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Hong Kong launches HKLVAA & Web3 harbor to drive Web3 industry growth

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TL;DR Breakdown

  • Hong Kong establishes HKLVAA and Web3 Harbour for Web3 industry growth.
  • Hong Kong aims to become a global hub for digital assets.
  • Web3 Harbour and HKLVAA promote knowledge sharing and regulatory clarity.

Hong Kong’s Web3 industry witnessed a significant milestone on Monday as leaders came together to announce the establishment of two pioneering associations: the Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour.

The momentous occasion occurred at the highly anticipated Radical Finance Asia event, marking the beginning of a concerted effort to foster the growth and advancement of the virtual asset industry and decentralized internet within the region.

In a joint statement, the associations revealed their plans to open membership applications and kick-start a series of community activities, research initiatives, and educational programs commencing in July.

The founding board of Web3 Harbour boasts an impressive lineup of industry trailblazers, including prominent figures from Animoca Brands, DLA Piper, and WHub, with the esteemed participation of PwC Hong Kong as a knowledgeable partner.

Meanwhile, HKLVAA’s esteemed founding members consist of representatives from the Securities and Futures Commission (SFC)-licensed firms possessing authorization for engaging in virtual asset activities in Hong Kong.

These distinguished entities include HashKey Digital Asset Group Limited, Venture Smart Asia Limited, Victory Securities Company Limited, Axion Global Asset Management Limited, and MaiCapital Limited.

Hong Kong’s forthcoming regulations for the cryptocurrency industry are set to take effect on June 1, aligning with the city’s ambitious aspiration to establish itself as a global epicenter for digital assets. Interestingly, this development comes amidst a global landscape where the United States has initiated legal action against several crypto exchanges.

Countries like Thailand and Malaysia have tightened their regulatory frameworks in Asia, while Singapore has issued cautionary advisories to discourage retail cryptocurrency trading. Furthermore, India has imposed one of the most stringent tax regimes worldwide to dissuade investments in this burgeoning asset class.

Consequently, these circumstances have prompted numerous digital asset companies to seek more favorable jurisdictions, with Hong Kong emerging as a preferred destination.

Lawrence Chu, co-founder and Chairman of Venture Smart Financial Holdings, the parent company of a leading Hong Kong-based virtual asset manager, serves on the founding boards of HKLVAA and Web3 Harbour. He emphasized, “HKLVAA represents the interests of virtual asset entities licensed, or seeking licensing, in Hong Kong.”

Chu further underscored the distinctive approaches of HKLVAA and Web3 Harbour in addressing the diverse needs of their respective members, highlighting their shared emphasis on knowledge sharing and regulatory clarity. Ultimately, these associations strive to expedite the development and adoption of transformative Web3 technologies in the dynamic landscape of Hong Kong.

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