Hong Kong advances Web3 through regulatory frameworks and tokenized bonds.
Early approval of Bitcoin and Ethereum ETFs boosts Hong Kong’s crypto influence.
Government commitment includes licensing virtual asset providers and setting up stablecoin regulations.
Hong Kong is quickly becoming a major player in the Web3 world, according to Yat Siu, CEO of a leading digital property rights firm.
In a podcast, Siu observed that Hong Kong is establishing itself at the forefront of Web3 development, not just by advancing regulatory frameworks but also by enabling the trading of tokens through licensed exchanges. He added that Hong Kong was ahead of the curve on spot Bitcoin ETF futures, approving an ETH ETF before the U.S.
Xiao Feng, chairman of the Hong Kong crypto exchange HashKey, shared Siu’s view. Feng highlighted the government’s dedication to making Hong Kong an international virtual asset center. This commitment was evident in the strong attendance at the recent Hong Kong Web3 Festival, which drew 13,000 participants on its opening day.
Earlier this year, the Hong Kong Monetary Authority (HKMA) helped launch an HK$800 million tokenized green bond. This…
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