Hong Kong Legislative Council member Ng Kit-chung posted on social media saying, "Earlier, there were many questions about the development of Web3 in Hong Kong, including the future direction of stablecoins and the development of RWA. Since I did not respond to each of these carefully during the election process, I would like to share my views here:

I believe that the development of stablecoins in Hong Kong will not undergo major changes and will continue to progress steadily. The stablecoin regulatory bill was passed in the seventh Legislative Council after a long period of preparation and discussion. I believe the entire development will align with the actual financial environment of both the international community and Hong Kong, moving forward steadily, starting with the local market as a trial, with the goal of developing the international market and leveraging Hong Kong’s status as a financial and innovation technology center.

RWA is currently a topic widely discussed in both traditional and Web3 industries. Hong Kong has already promoted a regulatory sandbox, and it is believed that under the sandbox, the importance of compliant development and the future direction of regulation will be explored. I think different industries can boldly try to integrate Web3 technology, which I believe will promote the development of a large number of real-world applications.

The demand from developers is rapidly increasing. Over the past three years, Hong Kong has attracted many Web3 companies to develop here through open policies, and related development demands have continuously risen. The Hong Kong SAR government has been actively promoting the development of the Northern Metropolis and the Lok Ma Chau Loop area, which not only attracts enterprises to settle but also drives talent. More and more companies with Web3 public chains, compliant exchanges, underlying infrastructure, etc., are establishing a presence in Hong Kong. I also started as a developer in my early entrepreneurial days and deeply understand that the success of developers and innovation technology companies is closely linked. In the future, I will assist the industry in building a talent ecosystem and promote more developers and practitioners to settle in Hong Kong."