English
Arabic
Chinese (Simplified)
Indonesian
Russian
- Hong Kong advances Web3 by regulatory frameworks and tokenized bonds.
- Early approval of Bitcoin and Ethereum ETFs boosts Hong Kong’s crypto affect.
- Authorities dedication contains licensing digital asset suppliers and establishing stablecoin rules.
Hong Kong is shortly changing into a significant participant within the Web3 world, in line with Yat Siu, CEO of a number one digital property rights agency.
In a podcast, Siu noticed that Hong Kong is establishing itself on the forefront of Web3 growth, not simply by advancing regulatory frameworks but in addition by enabling the buying and selling of tokens by licensed exchanges. He added that Hong Kong was forward of the curve on spot Bitcoin ETF futures, approving an ETH ETF earlier than the U.S.
Xiao Feng, chairman of the Hong Kong crypto alternate HashKey, shared Siu’s view. Feng highlighted the federal government’s dedication to creating Hong Kong a world digital asset heart. This dedication was evident within the robust attendance on the current Hong Kong Web3 Pageant, which drew 13,000 contributors on its opening day.
Earlier this 12 months, the Hong Kong Financial Authority (HKMA) helped launch an HK$800 million tokenized inexperienced bond. This was the primary government-issued tokenized inexperienced bond worldwide.
Hong Kong’s early approval of spot Bitcoin and Ethereum ETFs reveals its intention to be a frontrunner in digital asset markets. The launch of those ETFs follows comparable strikes within the U.S., with Hong Kong regulators additionally trying into the potential for Ethereum ETF staking.
The town’s advantageous place as a worldwide monetary hub, mixed with curiosity from Chinese language capital within the cryptocurrency sector, strengthens its rising affect on this space. Monetary Secretary Paul Chan Mo-po just lately remarked that regardless of market volatility, now’s the time for Hong Kong to put money into the Web3 financial system.
In June, Hong Kong began accepting purposes to license digital asset service suppliers and is actively exploring stablecoin rules. That very same month, the area additionally unveiled a job drive devoted to fostering Web3 growth, chaired by Chan and made up of specialists from varied sectors.
This strategy aligns with the HKMA’s “Fintech 2025” technique, which goals to undertake fintech comprehensively by 2025. The intention is to advertise truthful and environment friendly monetary providers to learn Hong Kong’s residents and financial system.
Disclaimer: The knowledge offered on this article is for informational and academic functions solely. The article doesn’t represent monetary recommendation or recommendation of any form. Coin Version just isn’t liable for any losses incurred because of the utilization of content material, merchandise, or providers talked about. Readers are suggested to train warning earlier than taking any motion associated to the corporate.