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HashKey New Horizons event highlighted significant discussions about the development expectations of Hong Kong’s crypto market. The session featured Professor Yang Wang, a renowned mathematician and Vice President of Hong Kong University of Science and Technology (HKUST). With a strong background in big data and bio-intelligence, and in-depth research on Blockchain and government policies, Professor Wang shared his views on the future of cryptocurrencies in Hong Kong.
Initially Skeptical About Bitcoin
In his speech, Professor Wang recounted his initial skepticism towards Bitcoin and Blockchain technology. In 2012, a friend introduced him to Bitcoin, but he dismissed it as a scam. This attitude persisted until 2014 when he realized he had missed significant opportunities in the crypto space. This experience taught him to be more open-minded and cautious about rejecting new technologies.
Professor Wang expressed concerns about Hong Kong’s slow progress in the service sector, particularly in the Blockchain industry. He emphasized that Hong Kong should aim higher and lead regional development. He believes cryptocurrencies and Blockchain technology will continue to grow, but Hong Kong needs to integrate these innovations with the real economy to realize their full potential. He noted that other countries use cryptocurrencies to mitigate local currency devaluation and support their economies.
Challenges in Policy and Talent Development
One of the critical challenges highlighted by Professor Wang is the slow pace of policy development in Hong Kong. Wang observed that little progress has been made since October 31, 2022. He attributed this to procedural inefficiencies, such as the large size of government committees that hinder decision-making. Additionally, he pointed out a significant talent gap, especially in areas requiring professional certification, and emphasized the need for reforms to increase efficiency and avoid formalism.
As a professor at HKUST, Wang actively plays a role in talent development by encouraging students to collaborate with industries and undertake innovative projects. Accepting support from HashKey, Wang mentioned that other organizations like Futu Securities also need similar support.
However, he also noted that Hong Kong needs to strengthen its focus on promoting innovation and attracting diverse talents, not just top-level professionals. A robust Web3 ecosystem requires a mix of funding, policies, and mid-level talents.
Regulatory Challenges Hinder Crypto Market Development
Professor Wang also addressed the regulatory challenges facing Hong Kong’s crypto market. He criticized the idea of excluding unlicensed institutions and suggested a more inclusive approach. Instead of worrying about capital outflow, he proposed involving state-owned enterprises in mining activities to control risks and stimulate the economy. He warned against hastily expelling miners, as this would only benefit other countries through increased tax revenues.
Looking to the future, Professor Wang emphasized the importance of integrating cryptocurrencies with the real economy for sustainable development. Wang believes China should adopt a bottom-up approach to overcome geopolitical challenges, such as potential changes in US policy. According to him, China can only cope by changing its Bitcoin and cryptocurrency policies.
Despite humorously reminding the audience of his past skepticism towards Bitcoin, Professor Wang predicted a breakthrough in understanding and acceptance of cryptocurrencies within the next three years.
