- Hong Kong is committed to embracing Web 3.0.
- A newly formed association rolled out new policy recommendations
- The association envisions a favorable future for Hong Kong in Web3.
The growing world of blockchain and digital currency has found a promising ally in Hong Kong as the region continues to take strides toward becoming a world-leading digital hub.
In line with these ambitions, Hong Kong formed the Web 3.0 Association as a strategic move that underscores its commitment to shaping the future of digital finance.
Hong Kong Web 3.0 Mission Takes Shape
In a September 8th report, the Hong Kong Web 3.0 Association revealed its new policy recommendations, a four-part proposal to support its objectives.Â
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The association, formed as a non-profit inter-industry organization, recommended establishing an ‘Open License Block Public Chain’ controlled by the public, ensuring trust and transparency. This initiative is intended to mitigate security risks and privacy breaches, setting a foundation for the Hong Kong Web3 ecosystem.Â
Recognizing the critical role of a skilled workforce, the association further recommended government investment in training programs for regional universities. The regimes will foster a new generation of professional and technical talents to meet the needs of emerging technologies.
The team further outlined implementing a legislative framework for stablecoin regulation and creating a cross-departmental working group to review existing laws, policies, and measures.Â
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These visionary recommendations signify Hong Kong’s commitment to embracing the transformative potential of Web 3.0 technologies and its effort to become a leader in the blockchain and virtual currency sectors.
Read more about Hong Kong’s growing digital landscape:
Hong Kong Hands Landmark First Crypto Exchange License To HashKey
The infamous North Korean hacker group is involved in yet another cyberattack. Learn more:
FBI Links Lazarus Group To $41 Million Crypto Heist
