Hong Kong’s regulatory approach criticized as “licensed to be killed”
The Vice-President of HKUST criticizes Hong Kong’s current virtual asset licensing system as “Licensed to Be Killed,” advocating for a new public blockchain for real-world assets. Wang Yang, the Vice-President of The Hong Kong University of Science and Technology, recently criticized Hong Kong’s current approach to regulating virtual assets. Yang argued that the existing licensing system is not only burdensome but also counterproductive, coining the term “Licensed to Be Killed” to describe the plight of licensed exchanges like OSL, which have faced significant losses. Hong Kong needs a robust public blockchain Yang emphasized the need for Hong Kong to shift its focus from mere compliance and licensing to building a robust Web3 ecosystem. He proposed the deep integration of virtual and real-world assets (RWAs) through blockchain technology. Yang also called for the establishment of a new public blockchain for RWAs in Hong Kong, complete with an ...