Hong Kong Legislative Council member Johnny Ng has expressed his belief in greater collaboration between Hong Kong and mainland China in Web3 technologies. He suggested that talent exchanges and collaboration with digital currency service providers in Shanghai could enable Web3 interconnectivity between the two regions. Ng also proposed a potential interconnection of licensed virtual asset exchanges in Hong Kong with those in Shanghai.
Ng views Shanghai as a crucial factor in achieving interoperability between China and Hong Kong due to the existing financial relations between the regions. He drew attention to the successful “Stock Connect” program that links Shanghai and Hong Kong stock markets, suggesting that a similar model could be replicated with digital assets.
However, various obstacles stand in the way of realizing this vision. China implemented a blanket ban on digital currencies in 2021, which led to a migration of Web3 talent and service providers out of the country. Despite this ban, non-fungible token (NFT) trading reportedly thrives in mainland China, with the government investing in blockchain technology innovations.
Hong Kong acknowledges the need for additional talent to support its Web3 ambitions. Ng expressed the hope for cooperation with the Greater Bay Area and mainland cities to enhance the flow of talent and attract technical talents from both domestic and overseas locations. The goal is to establish innovative Web3 projects that integrate with the real economy and various scenarios.
Source: Fagen Wasanni Technologies