{"id":22011,"date":"2023-07-03T07:09:11","date_gmt":"2023-07-03T07:09:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/hong-kong-sets-its-sights-on-innovation-with-web3-megatrend\/"},"modified":"2023-07-03T07:09:11","modified_gmt":"2023-07-03T07:09:11","slug":"hong-kong-sets-its-sights-on-innovation-with-web3-megatrend","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/hong-kong-sets-its-sights-on-innovation-with-web3-megatrend\/","title":{"rendered":"Hong Kong Sets its Sights on Innovation with Web3 Megatrend"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Hong Kong, a successful global financial hub, is aiming to rule the interesting industry of Web3 development<\/strong><\/a>. To promote ethical growth in the region, the government has formed a task team composed of 15 business executives and 11 prominent government officials.<\/p>\n

Hong Kong\u2019s financial secretary, Paul Chan, made the announcement that this work group will be formed as part of the 2023\u201324 budget. Making sure that Web3 technology evolves sustainably and responsibly is the fundamental goal of this program. In a statement, Paul Chan stated his objectives for Hong Kong:<\/p>\n

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\u201cThe Financial Secretary has announced in the 2023-24 Budget the establishment of the Task Force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.\u201d<\/em><\/p>\n

It is believed that the CEOs and industry professionals who make up the task group may provide essential advice for transforming Hong Kong into a successful Web3 hub.<\/p>\n

A Favorable Response to Virtual Assets Development<\/strong><\/h3>\n

The Hong Kong government\u2019s policy statement on the growth of virtual assets, which was published in October 2022, has received a positive response from the market. As a result, over 80 companies connected to virtual assets have expressed a significant desire in opening up shop in Hong Kong, according to Cointelegraph\u2019s March 2023 report.<\/p>\n

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This resoundingly positive reaction enhances Hong Kong\u2019s reputation as a prime destination for bitcoin enterprises. On June 10, Johnny Ng, a member of the Hong Kong Legislative Council, issued an invitation on Twitter to \u201call global virtual asset trading platforms\u201d to establish offices there and apply for a license as virtual asset service providers.<\/p>\n

Coinbase\u2019s inclusion demonstrates Hong Kong\u2019s ambition to attract major companies to the industry. Coinbase is a well-known exchange that was the subject of legal action from the Securities and Exchange Commission of the United States.<\/p>\n

The Road to Inclusive Retail Investment<\/strong><\/p>\n

In an effort to be more inclusive, the Hong Kong Securities and Futures Commission (SFC) announced on May 23 that it will let regulated platforms to serve regular investors. If they adhere to the SFC\u2019s proposed regulations, operators of virtual asset trading platforms are encouraged to submit licence applications, reflecting the Hong Kong government\u2019s commitment to a well-regulated yet vibrant virtual assets ecosystem.<\/p>\n

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With an eye on the future, Hong Kong has adopted a proactive approach in embracing the Web3 revolution, establishing the city as a global leader in financial technology and innovation. The task force\u2019s collaboration with subject matter experts and business titans paves the way for a hopeful Web3 era in this thriving metropolis.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) Hong Kong, a successful global financial hub, is aiming to rule the interesting industry of Web3 development. To promote ethical growth in the region, the government has formed a task team composed of 15 business executives and 11 prominent government officials. Hong Kong\u2019s financial secretary, Paul […]<\/p>\n","protected":false},"author":34,"featured_media":22012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22011"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22011"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22011\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22012"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}