Hong Kong Fosters Web3 and Regulates Stablecoins: Crypto Industry Milestone

hong kong web3

With the recent removal of crypto trading restrictions for individual investors in Hong Kong on June 1st, the investment community eagerly awaits further updates and future plans. Hong Kong’s Financial Services and Treasury Secretary, Xu Zhengyu, delivered significant statements on June 5th regarding the latest advancements and measures taken in the fintech and other innovative financial services sectors. Of particular interest is Zhengyu’s emphasis on stablecoins, which emerged as the primary focal point in his remarks, shaping the conversation around upcoming developments in Hong Kong’s crypto landscape.

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Establishment of Task Force to Regulate Web3 and Stablecoins

In a notable announcement reported by Gwei Research (formerly known as 8BTCnews), Secretary Xu Zhengyu revealed Hong Kong’s commitment to the cryptocurrency realm. Zhengyu disclosed the formation of a task force, overseen by Financial Secretary Paul Chan, aimed at offering recommendations for fostering sustainable and responsible growth within the Web3 industry. This statement signifies Hong Kong’s profound emphasis on Web3 and fuels expectations for significant advancements in this domain. It signals a promising trajectory for exponential breakthroughs in the future.

Web3 Article Authored by Financial Secretary Chan

In April, Financial Secretary Chan of Hong Kong published an article outlining the adoption of a strategy to foster the appropriate regulation and advancement of Web3, emphasizing crucial aspects. Chan emphasized that the current moment presents an opportune time to drive forward Web3, highlighting Hong Kong’s pursuit of novel avenues for economic growth and the desire to seize new opportunities. Furthermore, the Financial Secretary noted that the global landscape is engaged in a race for Web3 innovation while maintaining manageable risks.

Within the article, Chan put forth three proposals aimed at fostering Hong Kong’s development, emphasizing their significant growth potential within the realm of Web3. These suggestions received positive feedback from the community, highlighting a shared recognition of the opportunities presented by applying these proposals to the Web3 landscape.

Also Read This Related: Hong Kong Web3 Industry Forms New Associations to Drive Crypto Hub Ambitions

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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