Hong Kong Launches Institute of WEB3.0 With China’s Support, Aims to Become Global Hub for Web3 Industry

April 12, 2023

By Joe PAN

The Institute of Web3.0 Hong Kong was launched yesterday with the aim of promoting the development of next-generation Internet technologies, marking a significant milestone for the Web3.0 industry in Hong Kong. The institute will be headed by Norman Chan, former chief executive of the Hong Kong Monetary Authority.

Interestingly, the institute is receiving support from both the Hong Kong government and China-backed organizations. China Mobile International, the global business arm of China Mobile, is one of the founding members of the institute, with its chairman and CEO, Li Feng, serving as one of the nonprofit’s honorary chairpersons. In addition, the institute’s advisory board includes former high-ranking government officials, members from the city’s legislative council, and technology entrepreneurs from mainland China.

The institute will facilitate collaboration in the industry, establish standards, and consult for the Hong Kong government. It will also focus on the monetization of data, the digitalization of traditional industries, and the tokenization of assets, especially through non-fungible tokens.

This move is seen as a significant step forward for Hong Kong’s Web3.0 ambitions. The city aims to build itself into a global hub for the Web3 industry and has already attracted over 80 Web3 firms to set up shop in the city. Despite the recent ban on cryptocurrency trading in mainland China, Hong Kong’s Web3.0 ecosystem continues to grow, with the government setting aside HKD 50 million to accelerate the development of the Web3.0 ecosystem through the establishment of a Web3Hub fund.

Overall, the launch of the Institute of Web3.0 Hong Kong is a positive development for the Web3.0 industry in the region and demonstrates a willingness from both the Hong Kong government and China-backed organizations to support its growth. It is hoped that this collaboration will bring new opportunities to the city and help to establish Hong Kong as a global leader in the Web3.0 industry.

About the author

Joe Pan is contributing editor for NFTMetta.com.

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