FOMO

Hong Kong is set to establish itself as a prominent blockchain technology hub in the region with the launch of a new Web3 institute, which is led by Norman Chan, the former head of the Hong Kong Monetary Authority (HKMA), and Li Feng, the CEO of China Mobile International, as its honorary chairperson.The <a href="https://www.linkedin.com/company/institute-of-web3-0-hong-kong/?ref=blockhead.co" rel="noopener noreferrer nofollow">Institute of WEB3.0</a> aims to help the development of the next-generation Internet built around blockchain, artificial intelligence and Internet of Things (IoT). According to its profile, it "aims to gather Web3.0-related companies and professionals, improve Web3.0 technology and applications, and provide strong support for the construction of digital ecosystems in Hong Kong, the Greater Bay Area, and the world."The non-profit will also focus on the monetization of data, digitalization of traditional industries and the tokenization of assets, especially through non-fungible tokens.Having served as the head of the Hong Kong Monetary Authority (HKMA) for a decade, Chan's considerable expertise in traditional finance is expected to guide the new institute towards establishing robust standards for digital currencies, as noted by experts. In addition to creating a cohesive framework, the institute is also focused on nurturing local talent and fostering enhanced collaboration among industry stakeholders.<h2 id="development-of-crypto-hub">Development of crypto hub</h2>The establishment of the Web3 institute and the growing interest from Chinese banks are encouraging developments for the crypto industry and the broader ecosystem, particularly for the city, which has been making moves in the space to compete with regional rival Singapore.Over 80 firms have already expressed interest in setting up operations in Hong Kong since the government announced its <a href="https://www.blockhead.co/2022/11/01/hong-kong-charts-own-path-for-crypto-domination/" rel="noopener noreferrer nofollow">plans to boost the digital currency industry</a>.The creation of the Web3 institute follows Hong Kong's plans to launch a <a href="https://www.blockhead.co/2023/03/31/hong-kong-fund-plans-to-throw-100m-at-crypto-firms/" rel="noopener noreferrer nofollow">Web3 fund</a> to attract digital currency firms to the city-state. The Web3 fund is expected to be a decisive factor for many fintech firms deciding between Hong Kong and Singapore as their base of operations.Chinese banks have also been closely monitoring Hong Kong's digital currency plans and have been seen at Web3 events and engaging with virtual asset service providers to explore business opportunities. This has been interpreted as a positive sign that the Chinese government may reconsider its ban on digital currencies, which was imposed in 2021 and led to many digital currency firms relocating to more favorable regulatory jurisdictions.Related: <a href="https://www.blockhead.co/2023/02/23/hong-kong-to-accelerate-web3-development-with-us-6-4m/" rel="noopener noreferrer nofollow">Hong Kong to Accelerate Web3 Development</a>The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:<ul><li><a href="https://blockhead.co/tag/blockbeat?ref=blockhead" rel="noopener noreferrer nofollow">BlockBeat</a> for a wrap-up of the week’s digital assets news</li><li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer nofollow">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead</li><li><a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer nofollow">Business Bulletin</a> for macroeconomic updates and industry developments.</li></ul>To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer nofollow">here</a> to subscribe for FREE.

Hong Kong Launches Web3 Institute With Tacit Support of Beijing

Table of Contents

Blockhead

Other articles published on Apr 17, 2023

Investors Flock to TMS Network (TMSN) Over Stacks (STX) and Fantom (FTM) Amid Increasing Crypto S...

The social media ‘Man of the Year’ award goes to Achraf Hakimi

Ripple Drops XRP From Liquidity Hub, Crypto Daily TV 17/4/2023

🗒 Daily Newsletter | Monday, April 17, 2023

Britain leans on Fintechs to shake up banking services

Ripple Price Analysis 17/04: XRP Backsides to $0.5138 As Bearish Strikes Again

Join our free newsletter for daily crypto updates!