Hong Kong Sails Forward with Web3.0 Standardization Innovation

04/14/2023 04:01 • Metaverse Matters • 90 views

On April 14th, at the “2023 Hong Kong Web3 Carnival” sub venue 4 “Web3.0 Standardization Innovation Summit”, Hong Kong Special Administrative Region Legislative Council Member (Technology Innovation Community) Qiu Dagen delivered a keynote speech, stating that at the regulatory level, the Monetary Authority has released a consultation summary of the discussion paper on cryptoassets and fixed currency, with the expectation of implementing regulatory arrangements in 2023 or 2024. At the level of legal tender tokenization, we have been studying CBDC for a long time. The government has already taken a clear stance and adopted a three track approach to development, with the official launch of the digital Hong Kong dollar on the third track. In addition, Bitcoin futures ETFs have already been launched in Hong Kong and have good trading volume, and there is also great room for tokenization of other financial products. The Web3 standards currently being practiced and designed in Hong Kong can reach the world.

Hong Kong Legislative Council Member: Expecting to implement regulatory arrangements for cryptocurrency assets and stable currency in 2023 or 2024

Introduction

On April 14th, at the “2023 Hong Kong Web3 Carnival” sub venue 4 “Web3.0 Standardization Innovation Summit”, Hong Kong Special Administrative Region Legislative Council Member (Technology Innovation Community) Qiu Dagen gave a keynote speech highlighting the city’s progress in the area of Web3 standards and cryptocurrency regulation.

Regulatory Outlook

Qiu Dagen talked about how the Monetary Authority has issued a consultation summary of the discussion paper on cryptoassets and fixed currency. Hong Kong is expecting to implement regulatory arrangements for cryptocurrencies in 2023 or 2024.

Legal Tender Tokenization

Qiu Dagen also mentioned that for a long time, the government has been working on studying CBDCs. In terms of legal tender tokenization, Hong Kong has adopted a three-track approach to development, with the official launch of the digital Hong Kong dollar on the third track. The city sees great potential for tokenization for other financial products.

Bitcoin Futures ETFs

Qiu Dagen also pointed out that Bitcoin futures ETFs have already been launched in Hong Kong, with good trading volume. This development shows that Hong Kong is serious about its commitment to the growth of cryptocurrency and digital assets.

Globalization of Web3 Standards

Finally, Qiu Dagen emphasized that the Web3 standards being practiced and designed in Hong Kong have the potential to reach the world.

Conclusion

It is evident that Hong Kong is making great strides both in terms of regulation and technological development in the cryptocurrency and digital asset space. Hong Kong is preparing itself to be at the forefront of the blockchain and financial technology revolution.

FAQs

**Q1:** What is the three-track approach to development adopted by Hong Kong in terms of legal tender tokenization?
**A1:** Hong Kong has adopted a three-track approach, with the official launch of the digital Hong Kong dollar on the third track.
**Q2:** What is the regulatory outlook for cryptocurrencies in Hong Kong?
**A2:** The Monetary Authority has issued a consultation summary of the discussion paper on cryptoassets and fixed currency. Hong Kong is expecting to implement regulatory arrangements for cryptocurrencies in 2023 or 2024.
**Q3:** What is the potential for the Web3 standards being practiced and designed in Hong Kong?
**A3:** Qiu Dagen emphasized that the Web3 standards being practiced and designed in Hong Kong have the potential to reach the world.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/04/14/hong-kong-sails-forward-with-web3-0-standardization-innovation/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.