According to a South China Morning Post report on August 29th, Zhao Changpeng, founder of the cryptocurrency exchange Binance, stated in an interview that Hong Kong has the potential to become a major hub for virtual assets, rivaling markets like the United States and the UAE, but that Hong Kong regulators must act quickly to realize its potential. Zhao stated that the Hong Kong government has demonstrated a "very clear attitude toward embracing Web3" and is capable of swift action. One immediate reform Zhao recommended is expanding the range of cryptocurrencies permitted to be traded on licensed exchanges in Hong Kong, advocating for a model similar to Japan's, which allows exchanges to independently determine which tokens are eligible for trading.