An in-depth interpretation of the establishment of the Web 3.0 Association in Hong Kong: occupying the position of "Global Digital Financial Center"

Original source: Coinposters, Blockworks
Original article by: James Carter and Shalini Nagarajan
Compiled by: Moni, Odaily Planet Daily
On April 11, the Hong Kong Web 3.0 Association was officially established to respond to the call of the country and the Hong Kong SAR government to promote the construction of the new digital world Web 3.0 "third generation network" ecological environment in Hong Kong, while also promoting technological change and industry Upgrade to create industry standards for the industry; provide suggestions for the future development of the industry through professional research and extensive consultation; cooperate with the government to implement relevant policies, including promoting public awareness of Web 3.0 and training professionals, and building Hong Kong into a global The leading Web 3.0 smart city and secure and sustainable digital financial center.
Hong Kong’s global digital asset center layout, the Web 3.0 Association is an important puzzle piece
Frankly speaking, the establishment of the Web 3.0 Association in Hong Kong will be an important piece of the puzzle in building a "global digital financial center." As early as the end of October last year, the Hong Kong government officially issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong" clarifying the Policies and guidelines for the asset industry and ecosystem, which clearly state that Hong Kong, as an international financial center, will maintain an open and inclusive attitude towards innovators from around the world engaged in the virtual asset business, as well as create a convenient environment to promote its sustainable development. Subsequently, the Hong Kong Securities and Futures Commission issued the "Consultation Document on Proposed Regulatory Requirements Applicable to Operators of Virtual Asset Trading Platforms Licensed by the Securities and Futures Commission". It is reported that it is expected to issue "virtual asset trading platforms" in June this year. Exchange" license.
The so-called policy institutionalization, system processization, and process systematization. With a series of favorable policies, the crypto market has begun to show a trend of "rising in the east and falling in the west", and many overseas companies have begun to explore entering the Hong Kong market. According to Hong Kong Secretary for Financial Services and the Treasury, Andy Hui, it has been basically confirmed that 23 encryption companies plan to set up in Hong Kong, and more than 80 cryptocurrency companies are considering establishing a foothold in Hong Kong.
When many encryption companies settle in Hong Kong, they will inevitably need an industry-level organization to coordinate and take the lead. The Hong Kong Web 3.0 Association was born at this time and will undoubtedly become a cornerstone of stabilizing the local Web 3.0 ecological army. As stated in its vision and purpose, the Web 3.0 Association It will build a communication platform between the industry chain and related industries, promote the enrichment of Web 3.0 application scenarios, formulate Web 3.0 technical standards, build a communication bridge between Web 3.0 industry chain members and ecosystems and the government, and promote the improvement of Web 3.0 technology and the implementation of applications.
Compared with Japan, South Korea and Singapore, what are Hong Kong’s advantages?
In fact, Asia has been one of the leading cryptocurrency and Web 3.0 markets.
In February this year, Japanese Prime Minister Fumio Kishida publicly stated that the flexible application of Web3 has various possibilities. For example, DAO can form a new community of people interested in the same social issues, and NFT may also diversify the income of creators. It is also used to maintain and improve fan loyalty. It also said that Web 3.0 will become a powerful tool for "Cool Japan" policy and regional revitalization. In contrast, South Korea and Singapore have adopted stricter policy measures. Singapore currently restricts retail investors’ exposure to digital assets, and South Korea is considering imposing a 20% crypto income tax in 2024.
In the context of "Japan and South Korea at the top and Star Island at the bottom", Hong Kong, which is in the middle position, has unique advantages. There is news that Hong Kong may be more open to retail investment activities. The Hong Kong Securities and Futures Commission has previously sought market opinions on whether licensed platform operators should be allowed to provide services to retail investors. The Hong Kong Stock Exchange has also launched CSOP and Samsung Assets. and other virtual asset ETFs, which means that more investors and mass users will be exposed to Web 3.0 innovations, and Hong Kong will undoubtedly play a vital role in the next growth cycle of the digital economy.
Looking at the entire Asian market, there are still a large number of people who do not have access to convenient financial services or stable investment opportunities. Hong Kong, with its extensive influence and favorable position in the Asian financial market, can undoubtedly use the Web 3.0 narrative to enhance financial inclusion in the region.
"The encryption market has just experienced a collapse, which is the best time to develop Web 3.0"
This week, Hong Kong's 2023 Web3 Carnival was held. Hong Kong Financial Secretary Paul Chan Mo-po said: "The encryption market has just experienced a collapse, and it is the best time to develop Web3. I look forward to the several large-scale forums at the Web3 Carnival, which will contribute to the digital economy and Web3 Development brings more in-depth exchanges and collisions of ideas, allowing for more forward-looking and concrete exploration of future practical paths, helping us to stay true to ourselves, innovate, and move forward prudently in new tracks and new fields.”
There is no doubt that after a long trough, the encryption and Web 3.0 markets have begun to gain momentum. Hong Kong has a large number of financial talents and entrepreneurial resources. Now domestic technology companies can compete with their counterparts in other countries. Listed on the Hong Kong Stock Exchange Tencent, Alibaba, and Baidu can all apply their technologies to cryptocurrency and the Web 3.0 economy. One of the visions of the Hong Kong Web 3.0 Association is to cultivate Hong Kong Web 3.0 talents, promote the introduction of Hong Kong Web 3.0 related talents, and improve Hong Kong Web 3.0 The popularity of technology provides talent support for the prosperity of Hong Kong's Web 3.0 applications. With Hong Kong as the starting point and pilot, we strengthen our own advantages, introduce talents and resources from all parties, enrich application scenarios, improve service experience, radiate the Greater Bay Area, connect the world, and accelerate Web 3.0 development and change processes.
As a new puzzle piece of the "Global Digital Financial Center", the Hong Kong Web 3.0 Association is bound to enhance Hong Kong's service capabilities and export them to the world, and become an important smart city window open to the outside world.
(The above content is excerpted and reprinted with the authorization of partner MarsBit, original text link | Source: Odaily Planet Daily)
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