Hong Kong Kickstarts Web3 Hub Aspirations

Hong Kong Kickstarts Web3 Hub Aspirations

Hong Kong's Web3 industry leaders have formed two new associations, the Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, aiming to establish the city as a leading hub for the Web3 ecosystem.

The Deets

  • The two new associations were announced at the Radical Finance Asia event.
  • Both HKLVAA and Web3 Harbour have opened membership applications.
  • They plan to commence community activities, research projects, and educational programs in July.
  • The founding board of Web3 Harbour includes industry leaders from Animoca Brands, DLA Piper, WHub, and PwC Hong Kong.

The Bulk

Key players within Hong Kong’s Web3 industry announced the establishment of the Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour. Their shared objective is to foster growth and innovation in the virtual asset and decentralized internet sectors. By collaborating and promoting best practices, they seek to fortify Hong Kong’s stature as a prominent hub in the global Web3 ecosystem.

The founding board of Web3 Harbour includes leaders from top organizations like Animoca Brands, DLA Piper, and WHub, with PwC Hong Kong joining as a knowledge partner. Meanwhile, the HKLVAA comprises founding members representing SFC-licensed firms engaged in approved virtual asset activities in Hong Kong. This blend of knowledge and experience across both associations is expected to fuel the development and growth of the virtual asset industry in Hong Kong.

Starting on June 1, Hong Kong is set to enforce new regulations for the cryptocurrency sector, demonstrating its commitment to fostering a secure and regulated environment for cryptocurrency activities.

❗Why It Matters

The creation of these associations signifies a substantial stride in Hong Kong's efforts to establish itself as a global leader in the Web3 domain. With the new regulations and these organizations, Hong Kong is proactively setting the stage for a regulated and secure environment for the growing digital assets sector.

Hong Kong is one of the world's leading international financial centers. It's home to thriving tech start-ups and is now ambitiously working towards becoming a significant hub in the Web3 ecosystem.

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