Hong Kong has welcomed more than 220 Web3 companies from 20 countries and territories, focusing on areas such as virtual asset exchange, blockchain infrastructure, network security and payment services, aiming to balance growth with the regulatory framework .
In a recent speech at the opening ceremony of the “2024 Hong Kong Web3 Carnival”, Edmund Huang, Deputy Secretary of the Financial Services and Treasury Bureau, said, Thrown light on Government efforts in amending relevant laws to bring over-the-counter (OTC) trading of virtual assets under formal regulatory oversight. The government also plans to allow intermediary institutions to offer a range of virtual asset services, including futures and exchange-traded fund (ETF) trading. Huang stressed that Hong Kong will continue to cooperate with industry participants to provide deeper insights and advance the development of the Web3 industry.
Leading investor Cathie Wood, founder of ARK Invest, praised Hong Kong’s rapid progress in blockchain technology development, saying that the potential of blockchain goes far beyond the price of virtual assets. Wood also expressed optimism about the application of artificial intelligence (AI) and blockchain in the gaming industry. He reiterated his institution’s prediction that the price of Bitcoin could reach $1.5 million by 2030, citing the recent approval by the US Securities and Exchange Commission of mainstream institutions issuing spot Bitcoin ETFs. Wood praised Hong Kong’s regulatory progress in the cryptocurrency sector, noting that the development of blockchain technology in Hong Kong has overtaken that of the US.
Lu Weiding, Chairman of Wanxiang Group, highlighted the emergence of Hong Kong as one of the international hubs for virtual assets. He praised the city’s progress in the virtual assets industry over the past two years.
The Hong Kong Government’s efforts to attract Web3 companies and promote virtual asset development are in line with its commitment to establish a comprehensive and clear regulatory framework. With the growing presence of Web3 companies in Hong Kong, the city is establishing itself as a major player in the global blockchain and virtual assets landscape.
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