Welcome to the Extreme Investor Network, where we bring you the latest insights and updates in the world of Crypto, cryptocurrency, blockchain, and more. Today, we are excited to share with you the latest developments in Hong Kong’s thriving Web3 industry.
Hong Kong has become a hub for Web3 companies, welcoming over 220 companies from 20 countries and regions. These companies focus on sectors such as virtual asset exchanges, blockchain infrastructure, network security, and payment services. The goal is to strike a balance between development and regulatory frameworks, positioning Hong Kong as a leading player in the global blockchain and virtual asset landscape.
In a recent speech at the “2024 Hong Kong Web3 Carnival,” Deputy Secretary of the Financial Services and the Treasury Bureau, Edmond Huang, highlighted the government’s efforts to modify laws to regulate over-the-counter (OTC) trading of virtual assets. This move aims to bring OTC trading under formal regulatory oversight and allow intermediary institutions to offer services like futures and exchange-traded funds (ETF) trading. Hong Kong is committed to collaborating with industry participants to drive the development of the Web3 industry.
Prominent investor Cathie Wood, founder of ARK Invest, praised Hong Kong’s rapid progress in blockchain technology development. She emphasized that the potential of blockchain goes beyond the price of virtual assets, highlighting the application of artificial intelligence (AI) and blockchain in the gaming industry. Wood also shared her institution’s prediction that the price of Bitcoin could reach $1.5 million by 2030, citing recent approvals of mainstream institutions issuing spot Bitcoin ETFs by the US Securities and Exchange Commission. Wood commended Hong Kong’s regulatory advancements in the cryptocurrency sector, noting that the city’s development of blockchain technology has outpaced that of the US.
Chairman of Wanxiang Group, Lu Weiding, emphasized Hong Kong’s emergence as an international center for virtual assets. He praised the city’s progress in the virtual asset industry over the past two years, highlighting its potential for further growth and development.
With the Hong Kong government’s efforts to attract Web3 companies and promote virtual asset development, the city is poised to strengthen its position as a key player in the global blockchain and virtual asset landscape. Stay tuned to Extreme Investor Network for more updates and insights on the exciting world of Crypto and blockchain technology.
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