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"Meng Yan: Hong Kong's Crypto Industry Development Momentum Has Already Surpassed Singapore" (Author: Meng Yan) Under the push of the stablecoin and RWA boom, Hong Kong has surpassed Singapore in terms of industry heat, talent influx, and market activity. In contrast, Singapore's crypto development momentum has weakened due to tightened regulations, the new government's preference for AI, and external prudential considerations. Hong Kong, on the other hand, has taken advantage of the situation to break through, attracting a large number of projects and practitioners. Meng Yan believes that the global attention on