Hong Kong, once a thriving financial hub, is now setting its sights on becoming a leading center for Web3.
Hong Kong aims to be a leading centre for Web3, as revealed by Mr Christopher Hui’s speech at the Aspen Digital Web 3 Investment Summit last March 20, 2023. The government envisions supporting the development of Web3 technologies and applications that will revolutionize “information, value, and trust on the Internet, or on the future metaverse”. The SFST admits that Web3 is a game-changer that can “create new opportunities for innovation, entrepreneurship, and social impact”.
“The Government and the financial regulators are committed to establishing a facilitating environment to promote the sustainable and responsible development of the VA sector in Hong Kong.” He added that “as of end-February 2023, Invest Hong Kong has received expressions of interest from over 80 virtual asset-related Mainland and foreign companies in establishing their presence in Hong Kong.” Which includes “VA exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets, and payment companies, as well as other projects on building the Web3 ecosystem.”
The Hong Kong Monetary Authority is also working on a regulatory regime for stablecoins intending to implement the relevant regulation in 2024. Also, Hong Kong has “advanced securities rules to allow regulated intermediaries to offer trading of eligible VA Futures ETFs to retail investors” in the region.
In his final remarks, he announces the allocation of $50 million towards speeding the development of the Web3 ecosystem. This development includes “organizing major international events” to ease and enterprise collaboration for development, as well as “arranging a wide array of workshops for young people.”
