Duncan Chiu, member of the Hong Kong Legislative Council: I look forward to the Web3 industry actively responding to the Hong Kong Securities Regulatory Commission's consultation and providing suggestions. There is no need to prematurely determine who is the winner between Hong Kong and Singapore

According to ChainCatcher, during the Hong Kong Financial Technology Week on November 5, at the "Next Legend: MAP HK onto Web3" offline VIP reception organized by the cross-chain technology track paradigm MAP Protocol in conjunction with AMA Studio, zkNFTex, there were Hong Kong legislative Members of the National People's Congress of the People's Republic of China, professors of the Hong Kong Polytechnic University, chairman of the Hong Kong International Financial Strategists Association, and many people from the political, business, academic and Web3 industry circles in Hong Kong were present and delivered important speeches.

The co-organizers of this event also include: Binance Custody, Bybit, Crypto.com Capital, AICFC Hong Kong Association of International Financial Strategists, Re:verse, etc.

Guests attending this event included Hong Kong Legislative Council Member (Science and Technology Innovation Circle) Mr. Duncan Chiu, People's Congress Representative of the People's Republic of China Professor Hong Weimin JP, Binance Institution Asia Pacific Sales Director Mr. Adam Bull, AICFC Hong Kong International Financial Strategist Association Chairman Dr. Zhou Haoyun, Mr. Chen Ping, founder of Ausvic Capital, Mr. Kong Jianping, founder of Haowei Technology, Professor Cao Jiannong, Dean of the Graduate School of Hong Kong Polytechnic University & world-renowned computer professor, Jason, head of the new Web3 fund under CDH Investment, Jerome, co-founder of EVG , Joe, senior director of Hashkey, etc.

Mr. Duncan Chiu, member of the Legislative Council of Hong Kong (technological innovation sector), said:

"In the past six months, many science and technology circles and the Web3 industry have talked about Singapore, but in the past two months, some friends who have moved to Singapore have been asking when Hong Kong can be opened and closed. They are very interested in returning to Hong Kong. With Hong Kong's cancellation of entry There will be more development opportunities in the future, and the Hong Kong government is also supporting the development of the high-tech industry from various aspects such as Web3 policy, financial support, office space, talents, etc. As we all know, the Hong Kong government published the "Regulations on the Development of Virtual Assets in Hong Kong" I believe that the most surprising thing for the Web3 industry is that the Hong Kong Securities Regulatory Commission (HKMA) will launch a public consultation on the sale of virtual assets by retail investors. Although it is estimated that all types of virtual asset transactions will not be released at one time, it is already a A very big breakthrough, exceeding the expectations of the industry. The Hong Kong Securities Regulatory Commission will launch public consultation in the next few months, and it is expected that the policy will be implemented within the next year. After seeing the global ICO upsurge in the past few years, the Web3 industry is nearly In recent years, it has also begun to be compliant.”

Duncan Chiu said that as a member of the Hong Kong Legislative Council for technological innovation, he will organize several opinion meetings with the participation of the Web3 industry. He very much welcomes all the Web3 industry elites at the MAP Protocol event site to give more opinions, so that Hong Kong's Web3 policy is in line with the industry. demand.

Mr. Cao Jiannong, a world-renowned computer scholar, dean of the Institute of Artificial Intelligence and Internet of Things at the Hong Kong Polytechnic University, and chair professor of distributed and mobile computing, said:

"Thanks to the invitation of MAP Protocol, I have the opportunity to communicate closely with many Web3 entrepreneurs and Web3 investment institutions. PolyU (Hong Kong Polytechnic University) has always been in the leading position in blockchain and Web3 research. Recently Awarded as Coindesk's No. 1 Global Blockchain University Best University. PolyU Blockchain Technology Research Center, research covers underlying architecture, interoperability protocols, high-performance search, smart contract security, privacy computing, and various applications covering data sharing , food safety, smart buildings, and green environmental protection , etc. We are very supportive of the vision of the Hong Kong government and hope to see the implementation of this plan as soon as possible. We also look forward to more opportunities to give full play to our scientific research advantages and work closely with the industry and the government.

The "Policy Declaration on the Development of Virtual Assets in Hong Kong" recently released by the Hong Kong government will greatly promote the development of Hong Kong's Web3 industry, and will help to give full play to Hong Kong's advantages in finance and Fintech, making Hong Kong a digital economy, especially virtual assets. Pioneer in asset servicing. For the academic community, I believe this is also a great encouragement and a good opportunity. In addition to encouraging universities and scientific research institutions to further in-depth research on blockchain and Web3, it will also provide an opportunity to implement research and development results. "

Michelle Law, COO of organizer MAP Protocol, said:

"As one of the freest economies in the world, Hong Kong has greatly encouraged the global Web3 industry with the release of the Declaration. As we all know, many Web3 projects around the world originated in Hong Kong, and MAP also regards Hong Kong as very important base.

At present, in the field of Web3 infrastructure, the Layer 1 industry already has a standard Ethereum paradigm, but in the field of cross-chain infrastructure, because of the huge challenges in cryptography and engineering implementation, no paradigm has emerged so far. The MAP Protocol solves all the problems of the cross-chain infrastructure track and will become a paradigm for the cross-chain infrastructure track.

For a long time, the cross-chain infrastructure track either has collusion risks with privileged roles, or cannot cover all chains. The cross-chain verification mechanism based on MPC and Oracle is easy to develop and can cover all chains, but there is a risk of collusion, there are privileged roles, and it does not conform to the Nakamoto consensus; while other solutions based on Light Client have no privileged roles, but they do not. There is no way to solve the problem of linking EVM chains such as Ethereum and BNB Smart Chain. MAP Protocol is based on Light Client and ZK for cross-chain verification. It has the characteristics of unprivileged roles, independent self-verification, and coverage of all chains. It is 100% in line with the Nakamoto Consensus. It took 4 years of research and development breakthroughs and will be officially launched before the end of 2022. .

The Hong Kong government has given a big gift to the popularization of the Web3 industry and virtual assets. As a cross-chain infrastructure, MAP is the super connector of Layer 1s and Layer 2s around the world, and will actively make efforts for the development of the Web3 industry in Hong Kong. Next, the MAP Foundation will donate scientific research on cross-chain technology, blockchain security, and Web3 industry to various universities and research institutions in Hong Kong, and cooperate with the global Web3 industry in Hong Kong to promote R&D innovation and industrial landing. The community promotes the education and popularization of Web3 and distributed ledger technology, and supports the young generation in Hong Kong to join the Web3 and virtual asset industry. "

Felix, the founder of zkNFTex, also said, "I believe in the potential of Hong Kong as a new terminal for Web3, and will actively participate in the ecological construction of Hong Kong's blockchain, and believe that under the leadership of the Hong Kong government, Web3 will do better and better in Hong Kong. As ZK An ecological NFT trading market, zkNFTex is committed to helping thousands of investors/creators from ETH L1 to L2, and giving users a better NFT trading/creation experience.”

Finally, Duncan Chiu, a member of the Hong Kong Legislative Council, said that during the continuous development of the digital asset (including cryptocurrency, ETF, NFT, etc.) industry, the attitudes of various countries and regions towards the industry are also changing, and it is still unknown who will be the winner.

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