PANews 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.

Chiu Tat-kan believes Hong Kong's strengths lie in its stability, transparency, and continuity, while the political situation in the United States could lead to regulatory disruptions. He identified three key areas: participants, products, and legislation, emphasizing the importance of product categorization. He also discussed the need for more time to validate the DAT model, the potential threat of quantum computing to cryptocurrencies (which he believes will take at least another 5 years), and the challenges of interconnecting global regulatory systems. He anticipates a positive flywheel effect in Hong Kong: with improved infrastructure, a clear market environment, and cross-jurisdictional connectivity, new product launches will attract investors, who will then reinvest their profits in new innovations. He concluded that Hong Kong needs more developers and must continue to push for clarity in product categorization, approval processes, and market participant qualifications.