Hong Kong FSDC: Hong Kong positions itself as a global leader in virtual assets

Hong Kong Financial Services Development Council (hereinafter referred to as "FSDC") is vigorously promoting the development of Web3.0 ecology in Hong Kong.

In the recently released 2022/23 Annual Report (hereinafter referred to as the "Annual Report"), the FSDC pointed out that Hong Kong has favorable conditions to play a leading role in the development of the global Web 3.0, and Hong Kong's regulatory environment is conducive to institutional investors participating in the cryptocurrency industry. Hong Kong is positioning itself as a global leader in the development of virtual assets and complementary technologies.

1Positioned as a global leader in virtual assets

On July 27, the FSDC released its 2022/23 annual report, which pointed out that Hong Kong is positioning itself as a global leader in the development of virtual assets and complementary technologies (such as blockchain and Web 3.0), and Hong Kong’s regulatory environment is conducive to institutional investment participants in the cryptocurrency industry.

In October last year, the Hong Kong government issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong", which clarified the policies and guidelines to be implemented for the development of the virtual asset industry and ecosystem in Hong Kong, and proposed that Hong Kong will provide global innovation personnel engaged in virtual asset business Maintain an open and compatible attitude, and create a convenient environment to promote its sustainable development.

Currently, the vigorous development of Web3.0 in Hong Kong is attracting the attention of Web3.0 entrepreneurs around the world.

The annual report pointed out that in the development of global Web 3.0, Hong Kong has favorable conditions to play a leading role. Hong Kong is an international financial center with rich local expertise and a regulatory framework suitable for international investors. The government is working with local financial regulators to create an enabling environment for the sustainable and responsible development of the virtual asset industry, while establishing necessary safeguards in line with international standards to mitigate actual and potential risks.

In an interview, Au King-lin, executive director of the FSDC, said that the bankruptcy of the cryptocurrency exchange FTX once made the industry panic. , will enable the entire market to have a clear and compliant framework to develop.”

Web3.0 is bringing development opportunities to Hong Kong.

According to the annual report, Web 3.0 is a new era of the Internet, integrating cryptocurrencies, non-homogeneous tokens and metaverses, providing professionals who are determined to provide solutions with the opportunity to shape the future digital world. In addition, Web 3.0 offers a range of new job opportunities for young professionals.

Wu Jiezhuang, a member of the Hong Kong Legislative Council, told Techub News that Web3.0 is very broad and includes, in addition to virtual assets, Metaverse, Gamefi, DeFi, AI, etc. Web3.0 is an emerging industry, and there is no monopoly giant company yet. We hope to develop the Web3.0 industry and create more opportunities for Hong Kong, especially for young people to have opportunities for upward mobility.

The annual report reviewed the work of the FSDC from April 2022 to March 2023. The annual report pointed out that the FSDC actively carried out marketing promotion. During the period from September to November 2022, the FSDC made three overseas visits to tell the story of Hong Kong, including in 10 countries around the world. venue, participated in 21 roundtables/conferences and over 80 conferences to enhance global confidence in Hong Kong's financial services industry.

Web3.0 is an important part of FSDC's promotion work.

In October 2022, the FSDC held a panel discussion on "Future Vision of Hong Kong's Digital Assets and Blockchain Industry" at the Hong Kong Financial Technology Week. The executive director of the FSDC, Au Jinglin, presided over the discussion. The participating guests included Ouyang Qijun, President of Animoca Brands, Concept Capital partner Zhang Ruiqi, block technology founder Wang Shisong, etc.

In November 2022, Au Jinglin participated in the Cryptocurrency Leadership Symposium in London, England, to discuss "Trends and Opportunities in Hong Kong's Virtual Assets and Blockchain", and relevant leaders of Jujube Technology, GFT Financial, Quinlan & Associates, etc. participated in the discussion.

2 Hong Kong can be used as a pilot for the development of virtual assets in the country

According to the official website of the FSDC, the FSDC was established by the Hong Kong Special Administrative Region Government in 2013. It is a high-level and cross-sector consulting organization that aims to consult the industry on promoting the development of Hong Kong's financial services industry and the strategic development of the financial industry. suggestion.

In September 2018, FSDC was registered as a company limited by guarantee, enabling it to perform its functions more flexibly in research, marketing and talent cultivation.

According to the annual report, the objectives of the FSDC include: providing the government with strategic advice on developing Hong Kong’s financial market and strengthening Hong Kong’s competitiveness as an international financial center; supporting the financial service industry to enhance the core competitiveness and knowledge of practitioners; industry and Hong Kong's advantages as an international financial center.

As early as the beginning of last year, the FSDC suggested that Hong Kong vigorously promote the development of Web3.0.

In January 2022, Li Luren, chairman of the FSDC, said in an exclusive interview with the media that the Hong Kong Special Administrative Region can be used as a pilot for the country to develop virtual assets. Virtual assets can bring opportunities for the development of financial technology in Hong Kong. Hong Kong can first work on anti-money laundering, securities laws, and tax laws to catch up with the needs of developing virtual assets as much as possible.

In December last year, Li Luren said in a TV program that virtual assets have the risk of bubbles, but technology development is the general trend. Only when virtual assets are brought under supervision can the market develop in an orderly manner. The risk of virtual assets is very high. If it is not supervised and recognized, the risk will actually be greater.