Over 220 Web3 Companies Settle in Hong Kong, Boosting Virtual Asset Development

Hong Kong has welcomed over 220 Web3 companies from 20 countries and regions, focusing on sectors like virtual asset exchanges, blockchain infrastructure, network security, and payment services, aiming to balance development with regulatory frameworks.

In a recent speech at the opening ceremony of the “2024 Hong Kong Web3 Carnival,” Deputy Secretary of the Financial Services and the Treasury Bureau, Edmond Huang, highlighted the government’s efforts in modifying relevant laws to bring over-the-counter (OTC) trading of virtual assets under formal regulatory oversight. The government also plans to allow intermediary institutions to offer a range of virtual asset services, including futures and exchange-traded funds (ETF) trading. Huang emphasized that Hong Kong will continue to collaborate with industry participants to provide deeper insights and drive the development of the Web3 industry.

Prominent investor Cathie Wood, founder of ARK Invest, praised Hong Kong’s rapid progress in blockchain technology development, stating that the potential of blockchain goes beyond the price of virtual assets themselves. Wood also expressed optimism about the application of artificial intelligence (AI) and blockchain in the gaming industry. She reiterated her institution’s prediction that the price of Bitcoin could reach $1.5 million by 2030, citing the recent approval of mainstream institutions issuing spot Bitcoin ETFs by the US Securities and Exchange Commission. Wood praised Hong Kong’s regulatory advancements in the cryptocurrency sector, noting that the development of blockchain technology in Hong Kong has outpaced that of the US.

Lu Weiding, Chairman of Wanxiang Group, highlighted Hong Kong’s emergence as one of the international centers for virtual assets. He praised the city’s progress in the virtual asset industry over the past two years.

The Hong Kong government’s efforts to attract Web3 companies and promote virtual asset development align with its commitment to establishing a comprehensive and clear regulatory framework. With the increasing presence of Web3 companies in Hong Kong, the city is positioning itself as a key player in the global blockchain and virtual asset landscape.

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