1. BITBILIHome
  2. Article

Hong Kong Is winning the battle for crypto dominance leaving the US  behind- Yat Siu

• 114 views

TL;DR Breakdown

  • Hong Kong is shifting its attitude towards blockchain technology, cryptocurrencies, and Web3, which is attracting the attention of industry experts and potentially enticing businesses away from the United States.
  • The co-founder of Web3 investment firm Animoca Brands Yat Siu acknowledged that the United States should not be disregarded in the Web3 race but highlighted the regulatory uncertainty that many firms in the sector face, leading to a “regime of fear.
  • Members of the Web3 task forces have entered into a two-year agreement with the Hong Kong government and will advise on strategies to drive industry growth.

Description

Hong Kong is shifting its attitude towards blockchain technology, cryptocurrencies, and Web3, which is attracting the attention of industry experts and potentially enticing businesses away from the United States. The city has been actively fostering the development of the Web3 space and enabling retail investment in cryptocurrencies. A notable step in this direction is the … Read more

Hong Kong is shifting its attitude towards blockchain technology, cryptocurrencies, and Web3, which is attracting the attention of industry experts and potentially enticing businesses away from the United States. The city has been actively fostering the development of the Web3 space and enabling retail investment in cryptocurrencies. A notable step in this direction is the establishment of the Task Force on Promoting Web3 Development, which includes 15 industry experts, including Yat Siu, the co-founder of Web3 investment firm Animoca Brands.

Siu emphasized Hong Kong’s evolving stance on crypto and Web3, positioning the city as an attractive destination for startups and established firms. Siu acknowledged that the United States should not be disregarded in the Web3 race but highlighted the regulatory uncertainty that many firms in the sector face, leading to a “regime of fear.” He pointed out that jurisdictions like Hong Kong, Japan, the Middle East, and Europe have started to establish consistent rules, unlike the inconsistent approach of the U.S. Securities and Exchange Commission (SEC), which recently filed separate charges against Binance.US and Coinbase for alleged unregistered securities offerings.

While Hong Kong has historically maintained a distance from the cryptocurrency space, the government has demonstrated agility by reversing restrictive policies and engaging in extensive consultations with industry proponents. Siu commended the government’s willingness to adapt and noted that Hong Kong has seized the opportunity to take a leadership position in driving Web3 development, contrasting with what he described as the U.S.’s self-sabotage of its potential as a prime destination for Web3 companies.

Web3 in Hong Kong

The Web3 task force in Hong Kong is expected to be an evolving initiative. Siu expressed pleasant surprise at the inclusion of numerous Web3 proponents, indicating the city’s commitment to fostering the sector. The task force is yet to convene its first meeting but is expected to hold regular discussions with various crypto, blockchain, and Web3 working groups established in Hong Kong.

Members of the Web3 task forces have entered into a two-year agreement with the Hong Kong government and will advise on strategies to drive industry growth. Siu envisions the task force playing a pivotal role in fostering talent and promoting blockchain solutions in tertiary education institutions, further strengthening the relationship between the government and the Web3 community.

Hong Kong’s efforts to nurture the Web3 sector have already yielded results. Cyberport, a technology hub in the city, has attracted over 150 Web3 firms this year. Additionally, companies are reportedly investing significant amounts, ranging from $2 to $25 million, to obtain virtual asset service provider licenses to operate in Hong Kong.

Hong Kong’s changing attitude towards blockchain technology, cryptocurrencies, and Web3, coupled with its proactive initiatives and engagement with industry experts, position the city as an emerging leader in the global Web3 landscape, potentially drawing businesses away from the United States.

Disclaimer: 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 Is winning the battle for crypto dominance leaving the US  behind- Yat Siu

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7月6日 10:06
Next 2023年7月6日 11:43

Related articles

  • AMD unveils game-changing AI chip to rival Nvidia

    TL;DR Breakdown AMD has unveiled a powerful AI chip, the M1300X, posing a significant challenge to Nvidia’s dominance in the AI market. The M1300X, designed specifically for AI applications, has a higher memory capacity than Nvidia’s H100 chip, and can be combined into a system of eight accelerators. AMD CEO, Lisa Su, highlighted AI as a crucial long-term growth opportunity, with the AI accelerator market expected to grow from $30 billion to over $150 billion by 2027. The tech world buzzed with excitement as AMD threw down the gauntlet, unmasking its latest AI chip, the M1300X. This advanced GPU, specifically designed for artificial intelligence applications, is AMD’s daring bid to challenge the undisputed leader of AI chips, Nvidia. AMD’s bold gamble to disrupt the AI market AMD, the Californian chip titan, revealed ambitious plans to rollout the M1300X, their most sophisticated graphics processing unit (GPU) for AI, starting in Q3 2023. The company intends to ramp up mass production in Q4. The introduction of this powerful new player represents the most considerable challenge yet to Nvidia’s dominance. Currently, Nvidia holds…

    Article 2023年6月17日

  • Jack Dorsey’s TBD leaps forward with Web5, opening the path for the next phase of the internet

    TL;DR Breakdown TBD, a Jack Dorsey’s Block subsidiary, has launched an open-source toolkit for its Web5 project, enabling developers to create decentralized internet applications. The Web5 platform prioritizes user autonomy and features wallets as agents for identity and data interactions, decentralized identifiers (DIDs), and secure digital certificates known as verified credentials (VCs). This move marks a significant shift toward a decentralized internet landscape, with the full Web5 platform set for a late 2023 release. Spearheading the decentralized digital revolution, TBD, a subsidiary of Jack Dorsey’s fintech firm Block (SQ), announced the launch of an innovative open-source toolkit for its Web5 project at Bitcoin 2023 in Miami. Designed to empower developers to craft decentralized internet applications, this initial release marks the dawn of an ambitious project promising to reshape the internet. Unlocking a new frontier with Web5 The core of the Web5 toolkit revolves around three ground-breaking technologies. First, decentralized identifiers (DIDs), like email addresses, ensure tamper-proof, self-owned identifiers. Second, verified credentials (VCs) provide secure digital certification that confirms legally valid data such as name, age, and asset ownership. Lastly, decentralized…

    Article 2023年5月21日

  • Uncertainty grips China’s digital economy as Trust Reserve’s core team disappears

    TL;DR Breakdown The Trust Reserve’s core team, formerly the CNHC Group, has suddenly disappeared. The Trust Reserve headquarters in Shanghai have been subjected to a judicial seizure. Trust Reserve had secured $10 million in a Series A+ funding round earlier this year. The skyline of China’s booming digital economy is currently shrouded in uncertainty as reports have emerged about the sudden disappearance of the Trust Reserve’s core team, formerly the CNHC Group. A prominent name in the blockchain realm, Trust Reserve is best known for issuing two major stablecoins, one backed by the Chinese Yuan (CNY) and the other backed by the Hong Kong Dollar (HKD). On May 29, the team vanished abruptly from the radar, sparking concern and raising eyebrows across the crypto community. According to a recent article by PANews, a few relatives of the missing team members have been informed about this unexpected development. When PANews reporters took the initiative to visit Trust Reserve’s headquarters in Shanghai, they were greeted by a stark notice declaring a “judicial seizure.” The implications of this finding have sent ripples through…

    Article 2023年6月4日

  • China’s Q2 economic performance raises concerns

    TL;DR Breakdown China’s Q2 GDP growth was 0.8%, lower than Q1’s 2.2%, due to decreasing exports and weak retail sales. Unemployment rate among 16 to 24-year-olds reached a concerning 21.3%. Government measures like infrastructure investment and tax breaks are being used to stimulate the economy. Despite the slowdown, some sectors such as catering and electric vehicles witnessed growth. Description Beneath the glimmer of its global economic prowess, China finds itself facing a worrying slowdown in Q2. Amid plummeting exports, dwindling retail sales, and a sluggish property market, the Eastern giant witnessed a mere 0.8% GDP growth compared to the prior quarter, sparking international concerns. This lukewarm performance serves as a sobering reminder that the … Read more Beneath the glimmer of its global economic prowess, China finds itself facing a worrying slowdown in Q2. Amid plummeting exports, dwindling retail sales, and a sluggish property market, the Eastern giant witnessed a mere 0.8% GDP growth compared to the prior quarter, sparking international concerns. This lukewarm performance serves as a sobering reminder that the path to global economic recovery is indeed rocky….

    Article 2023年7月18日

  • Binance faces leadership exodus amid regulatory crackdown

    TL;DR Breakdown Binance, the world’s largest cryptocurrency exchange, has experienced the departure of two senior executives, Gleb Kostarev and Vladimir Smerkis, who were overseeing operations in Eastern Europe and Russia. They join a list of other high-profile exits, adding to the challenges facing the company. The departures come amid increasing regulatory scrutiny from U.S. and other global authorities, including lawsuits from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. CEO Changpeng Zhao acknowledged the departures but did not elaborate on the reasons. Description Binance, the world’s largest cryptocurrency exchange, has seen the departure of two key executives overseeing its operations in Eastern Europe and Russia. This comes as the exchange faces increasing scrutiny from regulators in the United States and other countries. A spate of high-profile departures Gleb Kostarev, who was the regional head for Eastern Europe, the … Read more Binance, the world’s largest cryptocurrency exchange, has seen the departure of two key executives overseeing its operations in Eastern Europe and Russia. This comes as the exchange faces increasing scrutiny from regulators in the United…

    Article 2023年9月7日
TOP