Hong Kong is a growing locale for Web3 and crypto innovation, according to Chief Executive John KC Lee. He opened CoinDesk’s Consensus Hong Kong conference to outline the city’s work to grow its crypto communities and businesses. Lee said the HKSAR Government is committed to establishing Hong Kong as a global hub for innovation in digital assets and has been actively building a regulatory framework to promote the Web3 ecosystem. Under the ‘one country, two systems’ principle, Hong Kong is the only city that converges both the China advantage and the global advantage.
He noted that Hong Kong’s financial regulatory system is robust, and the market stands out for deep liquidity, innovative products and strong investor protections. The Hong Kong Monetary Authority is close to issuing licenses for stablecoin issuers, with the first licenses expected in the next month. Similarly, the Securities and Futures Commission is working to grow virtual asset market liquidity to facilitate this vibrant area of growth. We welcome companies and institutions from around the world to join hands with us, and build a brighter digital future together.
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