Experts in the blockchain, cryptocurrency, and Web3 sectors believe that Hong Kong is positioning itself as a prime destination for businesses operating in these fields, potentially drawing them away from the United States. Over the past year, Hong Kong has taken several steps to foster the development of Web3 and enable cryptocurrency investment, including the establishment of the Task Force on Promoting Web3 Development. The task force includes advisors such as Yat Siu, co-founder of Web3 investment firm Animoca Brands. Siu praised Hong Kong's evolving attitude towards the industry and its willingness to include numerous Web3 proponents in the task force. The city's efforts to cultivate the Web3 sector have yielded positive results, with over 150 firms attracted to the Cyberport technology hub this year, investing substantial amounts to acquire virtual asset service provider licenses. With its proactive approach, regulatory clarity, and support for innovation, Hong Kong is establishing itself as a leading hub for blockchain, cryptocurrencies, and Web3, potentially luring businesses away from the US.
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