According to Cointelegraph, industry experts believe that Hong Kong is shifting its perspective toward blockchain technology. It is expected that this can result in the shift of cryptocurrencies and Web3.0 businesses from the United States.
Sources revealed that “Yat Siu (@ysiu), our co-founder and executive chairman, has been appointed to the Task Force on promoting Web3.0 development, established by the HKSAR government. Yat believes that the work of the Task Force will help to shape not only Hong Kong but also globally in the adoption of blockchain technologies,” Animoca Brands, a Web3.0 investment firm tweeted.
It is believed that Yat Siu mentioned that many firms in the sector are operating “under a regime of fear” due to a lack of proper regulations. “The SEC doesn’t seem to be wanting to be consistent about this, in contrast to Hong Kong, or other jurisdictions like Japan, the Middle East or even Europe, which have rules that are starting to become consistent,” Yat Siu explained.
Furthermore, “I think it’s a great way in which we could build a closer relationship with the government and also sort of push forward the Web3.0 adoption agenda,” Yat Siu told Cointelegraph.
(With insights from Cointelegraph)