Animoca Brands co-founder Yat Siu anticipates that there will be an increase in Web3 events activities and companies choosing Hong Kong as their Web3 headquarters.
The Chinese special administrative region of Hong Kong is aiming to become a leading crypto hub, as the region started to promote the development of Web3. At the same time, its securities regulator has begun to actively regulate the crypto space, awarding licenses for retail crypto trading.
On June 30, the Hong Kong government announced that it established a task force that will be in charge of ethically promoting the development of Web3 in the region. The team will include 11 key government officials and 15 industry participants.
Animoca Brands co-founder and executive chairman Yat Siu, who was appointed to Hong Kong’s Web3 task force in July, told Cointelegraph in a statement that the community can expect an increase in “events, activities, and companies choosing Hong Kong as their Web3 headquarters.”
Meanwhile, Matthew Cheung, the chief strategy officer of the Hong Kong Virtual Asset Exchange, one of the first to receive in-principle approval from the SFC, also shared perspectives on the trends that may surface in the coming months.
Cheung told Cointelegraph in a statement that stablecoins and the tokenization of real-world assets have the most attention in Hong Kong. The executive anticipates that there will be a regulatory focus in such areas. “The city is poised to foster innovation, drive blockchain and crypto technology applications, and provide increased support for the digital economy,” he added.