The Hong Kong Bureau of Investigation is calling on the regional government to look at the regulatory policies that countries in East Asia are adopting to stay ahead of the Web3 game.
Japan, South Korea, Singapore and the United Arab Emirates are leading Web3 innovation in Asia, the Hong Kong Bureau of Investigation said in a report study recently published, in which he expresses how the governments of these countries are characterized by leading the development of the crypto industry and the next generation of the Internet.
According to the government department, East Asia is building regulatory policies friendly to cryptocurrencies, blockchain technology and Web3 that Hong Kong needs to take as an example.
In the case of Japan, the Hong Kong Bureau of Investigation highlighted that it has become the first country in the world to create a national office specifically to coordinate Web3 policies. In addition, the Japanese country has launched a firm strategy based on this innovation to boost its own technological innovation and development. Regarding South Korea, the bureau noted that the country has also been interested in the potential of Web3, focusing mainly on the creation of a metaverse that allows it to provide more innovative and accessible public services to its citizens. As for Singapore and the United Arab Emirates, the bureau noted that both are actively exploring the various use cases offered by blockchain technology and cryptoassets, such as asset tokenization and digital ownership through NFTs, through partnerships with various companies in the industry.
The Hong Kong Bureau of Investigation is highlighting key elements of each next-generation Internet-friendly jurisdiction that can guide the construction of the Web3 regulatory framework Hong Kong needs to reposition itself as a global innovation leader.
In its report, the office said Japan, South Korea, Singapore and the United Arab Emirates all maintain the status of international and regional technology hubs.
Hong Kong's progress in Web3 adoption
Despite raising concerns that Hong Kong is lagging behind other Asian countries in terms of Web3, the city's Research Office acknowledges the efforts the regional government has been making to advance the adoption of this innovation, in order to take advantage of its numerous opportunities and applications.
The office maintains that Hong Kong has made significant progress in developing Web3, setting a budget to create and nurture an ecosystem based on new technologies, establishing a working group to accelerate research into applications and use cases of Web3 and underlying technologies, and implementing a new licensing regime that is Opening the doors to retail investors to the crypto market.
Hong Kong has so far launched four Web3-focused pilot projects since 2020, the Bureau of Investigation said. The city also celebrated the launch of an exchange-traded fund or ETF based on Bitcoin futures earlier this year and is currently working on developing its own CBDC digital currency. All of this sets a precedent in its vision of becoming an international virtual asset hub, although it is still in an early stage of development.
Hong Kong's high degree of autonomy from China allows it to maintain a more open stance towards cryptocurrencies, completely opposite to the restrictive measures imposed by China on this industry.
Cyberport, a location focused on Web3
As part of its efforts to boost innovation and strengthen its position as an international hub, the Hong Kong government has renamed a technology business park as Cyberport, to focus on the growth of companies that are part of the crypto and Web3 industry.
Through this technology park, Hong Kong is reinforcing its commitment to the development of this industry, providing support to local innovators and extending an invitation to international companies to set up shop in the city.
Hong Kong attracted 150 companies from the crypto industry this year
In a release In a recently published report, Hong Kong's financial secretariat indicated that 150 companies related to the cryptocurrency and blockchain technology industry have arrived in the region in order to build a vibrant and innovative future driven by new technologies.
Hong Kong's financial secretary, Paul Chan Mo-po, said that these companies plan to establish and develop in the city, They highlight the growing interest in Web3 and further strengthen Hong Kong’s ongoing transformation into an innovation cluster that accelerates the development of new research and applications and attracts top-level talent to the city.
Continue reading: New regulatory policy for cryptocurrencies begins in Hong Kong
