This article comes fromcoinposters & blockworks, by James Carter & SHALINI NAGARAJAN
Odaily Translator |
On April 11, the Hong Kong Web 3.0 Association was formally established, aiming to respond to the call of the country and the Hong Kong Special Administrative Region Government to promote the construction of the Hong Kong Digital New World Web 3.0 "Third Generation Internet" ecological environment, and at the same time promote technological change and industrial upgrading , to create industry standards for the industry; through professional research and extensive consultation, to provide suggestions for the future development of the industry; to cooperate with the government to implement relevant policies, including promoting social awareness of Web 3.0 and professional training, and building Hong Kong into a global leader Web 3.0 smart cities and safe and sustainable digital financial centers.
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The layout of Hong Kong's global digital asset center, the Web 3.0 Association is an important puzzle
Frankly speaking, the establishment of the Web 3.0 Association in Hong Kong will be an important piece of the puzzle to build a "global digital financial center". Policies and guidelines for the asset industry and ecosystem, which clearly state that Hong Kong, as an international financial center, will maintain an open and compatible attitude towards global innovators engaged in virtual asset business, and create a convenient environment to promote its sustainable development. Subsequently, the Hong Kong Securities Regulatory Commission issued the "Consultation Document on the Proposed Regulatory Regulations Applicable to the Operators of Virtual Asset Trading Platforms Licensed by the Securities and Futures Commission", and it was reported that it is expected to issue "virtual asset trading platform operators" in June this year. Exchange" license.
When many encryption companies enter Xiangjiang, it is bound to require an industry-level organization to take the lead. The Hong Kong Web 3.0 Association was born at this time, and it will undoubtedly become a cornerstone for stabilizing the local Web 3.0 ecological army. As stated in its vision and purpose, the Web 3.0 Association It will build a communication platform between the industry chain and various related industries, promote the enrichment of Web 3.0 application scenarios, formulate Web 3.0 technical standards, build a bridge between members of the Web 3.0 industry chain and the ecological circle and the government, and promote the improvement of Web 3.0 technology and application.
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Compared with Japan, South Korea and Singapore, what are the advantages of Hong Kong?
In fact, Asia has been one of the leading cryptocurrency and Web 3.0 markets.
In February of this year, Japanese Prime Minister Fumio Kishida publicly stated that there are various possibilities for the flexible use of Web3. For example, DAO can form a new community of people interested in the same social issues, and NFT may also diversify the income of creators. And used to maintain and improve fan loyalty, also said that Web 3.0 will become a powerful tool for "Cool Japan (Cool Japan)" policy and regional revitalization. In contrast, South Korea and Singapore have adopted stricter policy measures. Singapore currently restricts retail investors from accessing digital assets, and South Korea is considering imposing a 20% encryption income tax in 2024.
Looking at the entire Asian market, there are still a large number of people who do not have access to convenient financial services or stable investment opportunities. Hong Kong's extensive influence and favorable position in the Asian financial market will undoubtedly use the Web 3.0 narrative to enhance financial inclusion in the region.
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"The encryption market has just experienced a collapse, and it is the best time to develop Web 3.0"
This week, the 2023 Web3 Carnival was held in Hong Kong. Hong Kong Financial Secretary Chen Maobo said: "The encryption market has just experienced a collapse, and it is the best time to develop Web3. I look forward to several large-scale forums at the Web3 Carnival, which will provide a better foundation for the digital economy and Web3." Development has brought more in-depth exchanges and thought collisions, and made more forward-looking and more specific explorations for future practice paths, helping us to keep upright and innovative in new tracks and new fields, and move forward steadily."
Undoubtedly, after a long trough, the encryption and Web 3.0 markets have begun to exert force. Hong Kong has a large-scale financial talent and entrepreneurial resources. Now domestic technology companies can compete with their counterparts in other countries. Hong Kong Stock Exchange Tencent, Ali, and Baidu can all apply their technologies to cryptocurrency and the Web 3.0 economy, and one of the visions of the Hong Kong Web 3.0 Association is to cultivate Hong Kong Web 3.0 talents, promote the introduction of Hong Kong Web 3.0-related talents, and improve Hong Kong Web 3.0 The popularity of technology provides talent support for the prosperity of Web 3.0 applications in Hong Kong. Taking Hong Kong as the starting point and pilot, strengthen its own advantages, introduce talents and resources from all sides, enrich application scenarios, improve service experience, radiate the Greater Bay Area, connect the world, and accelerate Web 3.0 evolution and change process.
