The city's digital asset push stands in contrast with the mainland, where Beijing has effectively banned trading and stamped out crypto-related activities.
The crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. In spite of the turmoil, Hong Kong is pushing to become a virtual asset hub.
"If anything, China might be looking at the effect on Hong Kong following those rules, the issuance of new crypto-linked products or blockchain-based solutions, and the pick-up of trading and business activity that might ensue," said Justin d'Anethan, institutional sales director at Amber Group. Web3 refers to the next-generation of the internet. Proponents say it will be more decentralized and reduce the power of large technology companies. Some proponents say cryptocurrencies will likely be a key part of Web3.called on Beijing to review its widespread crypto banHuang said there may be missed opportunities for digital technology development if crypto transactions are banned for a long time.
While Hong Kong harbors high crypto ambitions and boasts relatively lower tax policy on businesses, the city could still potentially find competition with other crypto hubs.
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