Hong Kong Continues Web3 Efforts, Poised to Beat the US

• Hong Kong has been taking initiatives to establish the city at the forefront of the Web3 space.
• The city’s endeavors have placed Hong Kong ahead of the United States, the nation that is falling from its previous crypto lead.
• The organization of the Task Force intended to promote the Web3 sector in Hong Kong is a recent development in the city.

According to the latest revelations by industry experts, Hong Kong’s diligence in establishing the city as a cardinal spot for the digital asset, blockchain, and Web3 industries has placed the city ahead of the United States, the nation that earlier led the crypto space. 

Among the city’s several endeavors to develop Hong Kong as a Web3 hub, the latest was the organization of the Task Force, with the intention to promote the Web3 sector. According to the Government of the Hong Kong Special Administration Region’s statement, the authority announced the establishment of the Task Force, comprising 15 non-official members and 11 government officials.

Yat Siu, an entrepreneur and co-founder of Animoca Brands, a Hong-Kong based Web3 investment firm is one among the 15 industry experts invited to the Task Force’s advisory committee. According to a tweet shared by the platform on July 3, the entrepreneur believes that the establishment of the Task Force would help enhance the global adoption of blockchain technology.

Siu further shared his enthusiasm for becoming a part of the initiative, stating:

I am honored to be appointed to the Task Force and I look forward to contributing to this forward-thinking initiative. The Task Force firmly establishes Hong Kong as the leading example of a mature and highly modernized economy that embraces the remarkable opportunities presented by Web3, blockchain, virtual assets, and the open metaverse.

However, while analyzing the trajectory of the US crypto industry, it is unveiled that the US is “squandering” the early crypto lead, as pointed out by Coinbase CEO Brian Armstrong. Partially as a consequence of the alleged fraud of the ex-CEO of FTX, Sam Bankman-Fried, the US crypto regulators have been burdening the crypto community as a whole over the past few months, with rigid and rigorous laws.

Following the Securities and Exchange Commission’s (SEC) charges against the leading crypto exchanges including Binance and Coinbase, the crypto industry of the nation started falling, with its crypto trading volume plummeting to 10.3% from the previous year’s 27.2%.  The tech investor Chamath Palihapitia asserted in a podcast recently that the US authorities have been hostile to the crypto community, commenting “Crypto is dead in America.”