On June 8, AliExpress, the online retail subsidiary of Chinese tech conglomerate Alibaba, announced that it had joined forces with Web3 developer The Moment3! to create a series of shopping-themed NFTs. However, less than a day after the announcement, AliExpress’ tweet was deleted without explanation. Given China’s recent crackdown on anything crypto-related, this sudden removal raises concerns about the future status and validation of nonfungible tokens (NFTs) in the country.
Another crypto-related event that caught the attention of many was the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, accusing the firm of operating an unlicensed exchange and selling unregistered securities. Interestingly, Chinese Central Television (CCTV) reported on the lawsuit, acknowledging for the first time that Binance is the world’s largest cryptocurrency exchange. Both countries share a mutual distaste for cryptocurrency exchanges, revealing various sentiments of contempt and doubt towards these institutions.
In Hong Kong, the need for Web3 professionals is becoming increasingly apparent. Johnny Ng Kit-Chong, a member of the Legislative Council of Hong Kong, stated that the SAR would need at least 50,000 to 100,000 Web3 positions in the next few years. With over 400 firms already registering for Web3 initiatives, Hong Kong’s pro-Web3 regulations are attracting attention.
The regulatory landscape in Hong Kong indeed seems relatively open. If someone plans to create a game and issue a token, there is no problem in the city. The crux of the matter revolves around whether the token sale involves securities or futures components, which would be regulated. However, Hong Kong’s overall supervision is clear, with almost no gray areas.
Despite the expanding horizons for Web3 professionals in Hong Kong, there are still ongoing legal proceedings against various crypto personalities, such as Terraform Labs co-founder Do Kwon. He faces criminal charges from both U.S. and South Korean authorities for his role in the Terra Luna collapse. The penalties, if convicted, could be severe, adding skepticism to the crypto sector.
On a more positive note, Chinese AI startup Guangnian Zhiwai recently raised $230 million at a $1 billion valuation. Co-founded by Huiwen Wang of food delivery giant Meituan Dianping, the firm aims to become the OpenAI of China. This rapid growth accentuates the potential of technology, reputation, and ambition to surpass skepticism in the market.
The crypto and blockchain industry remains a territory of mixed emotions, with developments and advancements being questioned and scrutinized. As changes continue to unfold, enthusiasts and skeptics alike are left to ponder the implications and future of the crypto world.
Source: Cointelegraph
