Chiu Tat-Ken: Hong Kong's Web3 regulatory advantages lie in stability and transparency; US political cycles may lead to regulatory disruptions.

CoinFeed reported on April 20th that Hong Kong Legislative Council member Edward Yau delivered a speech at the 2026 Hong Kong Web3 Carnival, reviewing Hong Kong's steady progress in the Web3 field over the past three years. This included policy statements, the VSP licensing system, product testing of tokenized bonds and deposits, and the Hong Kong Monetary Authority's roadmap for stablecoin regulation. Yau emphasized that regulatory clarity is what the industry needs most, and Hong Kong regulators have provided a clear roadmap. Comparing international regulatory developments, Yau pointed out that the joint statement from the US SEC and CFTC clarified that digital goods, digital collectibles, data instruments, and payment stablecoins are not securities, a classification crucial for market development. He also mentioned the US safe harbor proposal, including exemptions for startups (up to $5 million) and financing exemptions, believing these warrant further consideration by Hong Kong.