Hong Kong to transform economy with Web3

By SIMA Linwei, ZHANG Xilong

For Hong Kong, a Web3, or virtual asset, center is fundamental to the economic and social transformation of the city, according to King Leung, head of fintech at InvestHK.?

In October last year, Hong Kong issued a policy statement on the sustainable development of the virtual asset (VA)?sector and in April, the Hong Kong Web3 Association was founded. On June 1, Hong Kong began crypto-exchange licensing.

In an interview with Jiemian News, Leung said Web 3.0 is becoming the focus of the fintech industry. Web3 is thriving in cryptocurrencies, decentralized exchanges and NFTs, among others.?

Leung said that from the perspective of the Hong Kong government, asset tokenization presents a multi-trillion-dollar business opportunity while blockchain trading platforms can improve liquidity. During the pandemic, Hong Kong suffered great losses in terms of talent and capital. The working population dropped by more than 190,000.?

Leung said the problems can’t be solved simply by granting visas. Web3 policies are currently undergoing with the Legislative Council and it will take about one year to be passed.

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