To position Hong Kong in the virtual asset market, the Hong Kong Web3 Association has been established.
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To position Hong Kong in the virtual asset market, the Hong Kong Web3 Association has been established.
The SAR government is committed to developing the third-generation internet (Web3.0). It is reported that several fintech companies and industry leaders from both mainland China and Hong Kong, along with multiple Legislative Council members, will form the Hong Kong Web3.0 Association, officially launching tomorrow (the 11th). The association will be chaired by former HKMA Chief Executive Norman Chan, who has recently been active in financial innovation and technology, while former Secretary for Financial Services and the Treasury K C Chan will serve as Chief Financial Advisor.
Navigating Web3 tides with focused insights
The SAR government is actively promoting the development of the third-generation internet (Web3.0). It has been reported that several fintech companies from mainland China and Hong Kong, industry leaders, and multiple Legislative Council members have formed the Hong Kong Web3.0 Association, which will be officially launched tomorrow (April 11). The association will be headed by former HKMA Chief Executive Joseph Yam as its chairman, with former Financial Secretary K C Chan serving as Chief Financial Advisor. It is understood that Chief Executive John Lee and officials from the Central Government's Liaison Office will attend the launch ceremony at the Hong Kong Exchange trading hall, underscoring support from both the central and SAR governments.
The SAR government is actively promoting the development of the third-generation internet (Web3.0).
The Hong Kong Web3.0 Association will be launched tomorrow, with prominent figures joining its ranks—Joseph Yam to serve as chairman.
The Hong Kong Web3.0 Association launches tomorrow, with K C Chan appointed as Chief Financial Advisor.
Ng Kit-ching has led the establishment of the "Web3Hub" fund this week.
The HKMA may issue digital Hong Kong dollars in the form of a "stablecoin," although a final decision is expected only after discussions with the central authorities.
Virtual assets are a key component of the Web3.0 ecosystem. Analysts suggest the HKMA may issue digital Hong Kong dollars via a "stablecoin" model. While a final decision awaits consultation with Beijing, such a move would position Hong Kong ahead of the curve in entering the virtual asset market, giving it a leading edge.
Hong Kong Web3.0 Association members are all heavyweight figures in the industry:
The founding members of the Hong Kong Web3.0 Association are all major players in the industry. Sources indicate honorary presidents include Li Feng, Chairman of China Mobile Hong Kong; Chen Chun, academician of the Chinese Academy of Engineering; and Chen Shaojie, founder and president of the Global Xiamen University Finance Alumni Federation. The Honorary Advisory Committee includes Frank Hsia, co-founder of China Mobile Games and a deputy to the National People's Congress; Tian Xiao'an, Vice President of TikTok Group; Huang Minghui, academician of the Singapore National Academy of Engineering; Yim Kong, Legislative Council member and Deputy Chairman of China Merchants Port Holdings; along with LegCo members Alfred Chan, Keith Kwok, Hung Man, and Chan Hoi-yan.
Government's intent to develop Web3.0 has long been evident:
The government’s intention to advance Web3.0 development has been clear for some time. Last October, it released the “Policy Statement on Development of Virtual Assets in Hong Kong,” prompting over 200 virtual asset trading firms to relocate their headquarters back to Hong Kong from Singapore. Subsequently, Chief Executive John Lee announced plans in his first policy address to launch a central bank digital currency—digital Hong Kong dollar (e-HKD). The HKMA will conduct retail-level pilot tests for e-HKD this year and has already published a consultation summary on crypto assets and stablecoins early this year, with a regulatory framework expected to be introduced within the year.
Additionally, Ng Kit-ching, co-founder of startup accelerator G-Rocket, has spearheaded the establishment of the “Web3Hub” fund this week to support more overseas Web3.0 companies setting up in Hong Kong. Responding to inquiries, Ng confirmed the launch of both the association and the fund, describing this week as particularly vibrant for Web3.0, creating an atmosphere that positions Hong Kong as an industry hub. He noted strong global interest, with many international companies planning visits this week to explore Hong Kong’s development landscape.
Ng also urged the HKMA to actively consider issuing the digital Hong Kong dollar in the form of a “stablecoin,” which could facilitate future online cross-border transactions and reduce the risk of financial crises. He pointed out that most current “stablecoins” are pegged to the US dollar but are issued by private markets. For example, Terra’s UST stablecoin previously collapsed due to capital attacks and debt crises, triggering a broader financial crisis.
He added that if the Hong Kong government could pioneer a globally first official “stablecoin” backed by cash reserves, it would enhance stability, prevent insolvency risks, and establish the Hong Kong dollar firmly within the Web3.0 market, securing a leadership position in the industry. He also noted that the general public may need more time to appreciate the transformative impact of Web3.0—just as Web1.0 lacked e-commerce capabilities, while today’s Web2.0 enables universal online shopping. By seizing the initiative now, Hong Kong can secure significant advantages in the future.
The central bank digital currency currently under study by the HKMA refers to digital money issued by a national or regional central bank, fully backed by physical assets—meaning each digital unit corresponds to actual cash held in reserve. In contrast, privately issued cryptocurrencies may not have equivalent cash reserves, making them vulnerable to bank runs if users suddenly withdraw en masse.
Reporter: Kathy Kwok
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