Hong Kong turns to Japan for advice after ‘mind-boggling’ Web3 influx

In light of Hong Kong’s commitment to developing cryptocurrency infrastructure, fintech executive King Leung visits Japan to speak with policy makers and regulators in Tokyo to better understand the idea around digital assets Web3 Is.

In an interview with Cointelegraph reporter Jesse Coghlan, King said it was well worth the trip to Japan to understand the reasoning behind designing those rules.

In October, Hong Kong kicked off its efforts to position itself as a major global hub for cryptocurrencies by introducing policies aimed at fostering a crypto-friendly regulatory framework for the industry within its borders.

King also mentioned talking to industry players to get a holistic perspective. According to King, the findings of his visit will be informed to policy makers and regulators in Hong Kong for consideration in designing the city’s regulations related to digital assets.

King clarified that digital assets, including other assets such as tokenized bonds and tokenized Internet Protocol (IP) revenue streams, can be monetized to create revenue streams. This was in response to the strategic importance of Web3 and crypto in the context of Hong Kong’s economic development and was in line with one of the discussions held in Japan.

Connected: Hong Kong-based fund plans to raise $100 million for crypto investments

According to King, “Invest HK did not expect such huge, huge enthusiasm.” He called it surprising when he found statistics saying that in March and April alone, there were more than 100 Web3 or digital asset-related events in Hong Kong. King said that despite its inherent inability to fully meet the needs of the market, the government is acting as quickly as possible.

Regarding the government’s preparation for these Web3 plans, King said the projects may not be ready by June 1, and the government should only prioritize and do those things that will have an impact first.

magazine: Hong Kong crypto mania, DeFi tokens up 550%, NBA China NFTs – Asia Express

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