According to Odaily, Hong Kong's Securities and Futures Commission (SFC) has set a transition period for virtual asset licensing. Platforms that have not applied for a license must cease operations by May 31, 2024. This has led to many platforms choosing to withdraw from the Web 3.0 market, indicating a cooling interest.
Chen Bocheng, Dean of the Asian Digital Economy Institute in Singapore, pointed out that Hong Kong's support for the development of the digital economy does not mean complete tolerance for parts of cryptocurrency that conflict with current regulatory policies. Nor will it indiscriminately accept Web 3.0 projects that use Hong Kong as a haven to evade regulations in other countries and regions.
Safety is a must, and development is necessary. This was the key point of the speech by the Financial Secretary of Hong Kong at the Web 3.0 Technology Week at the end of last year. After experiencing cases of virtual currency investment fraud, this also shows the Hong Kong government's attitude towards a healthy market and embracing the future.