Hong Kong Pushes Ahead with Crypto and Web 3.0 Adoption

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• Hong Kong has accelerated its crypto and Web 3.0 adoption by setting up a task force and allocating it an annual $6.4 million budget
• The news is the latest sign that Hong Kong is getting serious about crypto
• The task force will look at broader adoption of the next generation of the internet

Hong Kong has accelerated its crypto and Web 3.0 adoption by setting up a digital asset task force and allocating it an annual $6.4 million budget. The country has been making moves in recent months to take a leading role in the digital asset space, formulating stablecoin regulations and putting in place a clear framework for crypto entities to follow. This news comes after Cameron Winklevoss claimed that the impetus for the next bull run will come from Asia.

Hong Kong Rolling Out the Red Carpet for Crypto

Hong Kong has had a busy week when it comes to its crypto ambitions, beginning with last week’s announcement that on June 1, 2023, it will officially make crypto trading fully legal for exchanges that are awarded one of its new licenses, licenses that the likes of Huobi have already applied for. This announcement came on the back of news at the start of the month that the country will launch stablecoin regulations later this year to avoid a repeat of the Terra USD collapse.

Broader Adoption Eyed

It’s not just facilitating crypto trading that excited Hong Kong, and presumably its Chinese overlords, with the country’s Financial Secretary Paul Chan saying as part of his 2023/24 fiscal year budget speech that a task force would be established to look further into the adoption of cryptocurrencies and blockchain technology:

For the next step, I will establish and lead a task force on virtual-asset development, with members from relevant policy bureaux, financial regulators and market participants, to provide recommendations on the sustainable and responsible development of the sector.

Chen added that the task force will be allocated a HK$50 million ($6.4 million) budget to develop its plans, including plans for a Web 3.0 ecosystem, which will go towards organizing major international seminars, cross-sectoral business co-operation and workshops for students and young people interested in the ecosystem.

Hong Kong joins the United Kingdom in the crypto hub race, and citizens of both nations will be hoping that they enjoy more luck than previous claimants to that title.