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FameEX Hot Topics | Hong Kong Seeks Guidance from Japan Amid Overwhelming Web3 Influx

2023-03-31 12:32:20

As Hong Kong strives to develop its cryptocurrency infrastructure, fintech official King Leung has traveled to Japan to discuss Web3 digital assets with Tokyo policymakers and regulators. Leung's goal is to gain insight into Japan's regulatory rationale to inform Hong Kong's approach to digital asset regulation. In an interview with Cointelegraph reporter Jesse Coghlan, Leung emphasized the value of understanding Japan's regulatory design for digital assets. This follows Hong Kong's launch of its own efforts in October to become a leading global cryptocurrency hub. The city introduced policies aimed at fostering a crypto-friendly regulatory environment for the industry within its borders.

During his visit to Japan, Leung also engaged with industry players to gain a comprehensive perspective on digital asset regulation. Upon his return to Hong Kong, he plans to report his findings to policymakers and regulators, which will be taken into account when designing the city's regulatory framework for digital assets. Leung further discussed the potential monetization of digital assets, including tokenized bonds and revenue streams from internet protocols (IP). He highlighted the strategic importance of Web3 and crypto for Hong Kong's economic development, aligning with the discussions he had in Japan.

King Leung admitted that InvestHK, the city's investment promotion agency, had not anticipated the overwhelming enthusiasm for Web3 and digital assets. He described the response as "mind-boggling," citing over 100 Web3- or digital asset-related events taking place in Hong Kong in March and April alone. Despite the government's inability to fully meet the market's demands, Leung assured that they are working as quickly as possible to address the situation. As for the timeline of Hong Kong's Web3 plans, Leung acknowledged that some projects may not be ready by the target date of June 1. In response, the government will prioritize actions that have the most significant impact first.

Hong Kong's proactive approach to learning from Japan's experience with digital asset regulation demonstrates the city's commitment to establishing a robust cryptocurrency infrastructure. By incorporating insights from Japan and engaging with industry stakeholders, Hong Kong aims to create an effective regulatory framework that fosters growth in the digital asset sector while maintaining market stability and consumer protection. This collaborative approach will be vital to Hong Kong's success as it strives to become a leading 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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