Qiu Dagen: Compared to the United States, Hong Kong adopts a steady and gradual approach to Web3 regulation.

Techub News reported that Hong Kong Legislative Council member Kenneth Hau-To Chiu stated at the 2026 Hong Kong Web3 Carnival that Hong Kong has achieved "steady progress" in digital asset regulation over the past four years. A high degree of coordination has been formed among the government, regulatory bodies, and the Legislative Council, providing a clear roadmap for the industry. Chiu compared this with developments in the US market. He emphasized that US policies are significantly influenced by political cycles, whereas Hong Kong's regulatory legislation is "gradual, stable, and sustainable," and will not be reversed due to elections or political fluctuations.

Furthermore, Chiu highlighted three key areas of focus: product classification (clarifying which products require SFC approval), participant expansion (banks like HSBC and Standard Chartered, and institutions like Franklin Templeton have already launched tokenized products in Hong Kong), and legislative refinement (collaborating with the SFC and HKMA to advance systems for trading, custody, management, and advisory services). He also pointed out challenges facing the industry, including market cycle volatility, disputes over Layer 2 networks, validation of DeFi models, and the potential threat of quantum computing to cryptography.