Hong Kong Proposes Four Innovative Policies to Turbocharge the Web3 Era
In Brief
The Hong Kong Web3 Association proposes four innovative policies to drive the growth of the Web3 ecosystem in the region, including the creation of a trusted blockchain, talent development, stablecoin implementation, and regulatory review.
The Hong Kong Web3 Association has put forth four recommendations to foster the growth of the Web3 ecosystem in the region.
The first proposal includes the establishment of a self-controlled and publicly trusted open permissioned blockchain within Hong Kong. The association acknowledges blockchain infrastructure limitations and stresses the importance of involving credible institutions to ensure compliance and build a top-notch Web3 ecosystem.
To achieve this goal, the association is establishing a technical task force dedicated to the exploration of creating Hong Kong’s proprietary open permissioned blockchain. In addition, the Web3-focused group recommends creating a foundation composed of multiple node operators to supervise and manage its operation.
Moreover, the second suggestion is to enhance the professional and technical expertise in Hong Kong’s Web3 landscape. To find talents knowledgeable in blockchain, encryption technologies, digital finance, smart contracts, and AI applications, the organization recommends government funding universities and professional institutions to conduct specialized training, foundational courses, and widespread awareness campaigns. This effort aims to establish a talent pool that positions Hong Kong as a hub for Web3 and digital asset expertise on the global stage.
Thirdly, the association emphasizes the urgency of launching a credible and truly stable stablecoin in Hong Kong to accelerate Web3 development within the city and enhance its international prominence in digital finance. It calls for the government to expedite the implementation of a regulatory framework for stablecoins, providing Hong Kong with a strategic advantage in the Web3 space.
Finally, the association suggests that the government should set up an inter-departmental task force to comprehensively review current laws, policies, and measures on digitizing real-world assets (RWA). This factor is crucial in assessing the international financial center’s competitiveness.
The task force’s role would involve crafting regulations and policies to guarantee secure, lawful, and compliant transactions on the blockchain. This initiative aims to enhance Hong Kong’s competitiveness and solidify its position as a hub for digital asset realization and transaction settlement in the global financial arena.
Fostering Hong Kong’s Web3 Ecosystem and Digital Innovation
Hong Kong’s Financial Secretary, Paul Chan Mo-po, is optimistic about the future of digital technologies in the region. He believes that the growth of Hong Kong’s digital landscape will rely heavily on blockchain technology and the principles of Web3, in contrast to China’s cautious stance on cryptocurrencies.
In March, the Hong Kong government allocated $50 million to support crypto projects to accelerate Web3 ecosystem development and promote cross-sector collaboration among businesses. The initiative has already attracted over 80 crypto-related companies interested in establishing a presence in Hong Kong, including blockchain developers, crypto wallet providers, and global cryptocurrency exchanges.
Read more:
- Meta will work with Hong Kong residents to increase global interest in the Metaverse
- SEBA’s Crypto Services Secure Preliminary Approval from Hong Kong Regulators
- Hong Kong’s Ambitious Web3 Development Task Force
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
