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“Web3.0 Standardization Innovation Summit” Addresses Hong Kong’s Cryptoasset Regulations and CBDC Development

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On April 14th, at the \”2023 Hong Kong Web3 Carnival\” sub venue 4 \”Web3.0 Standardization Innovation Summit\”, Hong Kong Special Administrative Region Legislative Council Member (Tec

Web3.0 Standardization Innovation Summit Addresses Hong Kongs Cryptoasset Regulations and CBDC Development

On April 14th, at the “2023 Hong Kong Web3 Carnival” sub venue 4 “Web3.0 Standardization Innovation Summit”, Hong Kong Special Administrative Region Legislative Council Member (Technology Innovation Community) Qiu Dagen delivered a keynote speech, stating that at the regulatory level, the Monetary Authority has released a consultation summary of the discussion paper on cryptoassets and fixed currency, with the expectation of implementing regulatory arrangements in 2023 or 2024. At the level of legal tender tokenization, we have been studying CBDC for a long time. The government has already taken a clear stance and adopted a three track approach to development, with the official launch of the digital Hong Kong dollar on the third track. In addition, Bitcoin futures ETFs have already been launched in Hong Kong and have good trading volume, and there is also great room for tokenization of other financial products. The Web3 standards currently being practiced and designed in Hong Kong can reach the world.

Hong Kong Legislative Council Member: Expecting to implement regulatory arrangements for cryptocurrency assets and stable currency in 2023 or 2024

In a keynote speech at the “2023 Hong Kong Web3 Carnival” sub venue 4 “Web3.0 Standardization Innovation Summit”, Qiu Dagen, a member of the Hong Kong Special Administrative Region Legislative Council (Technology Innovation Community), shed light on the current state of Hong Kong’s cryptocurrency regulations and central bank digital currency (CBDC) development.

The Regulatory Landscape

At the level of regulatory framework, Qiu Dagen mentioned the Monetary Authority’s release of a consultation summary of the discussion paper on cryptoassets and fixed currency. The regulatory body expects to implement regulatory arrangements by 2023 or 2024. This move will likely provide a clear framework for companies working with cryptoassets in Hong Kong.

CBDC Development

Regarding the tokenization of legal tender, the government has been studying the development of CBDC for a long time. The state has already taken a clear stance and adopted a three-track approach to CBDC development, with the digital Hong Kong dollar launched on the third track.

Tokenization of Financial Products

Qiu Dagen went on to highlight the benefits of Bitcoin futures ETFs in Hong Kong, with good trading volume in the market. There is also significant potential for the tokenization of other financial products in the future.

Hong Kong’s Web3 Standards

Finally, the Web3 standards being practiced and designed in Hong Kong are expected to reach a global audience. These standards include technological and regulatory protocols for Web3.0, aimed at decentralizing various sectors, including finance and government services.
In summary, Hong Kong is currently on track towards a regulatory framework for cryptoassets and is studying the development of CBDC. Hong Kong is also recognizing the potential of the tokenization of various financial instruments, and Web3 standards are being developed to ensure global access to decentralized technology.

FAQs

#Q: What is Web3.0?

A: Web3.0 is the next generation of the internet that emphasizes decentralized technologies, such as blockchain and peer-to-peer networking.

#Q: What is CBDC?

A: CBDC stands for Central Bank Digital Currency, a digital form of fiat currency that is issued and backed by a central bank.

#Q: What are the benefits of Web3 standards?

A: Web3 standards ensure that decentralized technologies are interoperable and accessible to a global audience, ensuring that the Internet remains open and decentralized.

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