Hong Kong’s Financial Secretary still says the timing is right for crypto and Web3 in the region despite the setbacks that have hit the industry.
According to Chan the industry is simply going through the same process as the Internet in the early 2000s, and after the"bursting of the bubble", market participants became much calmer.
"After the tide of speculation ebbs, the remaining powerful players will focus more on competing in technological innovation, practical application and value creation, and contribute to improving the quality of the real economy," Chan wrote. "In the next stage, market participants need to develop blockchain technology more deeply, so that its characteristics and advantages of transparency, efficiency, security, disintermediation, de-platformization, and low cost can find wider application scenarios and solve more existing problems."
Hong Kong's approach to crypto regulation greatly contrasts that of the United States, which has adopted a more hardline response that's
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