Web3 Singapore vs Hong Kong: A Battle of Two Major Asian Financial Centers

The TOKEN2049 event is being held in full swing in Singapore, attracting numerous Web3 practitioners. As two major Web3 hubs in Asia, Singapore and Hong Kong each have their own characteristics, showcasing different advantages and challenges in this silent competition. This article will delve into the performance of these two cities in the Web3 field from various perspectives, including policy environment, talent reserves, cost of living, and future prospects.

Policy Environment: Open and Prudent Concurrently

The policy environment is crucial for the development of Web3, covering legal norms and regulatory measures in various aspects such as cryptocurrencies, blockchain, and digital identity. A friendly and stable policy atmosphere can provide clear guidance and protection for Web3 projects, promoting innovation and compliance to go hand in hand.

Singapore has consistently maintained an open and forward-looking attitude, actively supporting financial technology innovation. The Monetary Authority of Singapore has established a "regulatory sandbox" for blockchain, metaverse, and Web3.0 technology enterprises, allowing innovative projects that do not fully comply with existing regulations to be tested. In addition, Singapore has enacted the Payment Services Act to regulate market participants and enhance consumer protection. Singapore also collaborates with international organizations to promote the establishment of standards in areas such as cross-border payments and digital currency exchange.

As an international financial center, Hong Kong is relatively cautious in its policies. At the end of 2022, the Hong Kong Special Administrative Region government issued a policy declaration on the development of virtual assets, demonstrating an open attitude and determination towards innovation. Recently, several leading technology companies and high-tech startups are considering conducting business in Hong Kong, involving Web3.0-related projects such as virtual asset trading, blockchain infrastructure, and digital currency wallets. However, Hong Kong has implemented stricter regulations on virtual asset exchanges, including the requirement to obtain a license from the Securities and Futures Commission and only providing services to professional investors, which may affect Hong Kong's attractiveness in the Web3 field.

Overall, Singapore is more flexible in terms of policy, while Hong Kong focuses on ensuring market stability and consumer rights while promoting innovation.

Talent Reserve: Balancing Cultivation and Attraction

Talent is the core resource for the development of Web3, including technical developers, entrepreneurs, managers, and consultants. These talents come from local and global areas, forming a diverse and international Web3 ecosystem.

Singapore has a clear advantage in talent due to its high-quality education system, multicultural background, convenient visa policies, and good quality of life. World-class institutions such as Nanyang Technological University and the National University of Singapore have nurtured a large number of technology talents. Singapore also attracts many global Web3 experts and leaders, providing various types of visa conveniences such as entrepreneur visas and technology talent visas. In addition, Singapore's comprehensive public services such as healthcare, education, and transportation, along with a safe and comfortable living environment, create conditions for talents to develop with peace of mind.

Hong Kong, as an international city, also has a considerable number of local and foreign Web3 talents, but still faces some challenges. The education system in Hong Kong is relatively conservative and lacks sufficient training and education in Web3-related technologies and knowledge. Hong Kong has launched a talent admission scheme with an annual quota of 4,000 people, aimed at attracting outstanding foreign talents to settle down. However, the scheme has issues such as limited quotas and a complex application process, which may affect its attractiveness.

Overall, Singapore has a greater advantage in talent, being able to cultivate and attract more Web3 talent, and providing a more suitable environment for innovative development. Hong Kong still needs to improve its education system and talent policies to enhance its competitiveness in the Web3 field.

Cost of Living: Each Has Its Merits

The cost of living is an important factor influencing the choice of residence for Web3 practitioners, including expenses related to food, housing, transportation, and education. A lower cost of living allows practitioners to have more funds for project development and operations, as well as to improve their quality of life.

Singapore and Hong Kong are both economically developed cities with relatively high prices. According to the latest data, the cost of living in Singapore and Hong Kong ranks 5th and 16th in the world, respectively.

In terms of housing, Hong Kong has the highest rent in the world, averaging about 23,700 yuan per month, while Singapore ranks eighth, with an average of about 16,000 yuan per month.

In terms of food prices, Singapore is slightly lower than Hong Kong and offers a more diverse selection. The hawker centers in Singapore provide meals averaging 15-25 RMB, while Hong Kong's dai pai dong average 25-35 RMB per meal. Regarding supermarket ingredients, Singapore's monthly expenditure is about 1000-1500 RMB, while Hong Kong's is about 250-350 RMB.

In terms of other living expenses, the differences between the two places are not significant. Hong Kong has no sales tax and frequent discounts, which may be slightly lower than in Singapore in certain aspects.

Overall, Singapore and Hong Kong have their own advantages and disadvantages in terms of living costs, depending on individual income levels, lifestyles, and spending habits.

Future Development: Opportunities and Challenges Coexist

The future development involves the potential and prospects of the Web3 field, including aspects such as technological innovation, market demand, and social impact. A favorable development outlook can motivate more Web3 practitioners to contribute, enhancing the overall value and significance of the field.

Singapore's advantages lie in its stable and supportive policy environment and its advantageous geographical location. As a neutral and open country, Singapore can establish trusted connections with global Web3 partners, promoting cross-border and cross-chain collaboration. However, Singapore also faces challenges such as a small population size, relatively weak competitiveness, limited local market demand, and insufficient talent resources to support the rapid development of the Web3 sector. Additionally, Singapore is relatively sensitive to external factors and may face unpredictable risks.

Hong Kong's advantages lie in its strong financial strength and professional expertise, as well as its close relationship with mainland China. As an international financial center, Hong Kong can offer abundant and efficient funding, services, and product support for Web3 projects. As a special administrative region of China, Hong Kong can also participate in China's innovative development in the Web3 field.

Overall, Singapore and Hong Kong each have opportunities and challenges in future development, and the key lies in how to respond to changes in the external environment and leverage their own strengths to create more value.

Conclusion

Singapore and Hong Kong, as important cities in the Web3 field in Asia, each have their own characteristics in terms of policies, talent, living costs, and future development. Singapore has an open policy and significant talent advantages, but faces challenges related to market size and external dependence. Hong Kong boasts strong financial power and close ties with the mainland, but still has room for improvement in policy flexibility and talent cultivation. The future development of both places in the Web3 field will depend on how to leverage strengths and avoid weaknesses, fully utilize their respective advantages, respond to global changes, and contribute unique value to the Web3 ecosystem.