The Chinese special administrative region of Hong Kong is aiming to become a leading crypto hub, as the region started to promote the development of Web3. At the same time, its securities regulator has begun to actively regulate the crypto space, awarding licenses for retail crypto trading.
On June 30, the Hong Kong government announced that it established a task force that will be in charge of ethically promoting the development of Web3 in the region. The team will include 11 key government officials and 15 industry participants.
The government of Hong Kong has unveiled a task force dedicated to driving the advancement of Web3. According to a June 30 statement, the group comprises a mix of key government officials and industry participants. https://t.co/Yo9gnUquvI
— Cointelegraph (@Cointelegraph) July 2, 2023
In the following months, Hong Kong’s Securities and Futures Commission (SFC) started awarding licenses to exchanges in line with its crypto licensing regime that was established to protect investors from events like the FTX collapse.
With all the new developments happening in the region, Cointelegraph reached out to key players in Hong Kong to learn more about the state of crypto in the region and what the community can expect from Hong Kong in the near future.
More crypto events, stablecoins and tokenization of real-world assets
Animoca Brands co-founder and executive chairman Yat Siu, who was appointed to Hong Kong’s Web3 task force in July, told Cointelegraph in a statement that the community can expect an increase in “events, activities, and companies choosing Hong Kong as their Web3 headquarters.”
According to Siu, the Hong Kong FinTech Week, which is one of Asia’s largest fintech conferences, will feature various Web3 technologies. In addition, Siu also pointed out that it coincides with the first iteration of the ApeFest 2023, which is an exclusive meet-up event for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT holders. Siu explained:
“Speaking from my personal perspective, we anticipate robust support for Web3 initiatives from both the Hong Kong government and the local community, including organizations like ours.”
Meanwhile, Matthew Cheung, the chief strategy officer of the Hong Kong Virtual Asset Exchange (HKVAX), one of the first to receive in-principle approval from the SFC, also shared perspectives on the trends that may surface in the coming months.
Cheung told Cointelegraph in a statement that…