According to Foresight News, during the '2024 Hong Kong Web3 Carnival', Qiu Dageng, a member of the Hong Kong Special Administrative Region Legislative Council (Technology Innovation), stated in his keynote speech on 'Releasing Web3 Energy with Technology' that Hong Kong will soon see Bitcoin spot ETF trading. He noted that we are currently in the ETH2 era, which includes competition between Optimistic and zkRollup, and in the future, we will see the impact of Crypto on consumption, finance and investment, traditional economy, and central banks.
Qiu Dageng further stated that more financial personnel are now leading the industry development, and financial institutions and experts are increasingly integrating with the Hong Kong government's regulatory governance to jointly strengthen Crypto. Regarding the progress of virtual assets in Hong Kong, Qiu Dageng said that the new Virtual Asset Trading Platform (VATP) regulatory framework has been implemented, and the Hong Kong Monetary Authority (HKMA) has launched a 'sandbox' for stablecoin issuers.
In the future, Hong Kong will also conduct public consultations on legislative proposals for the regulation of Virtual Asset OTC (VAOTC), and launch a personal regulatory framework for virtual asset custody service providers. In addition, he stated that Hong Kong provides a very good environment with significant advantages in government support, financial system, infrastructure, capital inflow, talent, and tax system. The financial market, technology, and regulation need to move forward in sync to promote the creation of a healthier Web3 ecosystem.
