Over 220 Web3 Companies Settle in Hong Kong, Boosting Virtual Asset Development

Hong Kong welcomes over 220 Web3 companies from 20 countries and regions, focusing on sectors such as virtual asset exchange, blockchain infrastructure, network security and payment services, with the aim of balancing development with regulatory frameworks.

In a recent speech at the opening ceremony of the “2024 Hong Kong Web3 Carnival,” the Deputy Minister of Financial Services and the Ministry of Finance, Edmond Huang, emphasized government efforts to change relevant laws to bring over-the-counter (OTC) trading of virtual assets under formal regulatory oversight. The government also plans to allow brokerage institutions to offer a range of virtual asset services, including futures trading and exchange-traded funds (ETFs). Huang emphasized that Hong Kong will continue to cooperate with industry participants to provide deeper insights and drive the development of the Web3 industry.

Prominent investor Cathy Wood, founder of ARK Invest, praised Hong Kong’s rapid progress in the development of blockchain technology, saying that the potential of blockchain goes beyond the price of the virtual assets themselves. Wood also expressed optimism about the application of artificial intelligence (AI) and blockchain in the gaming industry. She reiterated her institution’s prediction that the price of bitcoin could reach $1.5 million by 2030, citing the recent approval of major institutions issuing spot bitcoin ETFs by the US Securities and Exchange Commission. Wood praised Hong Kong’s regulatory progress in the cryptocurrency sector, noting that the development of blockchain technology in Hong Kong has outpaced that in the US.

Lu Weiding, chairman of Wanxiang Group, highlighted Hong Kong’s emergence as one of the international hubs for virtual assets. He praised the city’s progress in the virtual asset industry over the past two years.

The Hong Kong government’s efforts to attract Web3 companies and encourage the development of virtual assets are in line with its commitment to creating a comprehensive and clear regulatory framework. With the growing presence of Web3 companies in Hong Kong, the city is positioning itself as a key player in the global blockchain and virtual asset landscape.

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