HONG KONG — Hong Kong is a growing region for Web3 and cryptocurrency innovation, its chief executive said on Wednesday.
John KC Lee, Chief Executive of the Hong Kong Special Administrative Region, delivered the opening remarks at the CoinDesk Consensus Hong Kong conference and gave a brief speech on the city’s efforts to develop the cryptocurrency community and business.
“The Hong Kong SAR government is committed to building Hong Kong into a global digital asset innovation center,” he said in the recording. “This is why Hong Kong has been actively establishing a regulatory framework in the past few years to promote the stable and sustainable development of the Web3 ecosystem.”
Hong Kong is positioned to capitalize on growing cryptocurrency efforts and its existing proximity to China and wider financial markets, Lee said.
“Under the unique ‘one country, two systems’ principle, Hong Kong is the only city that combines China’s advantages with global advantages,” he said. “…In addition, Hong Kong’s financial regulatory system is sound, and our financial markets stand out for their deep liquidity, innovative products and world-class investor protection.”
More specifically, he pointed to Hong Kong’s cryptocurrency efforts, including last year’s policy statement on digital asset regulation and stablecoin efforts.
He said the Hong Kong Monetary Authority is about to issue licenses for stablecoin issuers, adding that the first batch of licenses may be issued next month.
Likewise, Hong Kong’s Securities and Futures Commission is working to increase liquidity in the region’s virtual asset market to further “facilitate the development of this dynamic growth area.”
“Hong Kong is in a good position to promote the development of Web3,” he said. “Hong Kong will continue to go all out to be at the forefront of key shifts in finance and technology. We welcome businesses and institutions from around the world to join hands with us to build a brighter digital future.”
