Will China dominate Web3? Here's 5 Reasons Why that Might Be True. The article discusses Hong Kong's emergence as a technological superpower in the Web3 space, positioning itself to become the world's Web3 hub. Hong Kong's ambitious plans, regulation ideologies, and digital trade deals are highlighted as reasons for its dominance. The article mentions the establishment of the Institute of Web 3.0, which focuses on blockchain, regulations, licensing, and the establishment of a Web3 hub. Hong Kong's regulation of DeFi through licensing requirements for decentralised exchanges is discussed, and the importance of regulation, safety, efficiency, and transparency is emphasised. The article also mentions that Hong Kong's biggest virtual bank, ZA, funds crypto start-ups and transfers stablecoins through licensed exchanges. Hong Kong has partnered for digital Web3 trades and invested $1.2B into technology development, with a focus on health tech, AI, and Quantum tech, forming a regulated digital economy. The article concludes that it is still early days in Web3 and tech, and a lot can change, but Hong Kong is positioning itself as a crypto-friendly alternative to competing parties.
April 15, 2023