TechFlow news: Hong Kong Legislative Council member Ng Kit-ching stated that the Hong Kong Monetary Authority previously released a report on virtual banking. He expressed appreciation for the SAR government's efforts in supporting banking service upgrades and virtual bank development over the past few years. However, his team conducted a survey on Web3 companies' opinions regarding banking services in Hong Kong, which revealed that Web3 firms face difficulties opening bank accounts, thereby hindering their effective business development.
Therefore, he proposed three recommendations regarding virtual banking and Web3 development:
1. Virtual banks should expand diversified services and pursue differentiated development compared to traditional banks;
2. Hong Kong should promptly establish a "virtual asset/digital asset bank," or upgrade existing virtual banks to manage virtual assets, aligning with the SAR government's Web3 development strategy.
3. Hong Kong should accelerate the development of the Web3 ecosystem. Currently, virtual asset policies have become a focal point among governments worldwide. To position Hong Kong as a global Web3 hub, we must proactively promote comprehensive industrial chain and ecosystem development.
