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Coin Circle (120BtC.coM): Yat Siu, co-founder of Animoca Brands, a venture capital giant in the metaverse, accepted The
In an exclusive interview with Block, he said that if Hong Kong allows the adoption of stablecoins linked to the Hong Kong dollar, the stablecoin may enjoy a unique position in the saturated cryptocurrency market: The difference between the Hong Kong dollar and most other currencies is that the Hong Kong dollar is different from most other currencies. It's pegged to the U.S. dollar, so if you want to have another regulated currency that's not the U.S. dollar but is still pegged to the U.S. dollar system, then I think the Hong Kong dollar would be a very interesting alternative.

According to Yat Siu, because the Hong Kong dollar is the equivalent of the US dollar, it is not the US dollar and it is outside the United States. Therefore, Hong Kong stablecoins are likely to have significant and unique demand.

Hong Kong has implemented a linked exchange rate system since October 17, 1983, which stipulates that the Hong Kong dollar is pegged to the U.S. dollar at an exchange rate of 7.75 to 7.85 Hong Kong dollars per U.S. dollar.

Hong Kong has been actively preparing a framework for the issuance of stablecoins pegged to the Hong Kong dollar, and last month completed a public consultation on the regulation and licensing of stablecoin issuers. At present, the Hong Kong Monetary Authority has launched a "sandbox" for stablecoin issuers to convey regulatory expectations to institutions interested in issuing fiat currency stablecoins in Hong Kong, Yat
Siu expects there will be more developments regarding stablecoin regulation this year.

 **Hong Kong may be the first to launch more different types of cryptocurrency ETFs**

In addition Yat
Siu said that after Hong Kong approves the Bitcoin spot ETF, it is likely to lead the United States and spawn more different types of ETFs because of its clearer regulatory framework. He sees Ethereum spot ETFs or GameFi token funds. potential.

At the same time, he believes that the Web3 market is "returning on a considerable scale" in the cryptocurrency bull market, and from the perspective of Web3 investment companies, the market is "basically much stronger."

In the short to medium term, Yat
Siu mentioned that he believes Web3 will be an Asian-dominated narrative due to the situation in the United States. Companies based in the United States need to be more careful in their relationships with the Securities and Exchange Commission (SEC), while in Asia, there is more freedom. and elasticity.

Finally, Yat Siu revealed that Animoca is currently committed to expanding its Web3 education platform Open Campus and increasing investment in the field of Web3 games.