Hong Kong is grappling the bull by its horns and stepping up its game in the world of cryptocurrency and blockchain technology. A recent statement made public by the Hong Kong Government has emphasized their dedication in establishing their region as a significant global hub, making headlines with the birth of the Web3 Development Task Force. The primary focus is not only about growth but ethical development of Web3.
This task force, a veritable powerhouse in its own right, integrates the brains of 15 industry members and 11 key government officials. One of these government officials includes Hong Kong’s financial secretary, Paul Chan. The team will also consist of 15 non-official participants who are leading experts in the industry. The task force is bidden a two-year term to execute its operation and offer recommendations for the sustainable and responsible development of Web3 in Hong Kong.
Paul Chan, an avid advocate for cryptocurrency and blockchain technology, is of the strong belief that Hong Kong needs to harness the ‘golden opportunity’ that Web3 provides. Hong Kong optimistically ventures into leading and propelling innovative exploration and development of new application models, while scrupulously attracting first-rate companies and adept talents to knit a thriving ecosystem.
This initiative appears to have struck a chord with market trends, resulting in a positive response. Since the release of the state’s policy statement on virtual assets in October 2022, over 80 virtual asset-related companies have shown keen interest in marking their presence in Hong Kong. A notable figure, Johnny Ng, a Hong Kong Legislative Council member, has warmly welcomed virtual asset trading platforms on a global scale to submit applications for an official trading platform and map out their development plans in Hong Kong.
Taking a leaf out of Johnny Ng’s speech, “I hereby offer an invitation to welcome all global virtual asset trading operators to come to HK for application of official trading platforms and further development plans”. This invitation was issued shortly after the United States Securities and Exchange Commission initiated legal proceedings against Coinbase.
In an impressive stride, the Securities and Futures Commission of Hong Kong has started the process of granting licenses to crypto exchanges, while also giving retail investors the green light to trade virtual assets. This move veers away from the previous restrictive rule of only allowing professional investors and traders with assets worth at least $1 million.
A sense of anticipation is already brewing among some of the biggest crypto companies. The US-based stablecoin company, Circle, is keeping a close watch on Hong Kong’s crypto policies. Their CEO, Jeremy Allaire pointed out that, what’s unfolding in Hong Kong may well provide a framework for the growth of these markets in Greater China, given their enormous demand for digital dollars in emerging markets.
Source: Cryptonews
