kong's policies are too strict, Qiu Dagen explained: "To walk steadily, one must walk far." He emphasized that Hong Kong's positioning as an international financial center must consider long-term development and should not take risks for short-term gains.

When comparing Hong Kong with places like Singapore, Qiu Dagen believes that we should not focus too much on competition, but rather on "expanding the cake." He pointed out that Hong Kong should focus on developing international markets and creating a center for financial product innovation. Stablecoins, compliant exchanges, and on-chain financial infrastructure are key to Hong Kong's next stage of development.

Qiu Dagen emphasized that Hong Kong should maintain openness in its international positioning and leverage its complementary relationship with the mainland. He stated: "Hong Kong cannot and should not compete with the mainland. We have never been in a competitive relationship, but rather a complementary one." Hong Kong can become the window for mainland technology companies to "go global," helping to establish internationally recognized standards.

Finally, Qiu Dagen pointed out that Hong Kong's promotion of Web3 is not based on short-term economic considerations, but rather aims to support the sustainable development of the industry from an institutional foundation. He believes that as long as Hong Kong can maintain its pace of development while being steady and solid, it can sustain an important position in the Asian Web3 field.