Hong Kong’s Web 3.0 Vision Unveiled

Chen Delin, President of the Hong Kong Web 8.3 Association, submitted a comprehensive proposal on the Policy Address, outlining four pivotal suggestions aimed at bolstering Hong Kong’s position as a burgeoning hub for Web 3.0 and digital finance.

Pioneering Digital Finance

The Hong Kong Web 3.0 Association, a cross-industry, non-profit organization, was established with the mission of collaborating with the Hong Kong Special Administrative Region (HKSAR) Government. Their goal is to champion the growth of Hong Kong’s Web 3.0 ecosystem and leverage the opportunities arising from digital finance.

The first proposal advocates for the creation of an independent and controllable public blockchain, addressing the current technological and structural limitations faced by existing public chains. The Association urges the government to lead the establishment of an open licensed chain, involving multiple credible institutions. This approach aims to ensure both compliance and the construction of a high-quality Web 3.0 ecosystem. The second recommendation focuses on enhancing Hong Kong’s professional and technical expertise in Web 3.0. By subsidizing universities and professional bodies to provide specialized training and educational programs, the goal is to nurture a skilled workforce capable of driving progress in areas like blockchain, cryptography, digital finance, smart contracts, and AI applications.


Stablecoin Acceleration

The third proposal emphasizes the need for expeditious implementation of a credible stablecoin for Hong Kong. Despite regulatory support for Web 3.0 and digital assets, there’s an urgency to develop a stable and reliable stablecoin to bolster Hong Kong’s digital finance leadership. Prompt regulatory and legislative framework adoption is seen as essential to gain a competitive edge on the global stage.

Read More: IRS Proposes Guidelines For Crypto Brokers

Lastly, the Association suggests the establishment of an inter-departmental working group tasked with reviewing current laws, policies, and measures. This group would provide concrete recommendations to foster Hong Kong’s development as a hub for real-world digital assets (RWA). Digitizing assets is viewed as a pivotal factor in determining an international financial center’s competitiveness. Regulatory and policy measures are deemed necessary to ensure secure, legal, and compliant transactions on the blockchain, further solidifying Hong Kong’s standing in international finance.