As per government scrutiny conducted by the Research Office at Hong Kong’s Legislative Council, they have urged the city to learn from Japan and Singapore to embrace and develop Web3 technologies and crypto.
In the beginning, Hong Kong was planning to understand the process utilized by the experienced movers in the Web3 space. It would help the state work on loopholes. Hong Kong could then detect the pointers where they are lagging behind East Asian and Gulf counterparts, in terms of Web3 development.
Japan, Singapore, and South Korea indulge themselves in one specialty i.e. Web3, blockchain, and metaverse strategy respectively.
Some rules and regulations need modification and more legal clarity. The study emphasizes making provisions proposing to create an environment for Web 3 technologies, addressing issues like decentralized autonomous organizations (DAOs), intellectual property rights, and non-fungible tokens (NFTs).
More emphasis is given to understanding metaverse-related subjects, its development and solutions proposed to Hong Kong’s Legislative Council and uses in various industries.
Web 3 Development
The government in its 2023-24 budget stressed the importance of Hong Kong to “seize the golden opportunity of Web 3.0” The budget to develop the Web3 sector is HK $500 million.
The Government and Financial Secretary are focusing on Web3 development, wherein they are looking for ways to build their ecosystem.
Additionally, the Hong Kong Securities and Futures Commission’s submission of license applications for crypto exchanges further indicates the city’s push towards embracing Web3 and blockchain technologies.
Notable Web3 developments in Hong Kong
Hong Kong has seen acclaimed developments in the Web3 and crypto space, including the launch of Samsung’s Bitcoin Futures Active exchange-traded fund (ETF) on the Hong Kong Stock Exchange earlier this year.
However, when everything goes in the right way, Bobby Lee (a pioneer of the Bitcoin Industry in China) interrupts and warns that the city’s crypto dream is unsustainable.
“The fantasy for exchanges is thinking that if officials let us get a license, then maybe they’ll start a sort of crypto-connect trading link with mainland China,” Lee said in an interview last month.
He added that he is not blaming the Hong Kong government and that, in the grander scheme of things, “Hong Kong itself is a drop in the bucket.”
- Published By Team Hongkong Journalist