Hong Kong Financial Development Council Annual Report: In the global development of Web 3.0, Hong Kong has favorable conditions to play a leading role

2023-07-28 20:10:49

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ChainCatcher news, the Hong Kong Financial Development Council (FSDC) released its 2022/23 annual report, which points out that Hong Kong has favorable conditions to play a leading role in the global development of Web 3.0, including being an international financial center, having a wealth of local expertise, and a regulatory framework suitable for international investors.

Web 3.0 offers a range of new employment opportunities for young professionals, and the Hong Kong government provides opportunities for banks and other intermediaries to collaborate with licensed exchanges to offer virtual asset trading services. Tokenization will play an important role in Hong Kong, bringing traditional assets such as bonds, stocks, and even real estate into a new digital paradigm. Hong Kong is positioning itself as a global leader in developing virtual assets and technology complements (such as blockchain and Web 3.0).

Additionally, the government is working with local financial regulators to create a favorable environment for the sustainable and responsible development of the virtual asset industry, while establishing necessary safeguards according to international standards to mitigate actual and potential risks.

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