May 31, 2023<\/p>\n\n\n\n
By Tsering Namgyal<\/p>\n\n\n\n
Two separate industry groups catering to the Web3 and virtual asset industry has been formed in Hong Kong as the city plans to catapult itself into a Web3 hub with the rollout of the new crypto asset licensing regime this week.<\/p>\n\n\n\n
Hong Kong Licensed Virtual Assets Association (HKVLAA) and Web3 Harbour both debuted at Radical Finance Asia conference on Monday, announcing a shared commitment towards the long-term development of Web3 industry.<\/p>\n\n\n\n
Industry leaders from Animoca Brands, DLA Piper, and WHub are among the founding board members of Web3 Harbour, with PwC Hong Kong as a knowledge partner, while HKLVAA counts representatives from SFC-licensed corporations with an uplift or approval for virtual asset activities in Hong Kong as founding members. Some of their members include Axion Global Asset Management, HashKey Digital Asset Group, MaiCapital Limited, Venture Smart Asia and Victory Securities.<\/p>\n\n\n\n
\u201cThe strong reception from stakeholders for these new industry groups is a testament to the need for greater collaboration across the sector,\u201d said Lawrence Chu, Co-founder and Chairman of Venture Smart Financial Holding, parent company of Hong Kong\u2019s first SFC-approved virtual asset manager, who serves on the founding boards of both associations.<\/p>\n\n\n\n
\u201cWhile HKLVAA and Web3 Harbour serve different membership bases and will adopt unique approaches to address members\u2019 needs, both prioritise knowledge sharing and regulatory clarity in their efforts to accelerate the development and adoption of Web3 technologies in Hong Kong,\u201d he said.<\/p>\n\n\n\n
\u201cOur shared principles and desire for cross-industry coordination will help establish Hong Kong as a Web3 innovation capital and virtual assets hub for the world,\u201d said Web3 Harbour\u2019s founding chair Gary Liu, Co-founder and CEO of Terminal 3 and formerly the CEO of the South China Morning Post.<\/p>\n\n\n\n
The new regulatory regime for virtual asset service platforms takes effect in Hong Kong on June 1, 2023.<\/p>\n\n\n\n
Mr Chu commented that HKLVAA represents the interests of virtual asset entities licensed, or seeking licensing, in Hong Kong, and it will continue to work with the city\u2019s government and regulators to enhance and showcase Hong Kong\u2019s comparative advantages as a global fintech hub.<\/p>\n\n\n\n
In reference to the industry\u2019s future, Mr Liu noted that Web3 is \u201cgrowing at an unprecedented pace, and even with macro headwinds, the market is expected to reach billions of users and trillions of dollars in value by 2030.\u201d<\/p>\n\n\n\n
\u201cBy convening and engaging a community to address the opportunities and challenges in our industry, Web3 Harbour aims to create a \u2018model market\u2019 in Hong Kong which is committed to the long-term development of a decentralized internet that maximizes the societal and economic benefits of blockchain technologies,\u201d he said.<\/p>\n\n\n\n
About the author<\/strong><\/strong><\/p>\n\n\n\n Tsering Namgyal is the chief content officer of NFTMetta.com.<\/p>\n","protected":false},"excerpt":{"rendered":" May 31, 2023 By Tsering Namgyal Two separate industry groups catering to the Web3 and virtual asset industry has been formed in Hong Kong as the city plans to catapult […]<\/p>\n","protected":false},"author":1,"featured_media":3571,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3565"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=3565"}],"version-history":[{"count":1,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3565\/revisions"}],"predecessor-version":[{"id":3572,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3565\/revisions\/3572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/3571"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=3565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=3565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=3565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}