A Hong Kong deputy secretary-general says Web3 technology is changing the way the carnival opens

Deputy Secretary Huang Weilun proclaims Web3 a game-changer, with the goal of providing virtual asset platforms and developers with more legal protections for over-the-counter trading.

Deputy Secretary of Financial Services and the Treasury of the Hong Kong Special Administrative Region Huang Weilun reportedly said at the opening ceremony of the Web3 Carnival in Hong Kong on April 6 that Web3 is a groundbreaking technology.

He went on to say that responsible, sustainable, and steady development is what Hong Kong is all about. According to him, there are two key areas of concentration for Hong Kong’s Web3 development: first, assisting virtual asset trading platforms in Hong Kong, and second, providing assistance to developers working on Web3. The government of Hong Kong is now working on a bill that would legalise the over-the-counter (OTC) trading of virtual assets under supervision.

Huang brought up the fact that Hong Kong would soon allow intermediaries to support trades involving certain virtual assets, futures, and exchange-traded funds (ETFs). In addition, he shared the news that additional industry players would soon be joining forces to boost Hong Kong’s Web3 economy and deliver new prospects to the city.

Officials in Hong Kong are considering ways to hasten the widespread use of Web3 and cryptocurrencies. To fund research and development of Web3 technologies, the Hong Kong government set aside $6.4 million in February of last year from the annual budget.

Last year, cryptocurrency exchange Bitget set aside $100 million to support the spread of Web3 technology throughout Asia. Why? Because a lot of American businesses have been pressured to go outside the US for new prospects due to government restrictions. There is hope for expansion in Asia thanks to Hong Kong’s recent revisions to crypto exchange licencing.

At the same time, Cryptopolitan previously claimed that ZA Bank of Hong Kong will provide stablecoin issuers specialised banking services. It is believed that this action would hasten the adoption of the local Web3 technology. The notification from April 5 states that issuers may employ fiat reserves to secure digital assets. The issuers of stablecoins will also have access to a wide range of financial services, including the ability to make deposits, manage payroll, and transfer funds.

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