Hong Kong’s evolving stance on blockchain technology, cryptocurrencies, and Web3 is expected to attract businesses away from the United States, as industry experts believe. In the past year, the city has taken several initiatives to support the growth of the Web3 sector and facilitate retail investment in cryptocurrencies. One recent example is the establishment of the Task Force on Promoting Web3 Development, further demonstrating Hong Kong’s commitment to this emerging field.
Yat Siu, co-founder of Animoca Brands, a Web3 investment firm, has been selected as one of the advisors to Hong Kong’s Task Force on Promoting Web3 Development. In an exclusive interview with Cointelegraph, Siu emphasized Hong Kong’s shifting approach to crypto and Web3, making it an attractive destination for both startups and established companies.
However, Siu also acknowledged that the United States should not be dismissed in the Web3 race. He pointed out that regulatory ambiguity has left many firms in the sector operating with apprehension. The recent SEC actions against Binance.US and Coinbase, accusing them of conducting unregistered securities offerings, have further contributed to this climate of uncertainty in the U.S.
According to Siu, Hong Kong recognizes the chance to lead the way in driving Web3 development, while the United States appears to have hindered its potential as a prominent hub for companies in this field. In the cryptocurrency domain, Hong Kong maintained a cautious approach for several years, imposing strict regulations that prohibited retail investments in cryptocurrencies. However, after extensive consultations with industry advocates, these restrictive policies were recently overturned.
Siu also mentioned that the government demonstrated a notable level of adaptability in its evolving stance towards the industry. This is noteworthy considering that Hong Kong had not always been receptive to cryptocurrency companies, but it has now shown a willingness to embrace them and adjust its approach accordingly.
