Wu Jiezhuang, a member of the Legislative Council of Hong Kong, said in an interview with ChainCatcher that in response to the problem of “difficulty in opening an account”, the Hong Kong Monetary Authority and the Securities and Futures Commission convened 20 banks and about 20 virtual asset participants for a meeting to discuss the issue. The meeting made one message clear: Hong Kong is consistent with banks and all businesses, and will not set higher thresholds for virtual asset platforms alone.
In addition, according to Wu Jiezhuang’s estimation, Hong Kong’s Web3 industry is short of at least 50,000 to 100,000 people. After all, it hopes to incubate 1,000 companies in the next three years. Based on the scale of each company recruiting dozens of people, there is a shortage of tens of thousands of people. He also pointed out that Hong Kong’s policies are relatively open, and it is still very free to develop Web3 in Hong Kong. If there are plans to make games and issue tokens, there will be no problem in Hong Kong. The key is whether the issuance of tokens involves securities or futures components, which will be regulated.
Hong Kong regulatory licenses are mainly divided into two categories. The first is for exchanges. Transactions that provide automatic matching in Hong Kong have been operating in compliance since June 1 and require a license. The other is for virtual asset management, which also requires a license. In addition to these two areas, Hong Kong has not stated that it will clearly regulate other Web3 businesses. (Chain Catcher)