Hong Kong Plans to Expand Web3 Efforts to Mainland China for Business Growth.
Johnny Ng, a member of Hong Kong’s Legislative Council, envisions stronger collaboration between Hong Kong and mainland China in Web3 technologies.
He suggests that talent exchanges and partnerships with digital currency service providers in Shanghai could lead to Web3 interconnectivity between the two regions. Ng also believes that Shanghai, with its financial ties to Hong Kong, could hold the key to making this collaboration successful.
Despite China’s ban on digital currencies, Ng hopes for discussions and innovative solutions. Non-fungible tokens (NFTs) trading has thrived in mainland China, even amid the ban, showing the potential for blockchain innovation.
Hong Kong aims to enhance its Web3 efforts by attracting talent and collaborating with other cities in the region. Chinese banks have shown interest in offering banking services to digital asset service providers in Hong Kong.
A lot of things happening quickly in Hong Kong
After introducing a new licensing system in Hong Kong, OSL and HashKey have become the first to receive licenses to provide digital asset services to regular customers.
As more companies seek licenses, recent data reveals that these firms are spending around $25 million to meet Hong Kong’s requirements. Exchanges are hiring experienced executives and investing in high-priced office spaces and advertising to strengthen their positions.
The city anticipates that over 80 global Web3 companies will establish operations in the near future, encouraging local financial institutions to offer comprehensive banking services to these companies. Watch CoinGeek Conversations with Somi Arian: Could BSV be the Microsoft of Web3?
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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