The Vice-President of HKUST criticizes Hong Kong’s present digital asset licensing system as “Licensed to Be Killed,” advocating for a brand new public blockchain for real-world property.
Wang Yang, the Vice-President of The Hong Kong College of Science and Expertise, not too long ago criticized Hong Kong’s present strategy to regulating digital property. Yang argued that the prevailing licensing system shouldn’t be solely burdensome but additionally counterproductive, coining the time period “Licensed to Be Killed” to explain the plight of licensed exchanges like OSL, which have confronted vital losses.
Hong Kong wants a strong public blockchain
Yang emphasised the necessity for Hong Kong to shift its focus from mere compliance and licensing to constructing a strong Web3 ecosystem. He proposed the deep integration of digital and real-world property (RWAs) by means of blockchain expertise. Yang additionally known as for the institution of a brand new public blockchain for RWAs in Hong Kong, full with an embedded Know Your Buyer (KYC) mechanism.
Yang’s criticism highlights the significance of a conducive regulatory surroundings for RWAs, suggesting that they will provide official contributors a genuinely affluent alternative, relatively than turning into casualties of a flawed system. Yang’s name to motion is usually a vital step towards redefining Hong Kong’s position within the international Web3 improvement panorama.
Hong Kong has not too long ago been a hotspot for a number of main actions within the crypto business. The area’s financial authority, HKMA is already engaged on two CBDC (Central Financial institution Digital Foreign money) tasks. Hong Kong police have additionally seen a number of crypto scams and fraud circumstances prior to now month, with the JPEX rug pull costing customers $178 million and phishing makes an attempt impersonating main platforms like Binance on the rise.
