The latest article by the Financial Secretary of Hong Kong, Paul Chan, shows a starkly different attitude between Hong Kong and Singapore, with one strongly supporting and the other fully restricting, clearly indicating Singapore's Web3 companies' inclination to return to Hong Kong:

"Digital assets are driving traditional financial businesses; a second policy declaration will be issued; stablecoins demonstrate the functions of a firewall and experimental field under the 'one country, two systems' principle, providing experience and reference for national finance."

https://www.fso.gov.hk/chi/blog/blog20250615.htm