On September 24, BlockBeats reported that Hong Kong is taking significant steps to foster the development of virtual assets and enhance its Web3 ecosystem. A spokesperson for the Hong Kong government emphasized the commitment to creating stable and favorable conditions for this emerging sector.

Key Highlights:

• Global Ranking: According to the 36th “Global Financial Center Index” released by the UK Z/Yen Group and the China (Shenzhen) Development Research Institute, Hong Kong ranks third globally, marking an improvement from its previous position, and maintains its status as the top in the Asia-Pacific region.

• Regulatory Framework: The government plans to establish a licensing system for:

• Issuers of fiat stablecoins

• Virtual asset over-the-counter service providers

This initiative aims to enhance the regulatory environment, ensuring sustainable growth within Hong Kong’s Web3 ecosystem and solidifying the region’s position as a leader in the virtual asset space.

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