According to Foresight News, Hong Kong Legislative Council member Qiu Dageng delivered a keynote speech on the sustainable development of Web3 in Hong Kong at the 2023 Shanghai Blockchain International Week, hosted by Wanxiang Blockchain Lab. Qiu Dageng elaborated on the 'Three Arrows, Three Circles' economic and technological development policy proposal previously submitted to the Hong Kong Chief Executive. The 'Three Arrows' refers to promoting government investment in the technology sector.
In the 'Three Circles', the first circle is the government promoting land tokenization and issuing asset-backed tokens (ABT) to support the development of Xintian Science and Technology City. The second circle is to accelerate the introduction of retail-level digital Hong Kong dollars, implementing a two-tier system where the Hong Kong Monetary Authority issues digital Hong Kong dollars to banks, which then distribute them to users. This will explore cross-border payments through retail digital Hong Kong dollars and interconnect with other banks' digital currencies. The third circle is to promote the development of Hong Kong dollar stablecoins, support private institutions in issuing compliant Hong Kong dollar stablecoins, and launch a 'Hong Kong Dollar Stablecoin' sandbox.
Furthermore, Qiu Dageng stated that Hong Kong has focused on three aspects in the development of Web3 over the past year: capital markets, technology research and development, and talent aggregation. The next steps for Hong Kong are to update legislation, industry regulation, investor protection, and corporate governance. Qiu Dageng also mentioned that the virtual asset exchanges currently listed in Hong Kong include Southern Dongying Bitcoin Futures ETF, Southern Dongying Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF. The next step in Hong Kong's planning is to realize the application scenarios of blockchain, including private Hong Kong dollar stablecoins, RWA, and government digital Hong Kong dollars.
