<p>3 月 23 日，“香港 - 韩国 Web3 政策推广联盟” 正式成立。这不是一个传统的区域论坛，而是一个由私营部门推动的跨区域政策合作平台。该联盟由香港立法会议员吴杰庄和韩国国会议员、数字资产基本法提案的发起人闵炳德共同发起。当香港的金融系统能力开始与韩国的技术和市场活力相连接时，这种由两地区关键政策参与者推动的合作，可能不仅会影响 Web3 或 AI 本身，还会影响数字资产运营的基础结构。互补优势 长期以来，尽管亚洲 Web3 市场活跃，但总体上表现出相对分散的发展。香港依靠其成熟的金融系统，持续推进合规和监管框架，其制度基础逐渐从虚拟资产许可提升到即将推出的稳定币发行机制。另一方面，韩国则更依赖市场和技术，已经在加密资产采用、交易活动以及区块链和 AI 应用方面形成了高度活跃的产业生态系统。吴杰庄指出，香港和韩国在 Web3、人工智能和数字资产领域具有显著的互补性。在此基础上，这种合作不仅停留在方向层面，而是直接聚焦于几个关键领域：区块链与 AI 的协同发展、数字资产的合规路径、稳定币机制和跨境数据流。这些问题本身就是当前数字经济中最具限制性和放大效应的核心方面。随着这些方向的逐步推进，两地区的合作预计将从单点合作转向更系统化的方式，涉及跨境试点项目和机制对接。从更广泛的角度来看，这种合作反映了全球数字资产监管体系的阶段性差异。美国和欧洲依靠其成熟的金融系统和监管经验，较早进入规则制定阶段，逐渐形成自己的框架，从稳定币监管到整体系统设计。亚洲并非缺席。无论是香港推进虚拟资产许可制度，还是韩国推动数字资产立法，都是在本质上构建适合自身市场环境的监管体系，只是在时间上落后于欧洲和美国。然而，正是这种 “时间滞后” 为发展中地区提供了更大的调整空间。香港和韩国代表了两条路径：“监管能力” 和 “市场活力”。当这两种能力开始趋同时，其意义超越了单纯的政策沟通；它代表了一种构建新组合的尝试。更具体地说，这种趋同也对应于现实需求的匹配——韩国充满活力的产业和资本需要更清晰的合规路径来吸收；而香港发达的金融基础设施则需要更丰富的商业场景和流动性来源。在这个过程中，香港作为 “超级连接者” 的角色开始从概念走向具体现实：通过制度和渠道设计，将区域技术和资本连接到更广泛的国际市场。** 阶段转变 ** 如果我们延长时间框架，这种合作对应于稳定币发展阶段的变化。在过去几年中，行业的核心问题集中在 “谁将发行稳定币”，竞争围绕规模、流动性和信用展开。然而，随着基础设施的成熟，问题正在转向下一个阶段：这些 “链上资金” 如何进入真实经济系统，以及在什么规则下流动？不同地区提供了各自的路径。新加坡通过守护者计划探索传统金融资产的链上转型；欧洲通过 MiCA 框架统一监管标准；而美国则开始限制稳定币的 “存款性质”，重新定义其金融边界。尽管路径不同，但目标相同——稳定币正在从 “加密市场工具” 转变为 “金融基础设施”。在这种背景下，香港和韩国的合作将逐渐在更具体的资本流动结构中显现。传统的跨境资本流动依赖于多层次的中介系统进行清算和结算，导致复杂且成本高昂的流程。然而，当稳定币与监管框架相结合时，一些资本流动可能转向链上处理，从而减少中介并提高效率。这一变化在短期内不会取代现有系统，但会逐渐打开新的路径。一旦这些路径出现，结构将开始松动。如果区域协调规则持续推进，结果不仅是效率的提高，还有资本定价和结算逻辑的变化——之前集中在单一系统中的结构可能开始去中心化。这并不意味着某一特定系统被取代，而是跨区域的资本流动将有更多的选择渠道。在试点前夕，另一个值得注意的细节是，这种合作不是传统的国家间协议，而是以草根政策协调的形式展开。这使得它能够避免在一开始就达到高度统一的制度设计，而是通过更灵活的试点项目和合作逐步推进，从实践中形成共识，然后影响规则制定。许多金融基础设施的演变往往遵循这一路径。从这个角度来看，这个联盟更像是一个初步的 “结构实验”。它试图回答一个长期的问题：随着稳定币开始进入真实经济，以及不同监管系统之间整合的可能性出现，资金流动是否会逐渐从 “单中心” 转向 “多区域并行” 模式？如果这一趋势被证明是正确的，那么今天看似区域性的合作可能不仅会影响香港或韩国，还会影响整个数字资产的运营系统。</p>

A都会WEB3

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纳斯达克 NexGen 经济 ETF - Reality Shares

<p>在 3 月 23 日，“香港 - 韩国 Web3 政策推广联盟” 成立，旨在加强香港与韩国在 Web3、人工智能和数字资产方面的合作。该联盟由关键立法人物发起，旨在将香港的金融体系与韩国的科技驱动市场相结合。此次合作重点关注区块链和人工智能的发展、数字资产的合规性以及稳定币机制。随着两个地区推进其监管框架，联盟希望建立一个系统化的方法来应对数字经济挑战，可能会改变资本流动结构并提高跨境交易的效率</p>

<p>On March 23, the &#34;Hong Kong-Korea Web3 Policy Promotion Alliance&#34; was officially established. This is not a conventional regional forum, but rather a cross-regional policy collaboration platform promoted by the private sector. The alliance was jointly initiated by Hong Kong Legislative Council member Ng Kit-chung and South Korean National Assembly member and initiator of the Digital Asset Basic Law bill, Min Byung-deok. When Hong Kong's financial system capabilities begin to connect with South Korea's technology and market dynamism, this cooperation, driven by key policy participants from both regions, may impact not only Web3 or AI itself, but also the underlying structure of digital asset operations. Complementary Advantages For a long time, while the Asian Web3 market has been active, it has generally exhibited a relatively fragmented development. Hong Kong, relying on its mature financial system, continues to advance its compliance and regulatory framework, with its institutional foundation gradually improving from virtual asset licensing to the soon-to-be-launched stablecoin issuance mechanism. South Korea, on the other hand, is more market- and technology-driven, having formed a highly active industrial ecosystem in terms of crypto asset adoption, trading activity, and blockchain and AI applications. Wu Jiezhuang pointed out that Hong Kong and South Korea have significant complementarity in the fields of Web3, artificial intelligence, and digital assets. Based on this, this cooperation does not stop at the directional level but directly focuses on several key lines: the coordinated development of blockchain and AI, the compliance path for digital assets, stablecoin mechanisms, and cross-border data flows. These issues themselves are the most restrictive and also the most amplifying core aspects of the current digital economy. As these directions gradually advance, the cooperation between the two regions is expected to shift from single-point collaborations to a more systematic approach involving cross-border pilot programs and mechanism alignment. From a broader perspective, this cooperation reflects the phased differentiation of the global digital asset regulatory system. The US and Europe, relying on their mature financial systems and regulatory experience, entered the rule-building phase earlier, gradually forming their own frameworks, from stablecoin regulation to overall system design. Asia is not absent. Whether it's Hong Kong's advancement of a virtual asset licensing system or South Korea's promotion of digital asset legislation, both are essentially building regulatory systems suited to their own market environments, only lagging behind Europe and the US in terms of timing. However, it is precisely this &#34;time lag&#34; that provides greater room for adjustment for developing regions. Hong Kong and South Korea represent two paths: &#34;regulatory capacity&#34; and &#34;market vitality,&#34; respectively. When these two capabilities begin to converge, the significance extends beyond mere policy communication; it represents an attempt to construct a new combination. More specifically, this convergence also corresponds to a match of real-world needs—South Korea's vibrant industries and capital require clearer compliant pathways for absorption; while Hong Kong's well-developed financial infrastructure needs richer business scenarios and sources of liquidity. In this process, Hong Kong's role as a &#34;super-connector&#34; begins to move from concept to concrete reality: through institutional and channel design, connecting regional technology and capital to a broader international market. **Stage Shift** If we extend the timeframe, this collaboration corresponds to a change in the development stage of stablecoins. In the past few years, the core issue in the industry has focused on &#34;who will issue stablecoins,&#34; with competition revolving around scale, liquidity, and credit. However, as the infrastructure matures, the question is shifting to the next stage: how do these &#34;on-chain funds&#34; enter the real economic system, and under what rules do they flow? Different regions are offering their own paths. Singapore is exploring the on-chain transformation of traditional financial assets through Project Guardian; Europe is unifying regulatory standards through the MiCA framework; and the United States is beginning to restrict the &#34;deposit-like&#34; nature of stablecoins, redefining their financial boundaries. While the paths differ, the goal is the same—stablecoins are shifting from &#34;crypto market tools&#34; to &#34;financial infrastructure.&#34; Against this backdrop, the cooperation between Hong Kong and South Korea will gradually manifest in more specific capital flow structures. Traditional cross-border capital flows rely on a multi-layered intermediary system for clearing and settlement, resulting in complex and costly processes. However, when stablecoins are integrated with regulatory frameworks, some capital flows may shift to on-chain processing, thereby reducing intermediaries and improving efficiency. This change will not replace the existing system in the short term, but it will gradually open up new pathways. Once these pathways emerge, the structure will begin to loosen. If regionally coordinated rules continue to advance, the result will not only be increased efficiency but also changes in capital pricing and settlement logic—structures previously concentrated in a single system may begin to decentralize. This does not mean that a particular system is replaced, but rather that capital flows across regions will have more channels to choose from. On the eve of the trial, another noteworthy detail is that this cooperation is not a traditional inter-state agreement, but rather unfolds in the form of grassroots policy coordination. This allows it to avoid reaching a highly unified institutional design at the outset, and instead gradually advance through more flexible pilot programs and collaborations, forming consensus from practice, and then influencing rule-making. The evolution of many financial infrastructures often follows this path. From this perspective, this alliance is more like a preliminary &#34;structural experiment.&#34; It attempts to answer a longer-term question: as stablecoins begin to enter the real economy, and as the possibility of integration between different regulatory systems emerges, will the flow of funds gradually shift from a &#34;single-center&#34; to a &#34;multi-regional parallel&#34; model? If this trend proves true, then this seemingly regional cooperation today may affect not only Hong Kong or South Korea, but the entire operating system of digital assets.</p>
<div class="lb-trans"><p>3 月 23 日，“香港 - 韩国 Web3 政策推广联盟” 正式成立。这不是一个传统的区域论坛，而是一个由私营部门推动的跨区域政策合作平台。该联盟由香港立法会议员吴杰庄和韩国国会议员、数字资产基本法提案的发起人闵炳德共同发起。当香港的金融系统能力开始与韩国的技术和市场活力相连接时，这种由两地区关键政策参与者推动的合作，可能不仅会影响 Web3 或 AI 本身，还会影响数字资产运营的基础结构。互补优势 长期以来，尽管亚洲 Web3 市场活跃，但总体上表现出相对分散的发展。香港依靠其成熟的金融系统，持续推进合规和监管框架，其制度基础逐渐从虚拟资产许可提升到即将推出的稳定币发行机制。另一方面，韩国则更依赖市场和技术，已经在加密资产采用、交易活动以及区块链和 AI 应用方面形成了高度活跃的产业生态系统。吴杰庄指出，香港和韩国在 Web3、人工智能和数字资产领域具有显著的互补性。在此基础上，这种合作不仅停留在方向层面，而是直接聚焦于几个关键领域：区块链与 AI 的协同发展、数字资产的合规路径、稳定币机制和跨境数据流。这些问题本身就是当前数字经济中最具限制性和放大效应的核心方面。随着这些方向的逐步推进，两地区的合作预计将从单点合作转向更系统化的方式，涉及跨境试点项目和机制对接。从更广泛的角度来看，这种合作反映了全球数字资产监管体系的阶段性差异。美国和欧洲依靠其成熟的金融系统和监管经验，较早进入规则制定阶段，逐渐形成自己的框架，从稳定币监管到整体系统设计。亚洲并非缺席。无论是香港推进虚拟资产许可制度，还是韩国推动数字资产立法，都是在本质上构建适合自身市场环境的监管体系，只是在时间上落后于欧洲和美国。然而，正是这种 “时间滞后” 为发展中地区提供了更大的调整空间。香港和韩国代表了两条路径：“监管能力” 和 “市场活力”。当这两种能力开始趋同时，其意义超越了单纯的政策沟通；它代表了一种构建新组合的尝试。更具体地说，这种趋同也对应于现实需求的匹配——韩国充满活力的产业和资本需要更清晰的合规路径来吸收；而香港发达的金融基础设施则需要更丰富的商业场景和流动性来源。在这个过程中，香港作为 “超级连接者” 的角色开始从概念走向具体现实：通过制度和渠道设计，将区域技术和资本连接到更广泛的国际市场。** 阶段转变 ** 如果我们延长时间框架，这种合作对应于稳定币发展阶段的变化。在过去几年中，行业的核心问题集中在 “谁将发行稳定币”，竞争围绕规模、流动性和信用展开。然而，随着基础设施的成熟，问题正在转向下一个阶段：这些 “链上资金” 如何进入真实经济系统，以及在什么规则下流动？不同地区提供了各自的路径。新加坡通过守护者计划探索传统金融资产的链上转型；欧洲通过 MiCA 框架统一监管标准；而美国则开始限制稳定币的 “存款性质”，重新定义其金融边界。尽管路径不同，但目标相同——稳定币正在从 “加密市场工具” 转变为 “金融基础设施”。在这种背景下，香港和韩国的合作将逐渐在更具体的资本流动结构中显现。传统的跨境资本流动依赖于多层次的中介系统进行清算和结算，导致复杂且成本高昂的流程。然而，当稳定币与监管框架相结合时，一些资本流动可能转向链上处理，从而减少中介并提高效率。这一变化在短期内不会取代现有系统，但会逐渐打开新的路径。一旦这些路径出现，结构将开始松动。如果区域协调规则持续推进，结果不仅是效率的提高，还有资本定价和结算逻辑的变化——之前集中在单一系统中的结构可能开始去中心化。这并不意味着某一特定系统被取代，而是跨区域的资本流动将有更多的选择渠道。在试点前夕，另一个值得注意的细节是，这种合作不是传统的国家间协议，而是以草根政策协调的形式展开。这使得它能够避免在一开始就达到高度统一的制度设计，而是通过更灵活的试点项目和合作逐步推进，从实践中形成共识，然后影响规则制定。许多金融基础设施的演变往往遵循这一路径。从这个角度来看，这个联盟更像是一个初步的 “结构实验”。它试图回答一个长期的问题：随着稳定币开始进入真实经济，以及不同监管系统之间整合的可能性出现，资金流动是否会逐渐从 “单中心” 转向 “多区域并行” 模式？如果这一趋势被证明是正确的，那么今天看似区域性的合作可能不仅会影响香港或韩国，还会影响整个数字资产的运营系统。</p>
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吴杰庄带头推动中国和韩国的联合努力，以打破 Web3 的僵局