Hong Kong has welcomed more than 220 Web3 companies from 20 countries and regions, focusing on sectors such as virtual asset exchanges, blockchain infrastructure, network security and payment services, aiming to balance development with regulatory framework.
In his recent speech at the opening ceremony of the ‘2024 Hong Kong Web3 Carnival’, Edmond Huang, Deputy Minister of Financial Services and Secretary of the Treasury, highlighted the government’s efforts to amend relevant laws to introduce over-the-counter (OTC) trading. Trade virtual assets under formal regulatory supervision. The government also plans to allow intermediary institutions to provide various virtual asset services, such as futures and exchange traded fund (ETF) trading. Huang emphasized that Hong Kong will continue to work with industry participants to provide deeper insights and drive the development of the Web3 industry.
Prominent investor Cathie Wood, founder of ARK Invest, praised Hong Kong’s rapid progress in blockchain technology development, saying the potential of blockchain goes beyond the price of the virtual asset itself. Wood also expressed optimism about the application of artificial intelligence (AI) and blockchain to the gaming industry, she said. She cited the U.S. Securities and Exchange Commission’s recent approval of mainstream institutions issuing spot Bitcoin ETFs, reiterating the agency’s prediction that the price of Bitcoin could reach $1.5 million by 2030. Wood praised Hong Kong’s regulatory advancements in the cryptocurrency sector, and she noted that Hong Kong’s blockchain technology advancements have outpaced those of the United States.
Lu Weiding, Chairman of Wanxiang Group, emphasized that Hong Kong is emerging as one of the international centers for virtual assets. He praised the city’s progress in the virtual asset industry over the past two years.
The Hong Kong government’s efforts to attract Web3 companies and promote virtual asset development are consistent with its efforts to establish a comprehensive and clear regulatory framework. The growing presence of Web3 companies in Hong Kong is positioning the city as a key player in the global blockchain and virtual asset landscape.
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