Hong Kong Web3 Policies Are Relatively Open And Free For Development

Key Points:

• Hong Kong’s regulatory policies on virtual assets are relatively clear, and Hong Kong is relatively free to develop Web3.
• The Hong Kong Securities and Futures Commission began accepting virtual asset trading platform operators to apply for licenses and allow retail investors to use licensed virtual asset trading platforms.

Hong Kong is opening up to virtual assets with new policies and regulations. A recent interview with Wu Jiezhuang, a Hong Kong Legislative Council member and co-founder of startup accelerator G-Rocket, sheds light on the government’s embrace of Web3 and the development of virtual assets.

According to Wu Jiezhuang, Hong Kong’s regulatory policies on virtual assets are relatively clear. Besides exchanges and virtual asset management, Hong Kong has not stated that it needs to be regulated. For example, game tokens that do not involve securities and futures will not be regulated, and Hong Kong is relatively free to develop Web3.

On June 1, the “Guidelines Applicable to Virtual Asset Trading Platform Operators” came into effect, and the Hong Kong Securities and Futures Commission began accepting virtual asset trading platform operators to apply for licenses and allow retail investors to use licensed virtual asset trading platforms.

In February of this year, the Hong Kong Securities Regulatory Commission issued the “Consultation Document on the Proposed Regulatory Regulations Applicable to Operators of Virtual Asset Trading Platforms Licensed by the Securities and Futures Commission” about the supervision of virtual asset trading platforms. The government’s embrace attitude and firm determination to Web3 are evident.

In April, the Web3 carnival brought unprecedented vitality to Hong Kong. During the meeting, the Hong Kong Web3.0 Association was formally established, and the Fund was launched to launch a Web3 ecological fund with a scale of 100 million US dollars. Wu Jiezhuang, a Hong Kong Legislative Council member and co-founder of the startup accelerator G-Rocket, is also an important leader and contributor to Web3Hub.

Wu Jiezhuang provides comprehensive and systematic support for entrepreneurs through platforms such as the entrepreneurial accelerator G-Rocket and Web3Hub Fund. He aims to create a more friendly industry ecology to promote more unicorn projects that can really land in Hong Kong.

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