Hong Kong’s Web3 industry has made great strides towards becoming a global cryptocurrency hub with the establishment of two associations. The Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbor were announced at the Radical Finance Asia event on Monday.
The two associations announced mark a joint effort to promote the growth and development of the virtual asset industry and decentralized internet in Hong Kong. The move comes after China’s recent release of the Web3 white paper, furthering Hong Kong’s ambitions to establish itself as a thriving center for digital assets.
Establishment of HKLVAA and Web3 Harbor
The newly formed associations, HKLVAA and Web3 Harbor, are now accepting membership applications and are preparing to launch a series of community, research and educational programs scheduled to begin in July, according to a statement.
Web3 Harbor’s founding committee includes industry leaders such as Animoca Brands, DLA Piper, WHub, and acclaimed professional services firm PwC Hong Kong as a knowledge partner.
Meanwhile, the founding members of HKLVAA include HashKey Digital Asset Group Limited, Venture Smart Asia Limited, Victory Securities and others licensed by the Securities and Futures Commission (SFC) to engage in virtual asset activities within Hong Kong. Includes company representatives. Company Limited, Axion Global Asset Management Limited, MaiCapital Limited.
Hong Kong’s new crypto industry regulations are set to come into force from June 1, laying the groundwork for Hong Kong to consolidate its position as a global digital asset hub.
Hong Kong aims to provide a favorable environment for digital asset firms as its Asian neighbors tighten regulations and take tougher measures.
Promoting collaboration and regulatory transparency
Lawrence Chu, co-founder and chairman of Venture Smart Financial Holdings, emphasized that HKLVAA represents the interests of Hong Kong’s licensed virtual assets entities and acts as a unified voice for the industry. bottom.
While each association caters to different member bases and takes a unique approach, the joint effort to accelerate the adoption and development of Web3 technology in Hong Kong prioritizes knowledge sharing and regulatory clarity.
HKLVAA and the founding committee of Web3 Harbor envision a collaborative ecosystem that supports innovation, empowers industry players and positions Hong Kong at the forefront of the Web3 revolution.
Notably, this move by Hong Kong’s Web3 industry comes just days after China released its Web3 whitepaper. The whitepaper focuses on key research areas within the Web3 industry, including artificial intelligence (AI), XR interactive terminals and content creation tools that could help achieve Hong Kong’s cryptocurrency hub ambitions.
It is worth noting that The committee’s main focus in this paper is to position Beijing as a prominent global innovation hub for the digital economy. With this goal in mind, the government has outlined its intention to allocate at least 100 million yuan ($14 million) annually until 2025, with the aim of providing substantial support for this vision.
Meanwhile, the global Web3 industry continues to improve regardless of regulatory scrutiny, and the global cryptocurrency market is also growing to maintain its position. In the last 24 hours, the cryptocurrency market has fallen by just 0.2%, with market capitalization he surpassing $1.2 trillion.
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