Whether Hong Kong or Singapore Will be the Asia Web3 Hub Remains a Question
During Hong Kong Fintech Week on November 5, MAP Protocol (the provably secure cross-chain infrastructure) together with AMA Studio and zkNFTex, hosted “Next Legend: MAP HK onto Web3 ” VIP reception party. Hong Kong Legislative Council members, National People’s Representatives of the People’s Republic of China, Professor of Hong Kong Polytechnic University, Chairman of Hong Kong International Financial Strategists Association, and many people from Hong Kong’s political, business, academic and Web3 industry all came to the event and delivered speeches.
The event was also co-hosted by Binance Custody, Bybit, Crypto.com Capital, AICFC Hong Kong International Association of Financial Strategists, Re:verse and others.
The event was attended by Mr. Duncan Chiu, Member of the Hong Kong Legislative Council (Technology and Innovation Sector), Prof. Hong Weimin JP, Member of the National People’s Congress of the People’s Republic of China, Mr. Adam Bull, Head of Sales, Asia Pacific, Binance Institution, Dr. Chow Ho Wan, Chairman of AICFC Hong Kong International Financial Strategists Association, Mr. Jason Chan, Founder of Ausvic Mr. Ping Chen, Founder of Ausvic Capital, Mr. Jianping Kong, Founder of Haowei Technology, Prof. Jiannong Cao, Dean of Graduate School & Worldwide Renowned Professor of Computer Science at Hong Kong Polytechnic University, Jason, Head of Web3 Fund, CDH, EVG Co-founder Joerome, Senior Director of Hashkey Joe, etc.
Mr. Duncan Chiu, Hong Kong Legislative Council member (Technology and Innovation Sector) remarked that:
“In the past six months, many in the science and technology industry and Web3 industry have been talking about Singapore, but in the last two months, some friends who have moved to Singapore started asking once Hong Kong has opened its border, they would like to return to Hong Kong. Along with the removal of entry restrictions in Hong Kong, there will be more growth opportunities. Currently, the Hong Kong government is making new policies, offering financial support, office space and supporting talents to boost the development of the high-tech industry in Hong Kong. As we all know, the Hong Kong government just released the Policy Statement on Development of Virtual Assets in Hong Kong, and I believe there is nothing more surprising than the fact that the Hong Kong Monetary Authority (HKMA) will launch a public consultation on the trading of virtual assets by retail investors. Although it is estimated that not all types of digital asset trading will be liberalized at once, it is already a great leap forward and exceeds the general public’s expectations. The HKMA will launch a public consultation within the next few months, and the policy is expected to be implemented within the next year. After seeing the global ICO boom in previous years, the Web3 industry has also started to comply in recent years.”
As the Hong Kong Legislative Council member in the technology and innovation sector, Duncan Chiu said that the Council will organize a number of opinion sessions on the development of Web3 industry, and welcomes all Web3 professionals at the MAP Protocol event to offer their advice to make Hong Kong’s Web3 policy meet the needs of the industry.
Mr. Cao Jiannong, the world-renowned scholar in computing, Director of the Institute for Artificial Intelligence and Internet of Things and Chair Professor of Distributed and Mobile Computing at the Hong Kong Polytechnic University, said:
“Thanks to MAP Protocol’s invitation, I had the opportunity to talk with many Web3 entrepreneurs, Web3 investment institutions, and other builders in the Web3 space. PolyU (Hong Kong Polytechnic University) has been the leading institution in blockchain and Web3 research, and was recently ranked No. 1 in the “Best Universities for Blockchain 2022” list by CoinDesk. PolyU’s Blockchain Technology Research Center covers research in underlying architecture, interoperable protocols, high-performance search, smart contract security, privacy computing, and various applications covering data sharing, food security, smart buildings, and green environment. We are very supportive of the Hong Kong government’s vision and hope to see the implementation of this plan as soon as possible. We also look forward to more opportunities to leverage our research strengths and work closely with the industry and government.
The Hong Kong Government’s recently released Policy Statement on Development of Virtual Assets in Hong Kong will greatly boost the development of the Web3 industry in Hong Kong, which will help leverage Hong Kong’s strengths in finance and Fintech and make Hong Kong a pioneer in the digital economy, especially in virtual asset services. For the academic community, I believe it is also a great opportunity to see more in-depth research in blockchain and Web3 in universities and research institutions, in addition to providing opportunities to bring R&D results to the ground.”
Michelle Law, COO at MAP Protocol said:
“Hong Kong has one of the freest economies in the world. The release of the policy statement in Hong Kong is a great inspiration to the global Web3 industry. As we all know, many Web3 projects around the world are initiated in Hong Kong, and our MAP team also considers Hong Kong as an important base.
At present, in the field of Web3 infrastructure, the Layer1 industry already has the standard Ethereum paradigm, while in the field of cross-chain infrastructure, no paradigm has emerged so far because of the huge challenges in cryptography and engineering implementation of the technology.
For a long time, the cross-chain infrastructures either have collusion risks among privileged roles or cannot cover all chains. MPC and oracle-based cross-chain verification mechanisms are easy to develop and can cover all chains, but they cannot eliminate the collusion risk or the existence of privileged roles, which are not in line with Satoshi Nakamoto’s consensus. Light client-based solutions, on the other hand, do not have privileged roles but cannot solve the problem of linking Ethereum, BNB Chain, and other EVM chains. Based on light client and ZK technology, cross-chain verification on MAP Protocol is able to verify independently by itself and cover all chains without any privileged roles. It is also 100% compliant with Satoshi Nakamoto consensus. After 4 years of development it will be officially online and running at the end of 2022.
The Hong Kong government now offers great opportunities for the Web3 and virtual assets industry. As a cross-chain infrastructure, MAP will be the super connector for all L1s and L2s around the world and will actively contribute to the development of Web3 in Hong Kong. MAP Foundation will fund scientific research in cross-chain technology, blockchain security and Web3 industry to universities and research institutions in Hong Kong, and join hands with the global Web3 industry to promote R&D innovation and industrial implementation in Hong Kong. It will also promote the education of Web3 and distributed ledger technology across universities and communities in Hong Kong, and support the young generation in Hong Kong to participate in the Web3 and virtual asset industry. ”
Finally, Duncan Chiu observed that as digital assets (including crypto currency, ETF, NFT, etc.) continue to evolve, each country and region are also changing their policies and regulations to this industry. It is still unknown which region will be the hub of this nascent industry.
CN 华语版 View Here: 香港立法会议员Duncan Chiu出席MAP HK onto Web3 活动：认为香港与新加坡谁是 Web3 赢家，无需过早定论