Professor Wang Yang, Vice President of the University of Hong Kong, emphasized the need for Hong Kong to adopt a 'Regulation as a Service' model to become a global Web3 hub. Speaking at an event co-hosted by New Fire Technology, Avenir Group, and Techub News, Wang highlighted Hong Kong's innovative achievements in crypto regulation. These include the licensing system for Virtual Asset Trading Platforms (VATP), the Digital Asset Development Policy Declaration 2.0 released in May, and the Stablecoin Ordinance passed in August. Wang advocated for future regulatory frameworks to focus on empowering businesses by establishing flexible and transparent guidelines. He stressed the importance of collaboration between regulators and the industry to drive innovation and development in the Web3 space.