HONG KONG – Hong Kong is a growing location for Web3 and crypto innovation, its chief executive said on Wednesday.
John KC Lee, CEO of the Hong Kong Special Administrative Region, opened CoinDesk’s Consensus Hong Kong conference with a short speech on the city’s work to grow its crypto communities and businesses.
“The HKSAR government is committed to establishing Hong Kong as a global hub for digital asset innovation,” he said in recorded remarks. “That is why in recent years, Hong Kong has been actively building the regulatory framework to promote the steady and sustainable development of our Web3 ecosystem.”
Hong Kong is positioned to take advantage of both growing crypto efforts and its current position operating close to China and the broader financial markets, Lee said.
“Under the unique principle of ‘one country, two systems’, Hong Kong is the only city that converges both China’s advantage and global advantage,” he said. “…What’s more, Hong Kong’s financial regulatory system is strong and our financial market stands out for its deep liquidity, innovative products and world-class investor protection.”
More specifically, he pointed to Hong Kong’s efforts on cryptocurrency, including last year’s policy statement on regulating digital assets and working with stablecoins.
The Hong Kong Monetary Authority is close to issuing licenses for stablecoin issuers, he said, and said the first licenses could go out next month.
Similarly, the Hong Kong Securities and Futures Commission is working to increase the liquidity of the region’s virtual asset market to “further facilitate the development of this vibrant growth area.”
“Hong Kong is in a strong position in promoting Web3 development,” he said. “Hong Kong will continue to do its best to stay at the forefront of this fundamental change in finance and technology. We welcome companies and institutions from around the world to join us and build a brighter digital future together.”
