* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, June 24, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    Safety concerns in Deep Ellum create apprehension as the entertainment district gains visitors – CBS News

    Safety Concerns Surge Amid Deep Ellum’s Booming Popularity and Growing Crowds

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Promising Technology Stocks To Follow Today – June 22nd – MarketBeat

    Top Technology Stocks to Watch Today – June 22nd

    Technology Convergence Report 2025 – The World Economic Forum

    Technology Convergence Report 2025 – The World Economic Forum

    How AI can help make cities work better for residents – MIT Technology Review

    How AI can help make cities work better for residents – MIT Technology Review

    Tech Champions with Leo Bletnitsky of Healthy Technology Solutions – Buzz Media Group

    Meet Tech Champion Leo Bletnitsky of Healthy Technology Solutions

    Crypto’s true revolution is about humanity, not technology – Cointelegraph

    Crypto’s Real Revolution: Transforming Humanity Beyond Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    Safety concerns in Deep Ellum create apprehension as the entertainment district gains visitors – CBS News

    Safety Concerns Surge Amid Deep Ellum’s Booming Popularity and Growing Crowds

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Promising Technology Stocks To Follow Today – June 22nd – MarketBeat

    Top Technology Stocks to Watch Today – June 22nd

    Technology Convergence Report 2025 – The World Economic Forum

    Technology Convergence Report 2025 – The World Economic Forum

    How AI can help make cities work better for residents – MIT Technology Review

    How AI can help make cities work better for residents – MIT Technology Review

    Tech Champions with Leo Bletnitsky of Healthy Technology Solutions – Buzz Media Group

    Meet Tech Champion Leo Bletnitsky of Healthy Technology Solutions

    Crypto’s true revolution is about humanity, not technology – Cointelegraph

    Crypto’s Real Revolution: Transforming Humanity Beyond Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

Why is Hong Kong pushing crypto and web3?

September 15, 2023
in News
Why is Hong Kong pushing crypto and web3?
Share on FacebookShare on Twitter

Bold or foolish?

In spite of the decline in hype over cryptocurrencies and web3-related products, in October 2022, the Hong Kong Special Administrative Region (HKSAR) government released a policy document outlining its ambitions for the city to become a “vibrant” space for virtual assets. Then in April of this year, Hong Kong Financial Secretary Paul Chan (陳茂波 Chén Màobō) wrote on his blog that “the digital economy and the application of the third-generation internet (web3) indeed present great development potential.” On August 4, Hashkey and OSL became the first cryptocurrency exchanges in Hong Kong open to retail trading services in Bitcoin, Ethereum, and USDT — the three tokens the SEC explicitly does not consider to be securities. Previously, while it was possible to trade cryptocurrency in Hong Kong, transactions occurred through unlicensed exchanges.

In an email to The China Project, Brian Wong (黃裕舜 Huáng Yùshùn), an assistant professor at Hong Kong University and an established public commentator, noted that officials in Hong Kong are both interested in fostering financial innovation and signaling “the city’s desire to emerge from the shadows of geopolitical competition and stake out a seemingly distinct niche on the world map.” With its relatively robust legal system and established role as a capital market connecting mainland China with the rest of the world, Hong Kong has some natural advantages in the fintech-web3 space.

But given that China and the U.S. are Hong Kong’s main sources of economic and financial backing, it remains to be seen if Hong Kong’s web3 push is a bold move to reclaim its status as “Asia’s freewheeling financial hub” or a policy out of step with the times.

Hugh Harsono, who researches central bank digital currencies, believes it’s positive that regulators are establishing baseline procedures and accountability for digital assets. “Hong Kong’s future as a fintech hub is sustainable in the short term,” he said. Moreover, the city’s relatively loose regulatory framework will make licensing faster than in jurisdictions such as Singapore.

A cryptocurrency vending booth in Hong Kong in 2023. Photo by William Sandlund.

But longer-term uncertainties over the city’s legal relationship with China remain.

There are concerns that tightening regulations in either China or the U.S. could hurt the industry. “Hong Kong is a second-tier place as a crypto hub because of ties to China and the U.S.,” said Angus Buttar, an employee at a Vancouver-based web3 startup.

Other regions, such as Dubai and Switzerland, offer lower corporate tax rates and greater regulatory certainty.

And despite Singapore’s relatively strict regulation, Jessica Chiang (江雨伦 Jiāng Yǔlún), the director of business development for crypto quant trading at Combo Research, said the city-state is more attractive than Hong Kong for cryptocurrency businesses: “For planning 5 to 10 years [into the future], Singapore is a much better choice.” As for the larger web3 industry, she believes the U.S. remains the center of innovation, and that Singapore is the best place for later-stage fundraising.

Bitcoin and other digital tokens have demonstrated their resilience against sell-offs and government regulation. China, where cryptocurrency trading is illegal, ranked 10th globally in crypto adoption for 2022. Chainalysis, the company responsible for the index, responded to a request from The China Project by saying, “Users in China are most likely accessing these services through a VPN.”

Chiang and most others in the space feel bullish for the long-term prospects of mainstream cryptocurrencies. She believes tokens such as Bitcoin “definitely will be a new currency for the financial industry. There’s no sense they will come to zero in the long term.”

Given the difficulty of an outright ban on digital assets, some think Hong Kong would rather take part in crafting rules around their use, while also benefiting from hosting exchanges where trading occurs.

Buttar, the startup employee, notes that regulation is good for the industry in the long term. “Crypto is very hard to control…government hands are being forced,” he noted.

Whether transparent regulations will be enough to create a dynamic new sector of the economy is less clear. A Hong Kong–based employee at an established cryptocurrency company who spoke to The China Project on the condition of anonymity is pessimistic on the prospects of the industry in the city. “Lots of people ask if they should join the industry. My answer is no.”

Others believe that China and the U.S. turning away from cryptocurrencies has created an opportunity for markets such as Hong Kong. Jonathan Mui, the co-founder of Moongate, a NFT-based ticketing startup in Hong Kong, said, “The crypto exchanges in Hong Kong will definitely do very well.”

And of course, web3 involves more than cryptocurrency. Mui is not worried about products such as Moongate’s virtual tickets being classified as securities by the SEC or targeted by regulators in Beijing.

In the long term, such companies could drive economic growth in the city. “It’s about the flow of talent, the flow of money,” Mui said of Hong Kong’s web3 ambitions.

Moreover, Hong Kong has long served as both a doorway and an escape valve for capital flowing into and out of China. Multiple sources speaking on background to The China Project mentioned that Beijing may have given Hong Kong the green light to help facilitate certain forms of capital flight.

The other explanation is that Beijing is using Hong Kong to experiment with new policies for emerging industries. “The P.R.C. is trying to create web3 under its own conditions,” Harsono said. Hong Kong is a useful place to “test what they can control, what they can’t control.” Of the push, Harsono said, “Looking back at this in 20 years, folks will either call these decisions extremely innovative or extremely reckless.”

As for the longer-term prospects of success, Brian Wong wrote the government will need to demonstrate that not only is Hong Kong an ideal place for web3 businesses, but also that “web3 technology and innovation can in fact serve the public, and the wider community at large. It’s only understandable that there are web3 skeptics out there given the debacle[s of] recent years.”

In Hong Kong in 2023, MTR transit stations are once again filled with advertising for beauty products and upcoming films — a reminder that the physical world has reasserted itself. Whether the city will realize its web3 ambitions remains to be seen. But it’s apparent the government would rather risk getting caught holding the bag than being left behind.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : SupChina – https://thechinaproject.com/2023/09/14/why-is-hong-kong-pushing-crypto-and-web3/

Tags: Cryptonewspushing
Previous Post

Venice dodges UNESCO list of endangered heritage sites – again

Next Post

China leads the world in green energy, but it just can’t stop emitting greenhouse gasses

Clay Minerals From Mars’ Most Ancient Past? – NASA Science (.gov)

Unveiling Clay Minerals from Mars’ Most Ancient Past

June 24, 2025

Retro Translucent Lifestyle Sneakers – Trend Hunter

June 24, 2025
The World’s 50 Best Restaurants Announces Its 2025 List – The New York Times

The World’s 50 Best Restaurants Announces Its 2025 List – The New York Times

June 24, 2025
Former INSS head Manuel Trajtenberg: Israeli economy rises in Iran war – The Jerusalem Post

Former INSS head Manuel Trajtenberg: Israeli economy rises in Iran war – The Jerusalem Post

June 24, 2025
Panel reacts as VP Vance downplays risk of foreign entanglement in Iran: ‘Back then we had dumb presidents’ – CNN

Panel reacts as VP Vance downplays risk of foreign entanglement in Iran: ‘Back then we had dumb presidents’ – CNN

June 24, 2025
Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

June 23, 2025
Atlanta Sports: High school, college and pro sports from the AJC – AJC.com

Atlanta Sports Update: Exciting High School, College, and Pro Highlights

June 23, 2025
US judge blocks slashing of universities’ federal funding from National Science Foundation – Reuters

US Judge Halts Cuts to Federal Funding for Universities from National Science Foundation

June 23, 2025
The Computer-Science Bubble Is Bursting – The Atlantic

Is the Computer-Science Boom Coming to an End?

June 23, 2025

6 Life Moments When Staying Silent Is the Wisest Choice

June 23, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (697)
  • Economy (714)
  • Entertainment (21,611)
  • General (15,534)
  • Health (9,753)
  • Lifestyle (719)
  • News (22,149)
  • People (716)
  • Politics (721)
  • Science (15,932)
  • Sports (21,210)
  • Technology (15,699)
  • World (694)

Recent News

Clay Minerals From Mars’ Most Ancient Past? – NASA Science (.gov)

Unveiling Clay Minerals from Mars’ Most Ancient Past

June 24, 2025

Retro Translucent Lifestyle Sneakers – Trend Hunter

June 24, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version