What’s Next for Hong Kong in the Web3 Sphere Following Last Week’s Grand Web3 Festival?

Last week, Hong Kong hosted a captivating Web3 carnival, becoming a focal point for global Web3 enthusiasts. This event not only featured a diverse range of activities and various off-site exchanges and parties but also showcased its influence and allure on the Asian Web3 stage. Undoubtedly, this was one of the most highly attended events in Hong Kong’s history.

Hong Kong has always been a critical hub for Web3 development in Asia, standing out particularly in the field of blockchain technology and applications compared to South Korea and Singapore. Not only has Hong Kong established a stringent regulatory framework, but it has also successfully attracted over 220 Web3-related companies to set up offices. Recently, Hong Kong has made significant progress in the research and development of Bitcoin ETFs, which is expected to enrich the local stock market’s product lineup and attract more retail and institutional investors, further boosting Bitcoin’s market value.

In terms of project development, Hong Kong has implemented strict regulations on centralized exchanges, requiring them to obtain relevant licenses. Prominent exchanges such as OKX, Bybit, and Crypto.com are actively expanding their operations in Hong Kong.

Regarding market regulation, Hong Kong maintains stringent requirements for centralized exchanges to ensure all operators must obtain official licenses. To date, several well-known trading platforms, including OSL Exchange and HashKey Exchange, have been authorized to operate in Hong Kong. Particularly noteworthy is HashKey Exchange, which since its launch in August 2023, has seen trading volumes exceed HKD 370 billion and registered users reach 170,000. Adding to its visibility and credibility, Ethereum founder Vitalik Buterin recently announced in Hong Kong that he had become a user of HashKey Exchange Global. Additionally, HashKey has launched innovative products such as HashKey Capital and HashKey Cloud, actively promoting the development of the Web3 ecosystem.

As Hong Kong continues to push forward and implement Web3-related initiatives, its leadership position in the global Web3 domain is set to be further solidified. Looking ahead, Hong Kong’s journey in Web3 innovation is filled with limitless potential and opportunities.

What’s Next for Hong Kong in the Web3 Sphere Following Last Week’s Grand Web3 Festival? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.