Hong Kong is leading the way in Web3 and Digital – how the city is pioneering new blockchain technologies, digital assets, and more.
In a recent speech, Hong Kong’s Financial Secretary, Paul Chan, outlined the city’s plans for advancing its digital finance policies. As a part of its 2024-2025 budget, Hong Kong will expedite the creation of a Web3 sandbox for stablecoins and expand the digital yuan pilot. These initiatives will help Hong Kong to stay ahead in the digital finance sector.
Hong Kong is planning to launch a sandbox for Web3 stablecoins and expand its pilot program for the digital yuan.
Hong Kong has announced its plans to lead in the digital finance sector by launching a Web3 stablecoin sandbox and expanding the digital yuan pilot program. Financial Secretary Paul Chan stated that these initiatives will be part of the city’s 2024-2025 budget and will help to accelerate the adoption of digital finance policies in Hong Kong.
The Web3 sandbox for stablecoins aims to provide a safe environment for companies to test and develop their stablecoins, which are cryptocurrencies that are pegged to a stable asset such as fiat currency or gold. The expansion of the digital yuan pilot program will allow more Hong Kong residents to participate in the testing of China’s central bank digital currency. These initiatives underscore Hong Kong’s commitment to staying ahead in the digital finance sector.
Embracing Web3 and Digital
Web3, the third generation of internet services that are decentralized and powered by blockchain technology, is at the forefront of Hong Kong’s digital revolution. The government has established the Task Force on Promoting Web3 Development, which comprises 15 non-official members from relevant market sectors, along with key government officials and financial regulators. The Task Force aims to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.
Digital Asset Infrastructure
Digital asset infrastructure plays a crucial role in shaping the next generation of the internet and supporting the innovation and real economy of Hong Kong. Deloitte, in collaboration with Cyberport and Web3 thought leaders, has published a white paper on how digital asset infrastructure can carry a city to become a Web3 hub.
Virtual Assets Development
The Hong Kong government issued the Policy Statement on Development of Virtual Assets (VAs) in October 2022, setting out the policy stance and approach towards the sector. As VAs are an integral part of a vibrant Web3 ecosystem, the Financial Secretary announced the establishment of the Task Force to spur Web3 ecosystem development.
Conclusion
Hong Kong’s proactive approach towards embracing Web3 and digital development is a testament to its commitment to innovation and technology. As the city continues to lead and drive innovative exploration and development, it is poised to become a thriving ecosystem for Web3.
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