Singapore VS Hong Kong, TOKEN2049 ignites the battle of the twin cities of Web3!

TOKEN2049 ignites the battle of Singapore vs Hong Kong, the twin cities of Web3!

TOKEN 2049 is in full swing in Singapore, with many Web3 practitioners flocking to Singapore to attend the conference.

However, in Asia, Singapore and Hong Kong are two important cities in the Web3 field, each with its own advantages and challenges. Has TOKEN2049 ignited a battle between the two cities? This article will compare and contrast the performance and prospects of these two cities in the Web3 field from the perspectives of policies, talent, and cost of living.

01

• Classification of Web3 Game Players Prototypes
• Does the future of MakerDAO belong to Cosmos rather than Solana?
• How will the sued founder of Tornado Cash fight against the Federal Reserve?

Policies

Policies are important factors that affect the development of Web3, including legal regulations and regulatory measures for cryptocurrencies, blockchain, digital identity, and other aspects. A friendly and stable policy environment can provide clear guidance and protection for Web3 projects, promoting innovation and compliance.

Singapore has always maintained an open and forward-looking attitude towards policies, providing support and encouragement for innovation in the financial and technology sectors. The Monetary Authority of Singapore (MAS) has specifically implemented a “regulatory sandbox” policy for fintech startups that focus on blockchain, metaverse, and Web3.0 technologies. MAS still allows these companies and new projects to experiment in Singapore if they cannot be accommodated within the existing legal framework or cannot fully meet the compliance requirements of regulatory agencies.

In addition, MAS has also formulated the “Payment Services Act”, issuing licenses to market participants and strengthening the system for protecting consumers in this field. MAS also cooperates with international organizations and other countries to promote the formulation and coordination of standards in areas such as cross-border payments, digital currency exchange, and digital identity authentication.

Although Hong Kong is also an international financial center, it is relatively conservative and cautious in terms of policies. The Hong Kong SAR Government made a policy declaration on the development of virtual assets in Hong Kong at the end of 2022, demonstrating an open attitude and firm determination towards innovation in virtual assets.

In the past few months, many leading technology companies and high-tech startups have actively contacted the SAR Government to consider expanding their business in Hong Kong. These companies include virtual asset exchanges, blockchain infrastructure companies, virtual currency wallets and payment companies, as well as other projects related to Web3.0. However, Hong Kong has implemented stricter regulatory requirements for virtual asset exchanges, including the need to obtain a license from the Securities and Futures Commission, only providing services to professional investors, and not offering derivative products or security-like tokens. These restrictions may affect Hong Kong’s competitiveness and attractiveness in the Web3 field.

In summary, although Singapore is relatively more liberal in terms of policies compared to Hong Kong, Hong Kong focuses more on providing a more flexible and inclusive environment for Web3 projects, while also ensuring market stability and consumer interests.

02

Talent

Talent is the core resource for the development of Web3, including technical developers, entrepreneurs, managers, advisors, etc. These talents come from local and global sources, forming a diverse and international Web3 community.

Singapore has better resources in terms of talent, thanks to its high-quality education system, diverse cultural backgrounds, convenient visa policies, and good quality of life. Singapore has world-class universities such as Nanyang Technological University (NTU) and National University of Singapore (NUS), which have nurtured a large number of technology talents. Singapore also attracts talents from around the world, including experts and leaders in the Web3 field. Singapore provides various types of visas for foreign talents, such as entrepreneur visas (EntreLianGuaiss) and technology talent visas (Tech.Pass), making it convenient for them to start businesses and work in Singapore. Singapore also provides high-quality public services such as healthcare, education, and transportation, as well as a safe, clean, and comfortable living environment, allowing talents to live and develop in Singapore with peace of mind.

Although Hong Kong is also an international city with many local and foreign Web3 talents, it still faces some challenges in terms of talent. Firstly, Hong Kong’s education system is relatively conservative and lacks education and training on Web3-related technologies and knowledge. Secondly, Hong Kong has also introduced some talent policies in recent years, such as the Quality Migrant Admission Scheme. This is a quota-based program with an annual quota of 4,000 people, aiming to attract outstanding talents from overseas to settle in Hong Kong. However, this program also has some limitations and uncertainties, such as limited quota, complex application process, and unpredictable selection results.

In conclusion, Singapore has more advantages in terms of talent compared to Hong Kong. It can cultivate and attract more Web3 talents and provide them with an environment that is more suitable for innovation and development. Although Hong Kong also has some talent policies support, it still needs to improve its education system and talent policy issues in order to enhance its competitiveness and attractiveness in the Web3 field.

03

Cost of Living

The cost of living is an important factor that affects the choice of residence for Web3 practitioners, including expenses for food, housing, transportation, education, etc. A lower cost of living allows Web3 practitioners to have more funds for project development and operation, and it can also improve their quality of life and happiness.

Singapore and Hong Kong are both economically developed cities with relatively high prices. According to the latest data released by the global database website Numbeo, Singapore and Hong Kong rank 5th and 16th respectively in terms of the cost of living among 138 countries or regions worldwide.

According to Mercer’s 2023 Global City Cost of Living Ranking, the average rent in Singapore is $2,500 per month (approximately 16,000 RMB), while the average rent in Hong Kong is $3,700 per month (approximately 23,700 RMB). Hong Kong has the highest rent in the world, while Singapore ranks eighth.

According to the latest data released by the global database website Numbeo, food prices in Singapore are lower than in Hong Kong, and there is more variety to choose from. Singapore has many hawker centers where you can enjoy a variety of delicacies at affordable prices, with an average meal costing 3-5 SGD (approximately 15-25 RMB). Hong Kong also has many dai pai dongs, but the prices are relatively higher, with an average meal costing 30-40 HKD (approximately 25-35 RMB). The prices of groceries in Singapore supermarkets are slightly lower than in Hong Kong, with a monthly grocery expenditure of about 200-300 SGD (approximately 1,000-1,500 RMB). In Hong Kong, the prices of groceries in supermarkets are higher, with a monthly grocery expenditure of about 300-400 HKD (approximately 250-350 RMB).

Furthermore, it is reported that the cost of living in other aspects such as daily necessities, clothing, cosmetics, and entertainment is not significantly different between Singapore and Hong Kong. However, Hong Kong does not have a consumption tax, often has discounts, and offers more choices, which may be slightly cheaper than Singapore.

In summary, Singapore and Hong Kong have their own advantages and disadvantages in terms of cost of living, depending on individual income levels, lifestyles, and consumption habits.

04

Future Development

Future development refers to the potential and prospects of the Web3 field, including technological innovation, market demand, social impact, and other aspects. Favorable future development can motivate and attract more Web3 practitioners to join and contribute, and can also enhance the value and significance of the Web3 field.

Singapore and Hong Kong both have good opportunities and challenges in terms of future development, mainly manifested in the following aspects:

Singapore is mainly due to its stable and supportive policy environment, as well as its advantageous and convenient geographical location. As a neutral and open country, Singapore is able to establish trust and connections with Web3 partners from around the world, and promote cross-border and cross-chain collaboration and interoperability.

However, Singapore also faces some challenges in terms of future development, mainly due to its small population size and weak competitiveness, as well as its dependence on external factors and sensitivity to them. As a small country, Singapore has limited local market demand, and its talent resources are not sufficient to support the rapid development of the Web3 field. Singapore is also influenced by global economic, political, social, and other factors, and may encounter unpredictable and uncontrollable risks and crises.

Hong Kong also has some advantages in future development, mainly due to its strong and professional financial strength, as well as its relationship and interaction with mainland China. As an international financial center, Hong Kong can provide abundant and efficient funds, services, and products for the Web3 field, supporting the growth and expansion of Web3 projects.

In addition, as a special administrative region of China, Hong Kong can maintain close and friendly relations with mainland China and participate in the innovation and development of Web3 in China.

In conclusion, both Singapore and Hong Kong have their own opportunities and challenges in future development, depending on how they respond to changes in the external environment and how they utilize their strengths to create more value.0

Summary

This article compares and analyzes Singapore and Hong Kong in the Web3 field, discussing the advantages and disadvantages of these two cities from four aspects: policy, talent, cost of living, and future development.

The article points out that Singapore is more open and free in terms of policy, promoting innovation and compliance. Singapore also has better talent resources, thanks to its high-quality education system, convenient visa policy, and good quality of life. However, Singapore also faces challenges such as a small population, weak competitiveness, and dependence on and sensitivity to external factors.

Although Hong Kong is relatively conservative and cautious in terms of policy, it also demonstrates an open attitude towards innovation in virtual assets and has a firm determination. Hong Kong also has strong and professional financial strength, as well as close and friendly relations with mainland China. However, Hong Kong is also troubled by high rents, conservative education, and limited market demand.

In conclusion, both Singapore and Hong Kong have their own opportunities and challenges in the Web3 field, depending on how they respond to changes in the external environment and how they utilize their strengths to create more value.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!