Web3 Tale of Two Cities: The Struggle Between Singapore and Hong Kong

TOKEN2049 is currently in full swing in Singapore, attracting numerous Web3 practitioners to attend the conference. In Asia, Singapore and Hong Kong stand out as two major hubs in the Web3 field, each with its unique characteristics and advantages. This article will compare the performance of these two cities in the Web3 sector in terms of policy environment, talent pool, cost of living, and future prospects.

Policy Environment

Policy is a key factor in the development of Web3, encompassing regulations and oversight in areas such as cryptocurrencies, blockchain, and digital identity. A friendly and stable policy environment can provide clear guidance and protection for Web3 projects, fostering innovation and compliance.

Singapore has consistently maintained an open and forward-looking attitude, vigorously 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 current regulations to conduct experiments. In addition, Singapore has formulated the Payment Services Act, issued relevant licenses, and strengthened consumer protection.

Although Hong Kong is an international financial center, its policies are relatively cautious. The Hong Kong SAR government recently stated that it holds an open attitude towards virtual assets, attracting many technology companies to consider doing business in Hong Kong. However, Hong Kong's regulation of virtual asset exchanges is quite strict, such as requiring a license from the Securities and Futures Commission and only targeting professional investors, which may affect its competitiveness in the Web3 field.

Overall, Singapore's policy environment is more liberal, while Hong Kong places greater emphasis on balancing innovation and market stability.

Talent Reserve

Talent is the core resource for the development of Web3, including technical developers, entrepreneurs, managers, and consultants. A diverse international talent pool constitutes an active Web3 community.

Singapore has a clear advantage in talent due to its high-quality education system, multicultural background, and convenient visa policies. World-class universities such as Nanyang Technological University and National University of Singapore have cultivated a large number of technology talents. Singapore also offers various types of visas, such as the Entrepreneur Visa and the Technology Talent Visa, to attract global Web3 professionals. Good public services and living environment are also important factors in attracting talent.

Although Hong Kong is also an international city, it faces challenges in the cultivation of Web3 talent. The education system in Hong Kong is relatively traditional and lacks systematic education on Web3-related technologies. Although an excellent talent admission scheme has been launched, the quotas are limited and the application process is complex, which may affect its attractiveness to Web3 talent.

Cost of Living

The cost of living is an important consideration for Web3 practitioners when choosing a place to live, involving aspects such as food, housing, transportation, and education. A lower cost of living allows practitioners to invest more funds into project development, improving their quality of life.

Singapore and Hong Kong are both high cost of living cities, ranking 5th and 16th respectively in the global cost of living rankings. In terms of housing, the average monthly rent in Hong Kong is about 23,700 RMB, which is higher than Singapore's 16,000 RMB.

In terms of food, Singapore's hawker centers offer a diverse and affordable range of options, averaging around 15-25 yuan per meal. Although Hong Kong's dai pai dong also provides a rich selection of cuisine, prices are slightly higher, averaging about 25-35 yuan per meal. Regarding supermarket groceries, Singapore's monthly expenditure is about 1000-1500 yuan, lower than Hong Kong's 1500-2000 yuan.

Other living costs such as daily necessities, clothing, and entertainment are not significantly different between the two places. Hong Kong has no sales tax and frequent discounts, which may provide advantages in certain aspects.

Future Development

Singapore and Hong Kong each have their own characteristics in the future development of Web3. Singapore, with its stable policy environment and advantageous geographical location, is conducive to establishing a global Web3 cooperation network. However, its small market size and limited talent resources may restrict the pace of development.

Hong Kong relies on its strong financial strength and close ties with mainland China to provide rich funding and service support for Web3 projects. As a bridge connecting international and Chinese markets, Hong Kong has a unique advantage in participating in China's Web3 innovation.

Conclusion

Singapore and Hong Kong, as twin stars in the Web3 field of Asia, each have their strengths. Singapore is known for its open policies, high-quality talent, and relatively low cost of living, while Hong Kong has an advantage due to its financial strength and connections with mainland China. The development of the Web3 sector in both places will continue to compete and draw from each other, jointly promoting the prosperity of the Web3 ecosystem in Asia and even globally.