Hong Kong's Ambitions in the Crypto Space: Executives Weigh in on Web3 and Regulation
Hong Kong has set its sights on becoming a major crypto hub as the region actively promotes the development of Web3.
The Securities and Futures Commission (SFC), the country's main financial regulator, is ostensibly accompanying this ambition with plans to regulate the crypto space by granting licenses for retail crypto exchanges.
As of late, Hong Kong has also taken certain measures that further strengthens its position as a major player in the Web3 space.
On June 30, the Hong Kong government announced the establishment of a task force dedicated to ethically promoting the development of Web3 in the region.
Comprising of 11 government officials and 15 industry participants, the team aims to foster growth and innovation in the crypto sector.
Furthermore, the SFC has been awarding licenses to exchanges in accordance with its new crypto licensing regime.
Under the new rulebook, the city-state will also allow retail investors in the city to trade specific “large-cap tokens” on licensed exchanges, given that safeguards such as knowledge tests, risk profiles, and reasonable exposure limits are put in place.
In a recent interview, Animoca Brands co-founder and executive chairman Yat Siu said he expects an increase in “events, activities, and companies choosing Hong Kong as their Web3 headquarters.”
“Speaking from my personal perspective, we anticipate robust support for Web3 initiatives from both the Hong Kong government and the local community, including organizations like ours.”
Siu believes that the recent approvals demonstrate the government's commitment, stating that Hong Kong is creating a favorable environment to Web3 projects.
Likewise, Matthew Cheung, the chief strategy officer of the Hong Kong Virtual Asset Exchange, one
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