If Hong Kong cannot do business with mainland China, products mainly targeting the local market would be unprofitable. Hashkey focusing on international markets and Binance withdrawing its license application already illustrate this point. Moreover, Hong Kong itself has a high degree of internationalization—both institutions and individuals can easily use crypto services outside of Hong Kong. Previously, Meitu’s crypto purchases were primarily made through CB. For Hong Kong to develop Web3, positioning itself as an international HUB to attract teams serving the global market is far more important.

Cryptocurrency currently has two core functions, along with a multitude of branches surrounding them

1 Evading regulation (de-intermediation, decentralization, privacy protection, self-custody)

2 Gambling games

Inference: Full compliance and integration into regulation might weaken the first point, turning it entirely into the second point, i.e., purely a gambling game?