Chiu Duncan Calls for Asset-Backed Tokens (ABTs)

In a recent interview during the Shanghai Wanxiang Blockchain Week, Chiu Duncan, a member of the Hong Kong Legislative Council's Technology Innovation sector, urged swift action in Hong Kong's cryptocurrency landscape. Duncan, a proponent of digital currencies and blockchain technology and a member of the Hong Kong Legislative Council, presented a compelling vision for the region's future.

Tokenizing Hong Kong's Land: A DAO Approach

Duncan's proposal centers around the tokenization of Hong Kong's land, a move aimed at expediting land transfers and fostering a decentralized autonomous organization (DAO) structure. Traditionally, many privately owned villages in Hong Kong collectively manage land and make decisions. Under Duncan's plan, these decisions would be mirrored in a blockchain-based system, enhancing transparency and efficiency.

Duncan also envisages that these tokenized land assets will be traded on virtual asset exchanges, traditional brokerage platforms, and online stock trading platforms, requiring regulatory oversight and licensing procedures.

Speeding Up Exchange License Issuance

Acknowledging the need for a vibrant cryptocurrency ecosystem, Duncan called for accelerating exchange license issuance. This call to action is driven by a desire to prevent incidents akin to the JPEX rug pull, ensuring that legitimate crypto exchanges can flourish within the region.

Bridging Regulatory Gaps with Singapore

The member of Hong Kong Legislative Council also highlighted the importance of harmonizing cryptocurrency regulations between Hong Kong and its regional counterpart, Singapore. He emphasized the broader scope of Web3 development, extending beyond cryptocurrencies. 

The Role of Stablecoins in Diversifying Risks

Lastly, Duncan emphasized the role of stablecoins, particularly the potential for a Hong Kong Dollar stablecoin. He believes such a stablecoin could be an essential tool for diversifying financial risks, especially when traditional stablecoins are tied to a potentially volatile US dollar.