Hong Kong’s shifting attitude towards blockchain technology, cryptocurrencies, and Web3 has caught the attention of industry experts who believe it could attract businesses away from the United States. The city has taken several steps in the past year to promote the development of the Web3 space and enable retail investment in cryptocurrencies. One such initiative is the establishment of the Task Force on Promoting Web3 Development, which includes 15 industry experts, including Yat Siu, a co-founder of Web3 investment firm Animoca Brands.
Siu highlighted Hong Kong’s changing stance towards crypto and Web3, positioning the city as an attractive jurisdiction for startups and established firms. In contrast to the United States, which has faced regulatory challenges and a lack of clarity, Hong Kong has shown consistency in its rules and regulations related to cryptocurrencies and blockchain. Siu noted that Hong Kong seized the opportunity to lead in driving Web3 development while the US potentially hindered its own prospects to be a preferred destination for Web3 companies.
Hong Kong has recently overturned restrictive policies on retail investment in cryptocurrencies and has demonstrated agility in adapting to the industry. The Web3 task force in Hong Kong aims to foster the sector’s growth and will engage with various crypto, blockchain, and Web3 working groups in the city through regular meetings. Members of the task force have a two-year agreement with the Hong Kong government and will advise on driving industry growth, talent development, and exploring blockchain solutions in education institutions.
The city’s efforts to promote the Web3 sector have attracted over 150 Web3 firms to Cyberport, while companies are reportedly investing millions of dollars to acquire virtual asset service provider licenses to operate in Hong Kong.
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