In a recent blog post, Paul Chan, the financial secretary of Hong Kong, emphasized the need for the city to push forward with Web3 technology, despite the ongoing volatility in the crypto market. Chan proposed a strategy that focuses on proper regulation and promoting development to facilitate the steady growth of Web3. He noted that Hong Kong plans to prioritize financial security, prevent systemic risks, and focus on investor education and protection, as well as measures around anti-money laundering.
The government of Hong Kong first floated the idea of introducing a bill to regulate crypto in October last year. By February 2023, the Securities and Futures Commission (SFC), the local securities regulator, released a proposal for a regime for cryptocurrency exchanges set to take effect in June. The industry has faced a bear market and setbacks with exchange collapses and ongoing scrutiny from regulators. However, Chan compared the…
