Hong Kong Financial Secretary Chen Maobo said that after the Hong Kong government issued a policy declaration on the development of virtual assets last year, many Web3 and virtual asset-related innovation and technology companies expressed their desire to develop in Hong Kong. He pointed out that Hong Kong, as an international financial center, has a comprehensive regulatory framework that is widely recognized internationally. Under the government’s overall strategy of promoting innovation and ensuring security, Hong Kong is the best foothold for high-quality virtual asset companies in the world.

Chen Maobo pointed out in the video speech of “2WEB3 FEST Hong Kong 2023” on March 17:

Facing the irreversible trend of Web3, we must actively embrace it, and even more so, have a forward-looking vision and dare to become the leader of this wave of innovation.

Embracing Web3: Supporting Innovation and Appropriate Supervision

The Hong Kong SAR government issued the “Policy Declaration on the Development of Virtual Assets in Hong Kong” in October last year, which clarified the Hong Kong government’s vision and guidelines for the virtual asset industry, related innovative technologies and applications, and the development of its ecosystem. Chen Maobo mentioned that after the Hong Kong government clarified its position, many Web3 and virtual asset-related innovation and technology companies expressed their desire to develop in Hong Kong. In order to better grasp the opportunities of Web3, Cyberport also established the “Cyberport Web3 Base” at the beginning of the year “, in order to better gather global Web3 start-ups and talents, and announced in the latest “Budget” that $50 million will be allocated to Cyberport to accelerate the development of Hong Kong’s Web3 ecosystem.

Chen Maobo said that virtual assets are an important part of the Web3 ecosystem. Although there have been problems with some virtual asset exchanges in the world recently, the utility and benefits of the blockchain technology used behind the virtual assets cannot be ignored, including the decentralization, de-intermediation, security, and transparency that it brings. and low cost features.

Chen Maobo believes that if these features are properly used, it will trigger many innovations, help solve many pain points in finance, transactions, business operations and even life, and improve efficiency, reliability and cost-effectiveness. He continued:

Therefore, the key should be that we provide appropriate and proportionate regulation for the market to unleash the potential of Web3 and other financial technologies, and use its power to enhance the competitiveness of the financial and real economy, while providing investors and citizens provide effective protection.

The best foothold for virtual asset enterprises

Chen Maobo pointed out that Hong Kong, as an international financial center, has a comprehensive regulatory framework that is widely recognized internationally. Under the government’s overall strategy of promoting innovation and ensuring security, Hong Kong is the best foothold for high-quality virtual asset companies in the world.

In the latest budget, the Hong Kong government also announced the establishment of a virtual asset development task force led by Chen Maobo. In addition to official members, it also includes financial regulators and market participants. Chen Maobo added that the group will comprehensively examine the situation, development opportunities, regulatory needs and ecosystem of Hong Kong’s virtual asset industry, and make recommendations to the government on how to promote the sustainable and responsible development of the industry.

In fact, in the past few years, the virtual asset industry has started to develop steadily in Hong Kong. At present, three virtual asset ETFs have been listed on the Hong Kong Stock Exchange. Under the principle of “same activities, same risks, and same supervision”, Hong Kong will also A licensing system for virtual asset service providers was introduced in June this year. In this regard, Chen Maobo bluntly said:

We believe that by establishing an appropriate regulatory and licensing system and eliminating the black sheep in the industry, it will help improve the overall image of the industry and promote the healthy, orderly and responsible development of the virtual asset industry.

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The article Financial Secretary Chen Maobo: Hong Kong is the best foothold for “international high-quality virtual asset companies” first appeared on Blockchain.