From coin trading to engineering: Hong Kong Web3 Carnival announces that the industry has reached an inflection point
Author: Curry, Shenzhen TechFlow Original title: Looking back at this Hong Kong Web3 Carnival, everyone is saying goodbye to the amateur era. All the big speeches are telling us that the early bonus period has passed, and amateur rules are being rewritten. It's been almost a week since the Hong Kong Web3 carnival ended. The hustle and bustle quickly dissipated. A few days after the conference, there was still a funny video on X showing the Bitget CEO's bag being laughed at by a hotel lady, a team of male and female models lining up in front of the exchange booth, grandparents and aunts who came in ten big baras scavenging the surroundings... Until this week, none of this was mentioned. The communication curve of the industry conferences was basically the same. The three-day session covered highlights. After the conference, several soft copies were published a week, and then this incident was over. Source: Various gossip scenes summarized by X netizens, but is this really what we want? But looking back at the serious content of this edition, it's actually a bit different. Wanxiang's Hong Kong Web3 Carnival is an annual trend window for the Chinese-language crypto community. Every year at this time, from the Hong Kong SAR government to the world's largest exchange, from the founder of Ethereum to a veteran of traditional finance, they are willing to fly over to the same venue, which in itself shows that everyone still needs this opportunity to take stock of the current position of the industry. This meeting was never an isolated event. When it was held, compliance, policy, and traditional finance were all in place at the same time. Looking back at some of the key guests who walked on the main stage this year, they spoke from different positions, but put together, they were actually the same picture: the amateur era of the crypto industry is over. The industry has been in a kind of amateur era for over ten years. Living by faith, storytelling, and the next wave of hot spots earns money in the early stages. There's no problem with this kind of lifestyle when the market is good; when it's bad, everyone only has gossip to talk about. At this conference, what a few people on stage said didn't go well with this kind of work, but it's totally worth looking back at. Hong Kong, selling a table First, Hong Kong Financial Secretary Chan Mao-po said quite a bit in his opening speech on April 20, but there is a saying that the crypto industry has been waiting for more than ten years. “Same activity, same supervision.” This means that on-chain assets and off-chain assets are managed according to the same standards as long as they bear the same risk. On the afternoon of April 10, 10 days ago, the Hong Kong Monetary Authority announced the first batch of stablecoin issuer licenses. Thirty-six applications were approved, and the license was granted by HSBC Bank and Anchorage Fintech, which is a joint venture between Standard Chartered, Hong Kong Telecom, and Anzen Group. Both are banknote issuing banks. Ten days later, Chen Maobo walked on the carnival stage. Stand in a position where the cards have already been dealt and signed, and tell the industry how to play next. The four words “equal regulation” are the most important words the crypto industry heard at this carnival, but people don't seem to pay much attention to the gossip. Over the past ten years, the crypto industry has basically heard two types of regulatory voices. One is wait-and-see, and the other is prohibition. This time, Hong Kong gave you the third type. It follows the same set of rules as you. Following the same set of rules means that the crypto industry will be allowed to move indoors starting today. There are banks, insurance, and brokerage firms in the room. Everyone is at the same table. This table has been set up in the traditional financial industry for hundreds of years. In the past, crypto players watched from the outside, but now they are sitting in. The cost, however, is to eat according to the rules on the table. Chen Maobo said an unobtrusive but critical phrase in his speech, “Decentralization and digital intelligence do not mean that accountability will weaken.” The code makes up its own mind; it doesn't matter what's on the chain; this kind of work doesn't work on this table. But sitting at an indoor table is much harder than staying outside. HSBC has been participating in HKMA's tokenization pilot and the CyberHKD+ project since 2022, and it took almost 4 years to obtain a license in April of this year. Thirty-six have applied and 34 have been left out. The other side of “equal regulation” is “equal opportunity.” These two things have always been the same thing in mature financial markets. This is the real signal sent by the Fiesta boss. Over the past ten years, the crypto industry has relied on doing things first and then growing bigger, stepping on the regulatory gap and eating away at poor information and compliance. The early bonus period is characterized by the fact that the rules are not yet in place; who moves first eats meat. This path may not work since stablecoin licensing this time around. The rules come first, and practitioners have to prove in the rules that they can make something. Near the end of the speech, the director of the department did something unexpected. He said to the international guests offstage, “Please stay in Hong Kong for a few more days,” and then listed rugby sevens, Michelin restaurants, untaxed red wine, country parks... I think this can be understood as friendly sales. Incense...
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