HONG KONG — Hong Kong is a growing place for Web3 and crypto innovation, its chief executive said Wednesday.
John KC Lee, chief executive of the Hong Kong Special Administrative Region, opened CoinDesk’s Consensus Hong Kong conference with a short speech on the city’s work to grow its crypto communities and businesses.
“The HKSAR government is committed to making Hong Kong a global hub for digital asset innovation,” he said in recorded remarks. “Therefore, over the past few years, Hong Kong has actively established a regulatory framework to promote the steady and sustainable development of our Web3 ecosystem.”
Hong Kong is well-positioned to take advantage of both the growing crypto efforts and its existing position close to China and the broader financial markets, Lee said.
“Under the unique principle of ‘one country, two systems’, Hong Kong is the only city that converges both Chinese advantage and global advantage,” he said. “…Furthermore, Hong Kong’s financial regulatory system is robust and our financial market stands out for its deep liquidity, innovative products and world-class investor protection.”
Specifically, he highlighted Hong Kong’s crypto efforts, including last year’s policy declaration on digital asset regulation and work on stablecoins.
The Hong Kong Monetary Authority is close to issuing licenses to stablecoin issuers, he said, saying the first licenses could be issued next month.
Similarly, Hong Kong’s Securities and Futures Commission is working to increase liquidity in the region’s virtual assets market to “further facilitate the development of this dynamic growth area.”
“Hong Kong is in a strong position to promote the development of Web3,” he said. “Hong Kong will continue to make every effort to stay at the forefront of this crucial change in finance and technology. We invite companies and institutions around the world to join us and build a better digital future together.
