During the opening ceremony of the Web3 Carnival in Hong Kong, Huang Weilun, who serves as the Deputy Secretary of Financial Services and the Treasury of the Hong Kong Special Administrative Region, expressed his belief that Web3 is a revolutionary technology, according to a local report on April 6.
He also emphasized Hong Kong’s commitment to developing in a stable, sustainable, and responsible manner. He stated: “Hong Kong mainly focuses on two areas in the development of Web3: first, supporting Hong Kong’s virtual asset trading platforms, and second, supporting Web3 developers. The Hong Kong government is amending a law to include OTC trading of virtual assets under legal supervision, and the proposed law is being formulated.”
Hong Kong’s plan for Web3 adoption
Huang mentioned that intermediaries will be permitted to facilitate eligible virtual assets, futures and ETF transactions in Hong Kong. Additionally, he revealed that there are plans to collaborate with more industry participants to bring more opportunities to Hong Kong and promote the development of Hong Kong’s Web3 industry.
Hong Kong officials have plans to speed up the adoption of cryptocurrency and Web3. In February last year, the government put $6.4 million from Hong Kong’s annual budget aside for investment in Web3 technologies.
Bitget, a crypto exchange, created a $100 million fund to concentrate on the adoption of Web3 technologies in Asian countries last year. This is because regulations in the United States have compelled many companies to seek business opportunities overseas. Additionally, Hong Kong’s recent licensing modifications for crypto exchanges are believed to be a promising sign for growth in Asia.
Meanwhile, Cryptopolitan reported earlier that Hong Kong’s ZA Bank announced that it will provide specialized banking services to stablecoin issuers. The move is expected to accelerate the adoption of the local Web3 technology. According to the announcement made on April 5, issuers will be able to use fiat reserves as security for digital assets. Furthermore, stablecoin issuers will have access to various banking services such as different deposit options, payroll administration, and fund transfers.
