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US crypto regulatory uncertainty could be a boon for Hong Kong

As recently reported, industry experts believe Hong Kong’s growing interest in blockchain technology, cryptocurrencies and Web3 could persuade businesses to leave the United States.
Over the past year, the city has made a number of initiatives to promote the development of the Web3 sector and enable retail investment in cryptocurrencies. The most recent example is the creation of the Web3 Development Support Task Force.
Yat Siu, co-founder of Web3 investment firm Animoca Brands, is one of 15 industry experts invited to advise the task force. will directly interface with key government officials and financial regulators.

Exciting news! Yat Siu (@ysiu), our co-founder and chairman of the board, has been appointed as a member of the Web3 Development Promotion Task Force established by the SAR Government. Yat believes the Task Force’s work will help shape not only #HongKong but globally…

In an extensive exclusive interview with coin telegramSiu highlighted the gradual change in Hong Kong’s attitude towards cryptocurrencies and Web3 in recent years;
Acknowledging that the United States should not be “left out” in the Web3 race, Siu said many companies in the industry operate “in a regime of fear” due to a lack of regulatory clarity. This situation intensified In recent months, since the U.S. Securities and Exchange Commission (SEC) filed separate charges against Binance.US and Coinbase regarding a series of unregistered securities offerings.:

“The SEC doesn’t seem to want to be consistent at this point, unlike other jurisdictions like Hong Kong or Japan, the Middle East, or even Europe, which have rules that are starting to be consistent.”

Siu said Hong Kong sees an opportunity to take a leadership position in terms of leading the development of Web3. While the United States apparently “self-sabotaged” its potential primary target for companies in the industry.
Hong Kong has also kept the cryptocurrency industry at arm’s length for several years with restrictive policies. Retail investments in cryptocurrencies banned It was only recently canceled after long consultations with industry advocates.
Siu added that he has shown a certain level of “agility” in changing his stance towards the industry, given that the government has not always welcomed crypto companies.
The Hong Kong Web3 task force is likely to run pretty smoothly. Siu told Cointelegraph that he was pleasantly surprised at the inclusion of so many Web3 supporters. demonstrates the city’s intention to continue to develop the industry.
While Siu plans monthly or quarterly meetings with a number of cryptocurrency, blockchain and Web3 working groups set up in Hong Kong, the work team has yet to meet.
Members of the Web3 task force have signed a two-year deal with the Hong Kong government and are set to advise on ways to drive growth in the industry. Siu is waiting for this The task force will lead the development of the industry by fostering talent and promoting the discovery of blockchain solutions in higher education institutions.:

“I think it’s a great way to engage with government more closely and move forward on the Web3 adoption agenda.”

As previously reported, Hong Kong’s efforts to revive its Web3 sector have enabled the city’s Cyberport to attract more than 150 Web3 companies this year, while companies $2 to $25 million Obtaining virtual asset service provider licenses to operate in the city.

Translation of Walter Rizzo

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