Hong Kong Unveils Ambitious Web3 Plans With Crypto In Focus

Chen Delin, the Chairman of the Hong Kong Web 3.0 Association, presented a set of groundbreaking policy recommendations on September 8, Hong Kong News Network reported. Acting on behalf of the Hong Kong Web3 association, Chen Delin’s proposal aims to shape the future of the country’s digital landscape.

The Hong Kong Web 3.0 Association, a cross-industry, non-profit organization, was established with the explicit mission to collaborate with the SAR government in developing Hong Kong’s Web3 ecosystem. Their vision extends to positioning Hong Kong as a pivotal hub for Web 3.0 and seizing the fresh opportunities presented by digital finance.

Here we take a quick look at the latest policy proposals.

Building a Trustworthy Blockchain Infrastructure:

The first proposal is to develop an open permissioned blockchain public chain, that is both independently controllable and trusted by the public. Noting that the existing public chain infrastructure grapples with issues such as performance bottlenecks, security risks, and privacy concerns, the association recommends that the government promote building an open permission chain.

Meanwhile, the association is gearing up to establish a technical group to spearhead the development of Hong Kong’s independent and controllable open permission chain.

Enhancing Hong Kong Web 3 Efficacy:

The proposal emphasized nurturing a pool of professionals adept in blockchain, encryption technology, digital finance, smart contracts, AI applications, and more. 

The association recommends government funding for universities and professional institutions to organize specialized training programs, basic technology courses, and awareness campaigns to bolster Hong Kong’s competitiveness in this rapidly evolving field.

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Stablecoin Implementation:

While the SAR government and regulatory authorities have shown support for Hong Kong’s Web3 and digital assets sectors, the association said there’s a need for swifter implementation of a credible stablecoin in the country. 

This move will drive the development of digital finance and enhance Hong Kong’s global prominence in this sphere. The association urges the Hong Kong government to expedite the legislative framework for stablecoin supervision.

Establishing RWA Hub:

Recognizing that digitizing assets is fundamental to establishing itself as an international financial center, Hong Kong must introduce regulations and policies that ensure secure, legal, and compliant blockchain transactions. 

To facilitate this, the Hong Kong Web 3.0 Association proposes the creation of a cross-departmental working group responsible for reviewing existing laws, policies, and measures. This group will make specific recommendations to bolster Hong Kong’s standing as a hub for real-world digital assets (RWA).

Earlier, Hong Kong being a global financial hub has taken many measures to strengthen its crypto position. However, the latest recommendations mark a significant step forward in the country’s journey towards becoming a prominent player in the Web 3.0 and digital finance realms. 

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