Hong Kong Planning New Regulatory Framework for Web3, Virtual Assets

• At the 2023 Caixin Summer Summit, Hong Kong Financial Secretary Chen Maobo stated the city’s intention to push an appropriate regulatory framework.
• Chen Maobo is sure blockchain will “definitely continue to develop in the future”.
• Hong Kong’s true potential will be unlocked when China lifts its crypto ban, enabling its citizens to trade digital assets through the region.

During the 2023 Caixin Summer Summit on June 9, Chen Maobo, the Financial Secretary of the Hong Kong Special Administrative Region Government, announced Hong Kong’s intention to implement an appropriate regulatory framework that supports the responsible growth of web3 and virtual assets in the region.

The Hong Kong financial secretary noted that blockchain could build open, safe, low-cost platforms. Chen Maobo added that although some virtual asset service providers operate irregularly, blockchain will develop in the future regardless.

Chen Maobo stated: The basic technology of web 3.0 is blockchain. Whether you like it or not, blockchain will definitely continue to develop in the future.

Under the theme “Sailing Into a New Phase of Opening,” the 2023 Caixin Summer Summit brought together local and international senior government officials, influential global business leaders, authoritative experts, scholars, and renowned entrepreneurs.

Apart from Chen Maobo, the president of the Securities Regulatory Commission, the president of the Monetary Authority, and the chairman of the Hong Kong Stock Exchange will be present at the Caixin Summit.

Recently, Hong Kong introduced its highly anticipated regulatory regime for the crypto industry. But the region will only reach its true potential when China lifts its crypto ban and permits its citizens to trade digital assets through Hong Kong.

At the Caixin Summit, Maobo emphasized Hong Kong’s commitment to leveraging its strengths, actively aligning with the national development strategy, and promoting regional opening up and cooperation.

Chen Maobo believes that Hong Kong must play its role as an investment and financing high-value-added service platform. He acknowledges that while the world economy has recovered from the effects of the pandemic, the global political and economic landscape remains complex.