At the third Foresight Conference, David Chiu, a Hong Kong Special Administrative Region legislative council member, said they must soon introduce "legislation related to stablecoin."
Hong Kong’s budget revealed the city is expanding its digital yuan pilot testing to allow residents to top up e-CNY wallets through the FPS real-time system.
The funds will be used to support early-stage startups and local universities exploring novel artificial intelligence applications, providing computational support while attracting global talent.
Hong Kong's financial secretary envisions economic growth driven by Web 3 innovations like NFTs and metaverse, urging businesses to adopt blockchain for transformation.
The newly minted task force involves key players from the government, private sector, and professionals from academia as they collaborate to promote the "megatrend" of Web3.
Apart from its welcoming stance on digital currencies, Web3 startups looking to set up tents in Hong Kong also consider the region's property situation and the state of cross-border data flow.
Chan noted that under the policies of "grabbing" enterprises and talents, the gov't is actively reducing the tax burden on fintech and digital asset firms interested in setting up shops in Hong Kong.
Hong Kong’s Financial Secretary Paul Chan says the FTX crash only shows that the digital asset industry needs more transparency and regulations.
