HKUST Vice-President Calls for Revamped Digital Asset Regulation and a New Public Blockchain in Hong Kong

The Vice President of The Hong Kong University of Science and Technology Wang Yang has strongly criticized the regulations on digital assets in Hong Kong. He argues that the licensing process is not burdensome but also harmful leading to what he calls a "Licensed to Be Killed" situation. This has had effects on licensed platforms such as OSL, which have experienced significant financial setbacks.



Yang emphasizes the need for Hong Kong to move beyond licensing and compliance and instead focus on building a robust Web3 infrastructure. He advocates for an integration of virtual and tangible assets using blockchain technology. Additionally Yang urges the development of a public blockchain specifically designed for tangible assets in Hong Kong complete with an integrated KYC system.



His criticisms highlight the importance of
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