Since issuing a declaration of embracing virtual asset policy last year last year, last year, last year, last year, after last year, last year's virtual asset policy policies were issued, and after last year, last year's virtual asset policy policy was issued, and last year, last year's declaration of embracing virtual asset policy last year, last year, last year, last year, last year, last year, last year, last year, last year, after last year, last year's declaration of embracing virtual asset policy policy last year, and since last year, last year's declaration of hugging virtual asset policy last year, last year, last year, last year, last year, after last year, last year's virtual asset policy policies issued a policies to embrace virtual asset policies last year,Hong Kong has held relevant conference activities since this year, and Hong Kong Government officials have also platforms for the cryptocurrency industry.The outside world is bolder to speculate: Will Beijing secretly support Hong Kong as a cryptocurrency center. With Hong Kong as the "test point", it gradually unblocked the blockchain industry in mainland China?
But unexpectedly, only two months before the currency circle activities that were full of disclosure, some practitioners have begun to leave.
According to the report of New Media Tencent Technology on Tuesday (July 4), many founders of the third -generation Internet (Web3) application products decided to leave Hong Kong.A founder said: "The team has decided to put the core technology team outside Hong Kong, leaving only a few market personnel here."The founder left Hong Kong due to the epidemic and had just returned to Hong Kong at the end of last year.
It is reported that because Hong Kong has a high cost of talents, unable to open an account in Hong Kong's local banks, or cannot obtain a license, companies in the virtual currency industry are leaving Hong Kong and have shifted to Dubai, Malaysia, or the Philippines.Those who stay in Hong Kong are still trying to apply for relevant licenses as required.
Words of license, high cost, difficult to open accounts
The Hong Kong regulatory authorities begin a new system in June.For example, Bitcoin, on the other hand, also opened the door to the Hong Kong Virtual Asset Exchange license application.But after June 1, the market did not have the expected excitement.One of the reasons is that the cost of licenses is high.
According to the regulatory requirements of Hong Kong, institutions applying for exchanges need to be submitted after the transaction, security, and hosting systems must be built.The people and technical costs established by these systems are extremely high.Industry insiders told Tencent Technology that before the application for licenses in Hong Kong, at least 100 million Hong Kong dollars (S $ 17.27 million) were invested.And this is just an entry ticket.
What is even more worried about them is that even after the system is built, the license may still be unable to approve it, and even if it is approved, there may be no business, so that the early stage is put into water.
Generally speaking, the exchange is the infrastructure of the cryptocurrency industry. The more exchanges, the more active the market represents the market.However, according to Tencent Technology, under the current high standards, there are only five institutions planned to submit a virtual license in Hong Kong.
The license is not necessary for the web3 entrepreneur of the AFC, but another mountain in front of the entrepreneurs in other currency circle is the talent and rent cost of Hong Kong.A entrepreneur who has moved to Malaysia said that in Malaysia, 60,000 yuan can be rented to the large flat layer in the city center, and there are very cheap IT technicians in the local area. In Hong Kong, the monthly salary of an ordinary IT personnel mayIt takes 30,000 Hong Kong dollars (S $ 5182).Multiple teams that evacuated Hong Kong believe that compared with Hong Kong, it is more advantageous to do the currency circle project in Southeast Asia.
The third mountain is difficult to open an account.Several practitioners told Tencent Technology that it is not easy for business accounts to involve the currency circle involved in business.Without opening a bank account, it is impossible to use the company to take accounts, and it is difficult for enterprises to really land.For the reason, a founder stated that because the government departments and enterprises in Hong Kong are separated, although government departments want enterprises to land in Hong Kong, the banks that account for accounts will still care about risk control and refuse to open an account to the currency circle company.
The central bank's new appointment splashing cold water to policy optimists
Heating the blockchain of Hong Kong is not only a high threshold in actual operation, entrepreneurs and market feedback, Beijing’sThe policy changes are also transmitting the signal to the Hong Kong market.From the perspective of the outside world, Hong Kong's promotion of the virtual currency industry has not been completely independent, but as a "test field" with the support of the mainland.
Optimistors can list all signs to prove this.Since Hong Kong released a policy declaration on the development of virtual assets in Hong Kong at the end of October last year, in February of this year, Bloomberg said that the representatives of the Hong Kong China United Nations Office and some mainland officials have always been regulars in local cryptocurrency activities.People familiar with the matter said that the officials who went to the conference would exchange business cards and WeChat with the participants and provide reports to Beijing.
The Hong Kong Third -generation Internet (Web3.0) Association, which was established in April, has no shortage of Chinese state -owned enterprise executives.One week before the Hong Kong Securities Regulatory Commission liberalized virtual asset transactions, the Beijing government released a white paper, mentioning that the Beijing government is planning a series of measures to accelerate Beijing to become a Web3.0 innovation base with international influence.Zhao Changpeng, the founder of the world's largest cryptocurrency exchange, commented on the white paper "The timing of release is very interesting."
Obviously, although China has completely banned virtual currency transactions in 2021, Hong Kong's promotion and local governments' positive evaluation of Web3 technology have conveyed signals that virtual currencies still have development opportunities in China.These signals have also played a catalytic role in the currency circle in Hong Kong.The founder of the Hong Kong Cryptocurrency Fund NDV said in an interview with the interface that the Hong Kong New Deal will return the cryptocurrency center to the East.
However, after the People's Bank of China released a new personnel appointment, the industry insiders were not so determined to judge such a judgment.Pan Gongsheng, deputy president of the People's Bank of China and director of the State Administration of Foreign Exchange, was appointed as the new secretary of the Party Committee of the People's Bank of China last week.Pan Gongsheng is famous for its tough stance on currency speculators, and also participated in the operation of prohibiting cryptocurrencies.
Bloomberg News reported on Tuesday (July 4) that Pan Gongsheng's appointment allowed the fantasy of China to relax regulatory ban and suffered a reality.The article mentioned that as early as 2017, when Bitcoin began to be popular worldwide, Pan Gongsheng quoted the French Kedge Business School professor Eric Pichet during the event: "Sitting on the river, one day, there is always one day, there is always one day, there is always one day.Bitcoin's body will be drifted from you. "
David Qu, a Chinese economist in Bloomberg Economic Research, said that in his opinion, no President of the Central Bank of China will supportBitcoin.He believes that the situation in Hong Kong is not directly related to the mainland."Because mainland China usually regards Hong Kong as an overseas market."He added that senior Chinese officials outside the central bank also criticized Bitcoin, and the government focused on developing digital RMB.
ADrian Lai, the founder of Newman Capital, who manages a $ 50 million Web3 fund in Hong Kong, said that Chinese officialThe ban.
Risk of Chinese characteristics
For Hong Kong, three years after the epidemic, economic development is sluggish, and the traditional financial advantage industry also faces the pressure brought by the US dollar rate hike.At this time, turning to embracing cryptocurrencies can promote financial business, attract talents, and inject new growth confidence into the market.HuaThe Erjie Journal reported on Friday (June 30) that the industry was full of disgraceful transactions, such as money laundering, fraud, etc., and also faced some "unique risks in China" in Hong Kong.
It is reported that in view of the unclear qualities of the cryptocurrency industry, it is not easy to get a balance between protecting investors and attracting business.If Beijing believes that Hong Kong's strategy for cryptocurrencies will eventually weaken the ability of the central government to monitor the capital flow in Greater China, then even if cryptocurrencies succeed in Hong Kong, they will eventually become troublesome.
Beijing has indeed showed such concerns.At the beginning of the Ministry of Public Security, the Ministry of Public Security said that virtual currency became a new channel for money laundering, and reported to the Chinese public security organs to cracked 259 related cases in 2021 for such crimes, and collected more than 11 billion yuan (S $ 253 million of S $ 253 millionTo.
At present, the Hong Kong Exchange will require KYC to verify the process of "Know Your Customer", which requires participants to submit compliance materials including but not limited to ID cards, local address and other compliance materials.As a result, this will restrict the encrypted currency in Hong Kong transactions in Hong Kong.Without the mainland market, the potential of the Hong Kong cryptocurrency market will also be greatly reduced.
It seems that in order to become the ambition to become the center of the virtual currency center, Hong Kong not only needs to improve policy support, but also needs to make more efforts in dealing with the relationship between supervision and release, central and local, and localities.Enhance the confidence of practitioners.
