According to online reports, Duncan Chiu, a member of the Hong Kong Legislative Council and chairman of the Technology and Innovation Commission, said that Hong Kong's initial caution in regulating cryptocurrencies has brought advantages. The committee oversees Hong Kong's science and technology parks and research facilities. "Sometimes it's a good thing to strike late because you have a clear picture," Chiu said in a recent interview. For example, he pointed out that the Monetary Authority of Singapore (MAS), Singapore, Singapore's main financial regulator, quickly adopted rules for cryptocurrencies. MAS initially regulated cryptocurrencies under its Payment Services Law, mistakenly treating cryptocurrencies as a payment instrument rather than an asset class. Japan initially took the same approach, forcing a revision in 2024, as market behavior for cryptocurrencies changed as DeFi and tokenization gradually gained attention. "Although Hong Kong started late, the upside is that the usage patterns of these products are clearer," said Chiu, one of Hong Kong's most prominent cryptocurrency advocates, tied with Legislative Council member Johnny Ng. Chiu further pointed out that the original Bitcoin white paper labeled this asset class as electronic cash, while the market reality is that it has become a commodity-a view shared by the U.S. Commodity Futures Trading Commission-is another example of how cryptocurrency market behavior evolves and requires regulatory adaptation.