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FameEX Hot Topics | Hong Kong Consults Japan in Response to Staggering Web3 Surge

2023-03-31 11:51:40

In a bid to advance its cryptocurrency infrastructure, Hong Kong fintech official King Leung visited Japan to confer with Tokyo regulators and policymakers about Web3 digital assets. Leung aimed to glean insights from Japan's regulatory strategies to shape Hong Kong's approach to digital asset regulation. Speaking to Cointelegraph reporter Jesse Coghlan, Leung highlighted the importance of comprehending Japan's regulatory framework for digital assets. This comes after Hong Kong launched its initiative in October to position itself as a global cryptocurrency leader by implementing policies to encourage a crypto-friendly regulatory landscape within the city.

Leung met with industry participants during his Japan visit to gain a well-rounded understanding of digital asset regulation. Upon returning to Hong Kong, he intends to share his findings with local policymakers and regulators to inform the city's development of a digital asset regulatory framework.
Leung also touched on the possible monetization of digital assets, such as tokenized bonds and internet protocol (IP) revenue streams. He emphasized the strategic significance of Web3 and crypto for Hong Kong's economic growth, echoing the conversations he had in Japan.

Leung conceded that InvestHK, Hong Kong's investment promotion agency, did not foresee the immense enthusiasm surrounding Web3 and digital assets. He characterized the response as "mind-boggling," noting that over 100 Web3- or digital asset-related events occurred in Hong Kong during March and April alone. Although the government cannot fully satisfy market demand, Leung reassured that they are addressing the issue as swiftly as possible. Regarding Hong Kong's Web3 project timelines, Leung recognized that some initiatives might not be completed by the June 1 deadline. Consequently, the government plans to prioritize actions with the most substantial impact.

Hong Kong's proactive approach to learning from Japan's experience in digital asset regulation underscores the city's dedication to building a solid cryptocurrency infrastructure. By incorporating insights from Japan and collaborating with industry stakeholders, Hong Kong aims to develop an effective regulatory framework that promotes growth in the digital asset sector while ensuring market stability and consumer protection. This cooperative strategy will be crucial for Hong Kong's success as it seeks to become a premier global center for cryptocurrency and digital asset innovation.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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