1. BITBILIHome
  2. Article

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

• 168 views

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.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Hong Kong launches HKLVAA & Web3 harbor to drive Web3 industry growth

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月1日 23:38
Next 2023年6月2日 00:38

Related articles

  • China goes after offshore crypto exchange executives

    TL;DR Breakdown China is cracking down on offshore crypto exchange executives linked to online gambling transactions. Stablecoins, like Tether, are the favored currency for online gambling, presenting legal risks. Online gambling channels are being used to launder illicitly gained cryptocurrencies. Description China has kicked up a storm, turning its attention to major players in the offshore cryptocurrency exchange arena. A formidable force, China’s legal system is cracking down hard, hauling in top executives of these exchanges. The primary bone of contention? Accusations of enabling vast transactions related to online gambling sites. Stablecoins: A veil of legitimacy … Read more China has kicked up a storm, turning its attention to major players in the offshore cryptocurrency exchange arena. A formidable force, China’s legal system is cracking down hard, hauling in top executives of these exchanges. The primary bone of contention? Accusations of enabling vast transactions related to online gambling sites. Stablecoins: A veil of legitimacy for dubious deals Stablecoins, primarily Tether (USDT), have carved a niche as the cryptocurrency of choice for many industries due to the autonomy and flexibility they…

    Article 2023年8月7日

  • Sotheby’s auction nets $10.9M from confiscated NFT artwork

    TL;DR Breakdown In a second auction, Sotheby’s sold $10.9 million in NFTs from insolvent hedge fund Three Arrows Capital. The Goose for $6.2 million, Kyle Davies, co-founder of 3AC, bought it in August 2021 for about 1,800 ETH, or about $5.8 million. Sotheby’s completed a second auction of non-fungible token (NFT) artwork from bankrupt hedge fund Three Arrows Capital, generating over $10.9 million in sales. The collection, featuring works by renowned generative artists, saw high-profile sales, including “The Goose” by Dmitri Cherniak, which sold for $6.2 million. “The Goose” NFT sells for $6.2m in heated bidding A second auction of non-fungible token (NFT) artwork confiscated from the insolvent cryptocurrency hedge fund Three Arrows Capital (3AC) was completed by Sotheby’s on Thursday, netting over $10.9 million in sales. The “Grails” collection was represented at the live auction in New York. There were 37 pieces by generative artists, including Dmitri Cherniak, Tyler Hobbs, Jeff Davis, and others. The Ringers #879 by Dmitri Cherniak, sometimes known as “The Goose” due to its likeness to the bird, was one of the highlights of this…

    Article 2023年6月19日

  • Royal Bank of Canada forecasts cautious approach by Federal Reserve on CBDCs: Details

    TL;DR Breakdown RBC analyst Atul Bhatia predicts that the U.S. Federal Reserve will adopt a cautious, incremental approach to the development of a Central Bank Digital Currency (CBDC), focusing on enhancing existing systems rather than a complete overhaul. Bhatia highlights the potential efficiencies a digital dollar could bring, such as streamlined transactions, but also points out significant security, privacy, and governance concerns that could outweigh the benefits. Bhatia’s analysis aligns with a broader global trend of cautious CBDC implementation, suggesting that the U.S. Federal Reserve’s approach could serve as a model for other countries grappling with the complexities of digital currencies. Description Royal Bank of Canada analyst Atul Bhatia recently shed light on the U.S. Federal Reserve’s likely approach to Central Bank Digital Currency (CBDC) development, emphasizing a cautious, incremental strategy over a radical transformation. This perspective comes at a time when the concept of CBDCs is gaining global traction, promising to revolutionize the financial landscape. The … Read more Royal Bank of Canada analyst Atul Bhatia recently shed light on the U.S. Federal Reserve’s likely approach to Central Bank…

    Article 2023年9月2日

  • Pepe price analysis: PEPE market surges as bullish activity takes the lead

    TL;DR Breakdown Pepe price analysis shows a bullish market sentiment. PEPE is trading at $0.000001493, up by 2.39 percent. Resistance for PEPE is present at $0.000001523. The recent Pepe price analysis shows an increase in market activity, with PEPE trending upwards over the past 24 hours. PEPE’s price action has been relatively bullish, having established a new daily high of $0.000001523. PEPE is trading at $0.000001493, up by 2.39 percent from its 24-hour low of $0.000001428. The support level for PEPE is currently at $0.000001430, while the resistance level is at $0.000001523. The support level is acting as a buffer for PEPE’s price action, but it is also important to note that the market sentiment remains bullish. The resistance level is also providing a barrier to the upward trend, which could signal a potential reversal in the near future if the selling pressure persists. The market capitalization for PEPE is currently at $585 million USD, up by 2.42 percent from its yesterday’s close. The trading volume for the past 24 hours has reached a peak of $132 million USD, with…

    Article 2023年5月30日

  • Maple Finance Introduces New Lending Program

    TL;DR Breakdown Maple Finance launches a direct lending program to replace services previously provided by bankrupt Web3 lenders like Celsius and BlockFi. Traditional lenders lack the expertise to underwrite loans for innovative Web3 technology firms, emphasizing the need for Maple Finance’s direct lending program. Description Maple Finance, a prominent Web3 lending platform, has recently announced the launch of a direct lending program, aimed at replacing the services previously provided by bankrupt lenders such as Celsius and BlockFi. The move comes in response to the exit of major Web3 lenders from the space, leaving a void in the industry. Maple Finance’s … Read more Maple Finance, a prominent Web3 lending platform, has recently announced the launch of a direct lending program, aimed at replacing the services previously provided by bankrupt lenders such as Celsius and BlockFi. The move comes in response to the exit of major Web3 lenders from the space, leaving a void in the industry. Maple Finance’s direct lending program will enable the platform to provide loans directly to borrowers, utilizing its own credit underwriting expertise and capital from…

    Article 2023年7月1日
TOP