Hong Kong turns to Japan for advice after ‘mind-boggling’ Web3 influx

Hong Kong is looking to Japan for guidance to become a friendly environment for cryptocurrency following an overwhelming response to Web3 investment.

In light of Hong Kong’s commitment to developing cryptocurrency infrastructure, fintech official King Leung has visited Japan to talk with policymakers and regulators in Tokyo to better understand the idea around Web3 digital assets.

In an interview with Cointelegraph reporter Jesse Coghlan, King said that understanding the rationale behind Japan designing those regulations was something worth taking the trip for.

In October, Hong Kong initiated its efforts to establish itself as a leading global center for cryptocurrency by introducing policies aimed at fostering a crypto-friendly regulatory framework for the industry within its borders.

King also mentioned talking to industry players to get a holistic view. According to King, findings from his visit would be reported back to policymakers and regulators in Hong Kong to be included in the considerations for designing the city’s regulations concerning digital assets.

King explained that digital assets, including other assets such as tokenized bonds and tokenized revenue streams from internet protocols (IP), would likely be monetized to create revenue streams. This was in response to the strategic importance of Web3 and crypto in the context of the economic development of Hong Kong and was in line with one of the discussions he had in Japan.

Related: Hong Kong fund plans to raise $100 million for crypto investment

According to King, “InvestHK did not expect this enormous, massive level of enthusiasm.” He described it as mind-boggling as he received statistics saying that, in March and April alone, Hong Kong has had over 100 Web3- or digital asset-related events. King mentioned that despite the fact that the natural inability to satisfy the needs of the market completely, the government is working as quickly as it can.

Regarding the readiness of the government toward these Web3 plans, King said the projects might not be ready by June 1 and that the government just has to prioritize and do the things that have the biggest impact first.

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