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Web3 Connect: Hong Kong and the World
Activity details:
date:September 7, 2024 (Saturday)
time:From 2:30 to 6:00 p.m.
Place:Cyberport Mall Atrium CyberArena
Organizer:Cyberport, Cyberport Web3 Base
Co-organizer:Hong Kong Information Technology Association, Foresight Ventures
Attendant guests:
Speakers include Mr. Chan, Deputy Director of Financial Affairs and Treasury, Ms. Jumei-En, Director of Corporate Development at Cyberport (Technology and Innovation Industry) and Chairman of the Hong Kong Information Technology Federation, Mr. Emily Parker, Famous Writer, Foresight Ventures Co-founder, ForestMr. Bai, as well as the following industry leaders and visionaries:
Liu Yu, CEO of Yuanbi Technology
Terminal 3 co-founder Liu Kerui
Du Yu, general manager of Wanxiang Blockchain Laboratory
Yam Ki Chan, Vice President, Asia Pacific, Circle
Dominic Maffei, Head of Digital Assets and FinTech, Standard Chartered Bank, Hong Kong
Zhu Haokang, head of digital asset management and family wealth manager of Huaxia Fund in Hong Kong
Lin Zhanyan, head of Animoca Brands stablecoin project
Excerpts of the activity:
To cope with changes in Hong Kong and global regulatory environment, Hong Kong Cyberport held at CyberArena on September 7“Web3 Connect: Hong Kong and the World“The activities of the government, finance, and technology industry leaders and visionary people, together with the start-up elites, discuss stable currency policies and development in different countries and regions, including those involved in the stablecoin issuer launched by the HKMA.The representative of the sandbox, and the number of physical and online participants is as high as 10,000.
Mr. Chan Haolian, Deputy Director of Financial Affairs and Treasury, delivered an opening speech to the conference, saying that Hong Kong issued a policy declaration on the development of virtual assets in Hong Kong since 2022, clarifying that the government has set a decision to develop a vibrant virtual asset industry and ecosystem in Hong Kong.The policy stance and policy have achieved many milestones, laying the foundation for the next wave of development opportunities of Web3.0 in Hong Kong.
As the organizer of this event, Ms. Zhu Meien, Director of Corporate Development of Cyberport, said in her opening speech that Cyberport is a flagship and entrepreneurship cultivation base for digital technology in Hong Kong. After receiving strategic investment from the Hong Kong government last year, it launched a number of talent training projects and talent training projects after receiving strategic investment from the Hong Kong government last year., promote industrial development and technological application, and enhance public awareness of the Web3.0 industry and other plans to accelerate the development of the Web3.0 industry.Since the establishment of the “Cyberport Web3 Base”, it has gathered more than 260 companies engaged in Web3.0 so far, covering financial technology, smart life and digital entertainment.
Mr. Chiu Dagen, a member of the Legislative Council (Technology Innovation Industry) and Chairman of the Hong Kong Information Technology Federation, said in his speech on behalf of one of the co-organizers of the Hong Kong Information Technology Federation that day that he said that he would like to see that everyone is not afraid of the arrival of the typhoon “Capricorn”, which has led to temporary changes in the event.One day, we were still gathered to discuss changes in the regulatory environment in Hong Kong and the global market, which shows the strong interest of the people present in the development of this emerging industry.
This forum also specially invited Ms. Emily Parker, a famous writer and former executive director of CoinDesk, to Cyberport to give a speech, covering topics and stablecoin discussions on the global regulatory environment.She has served as a policy planner at the U.S. Department of State and a reporter from the Wall Street Journal, and in recent years she has focused on writing and speaking on global digital asset regulatory trends.EmilyThe focus of the speech on the trend of virtual asset supervision is as follows:
“Crypto friendly” does not mean “Crypto-Easy” because “Crypto-Easy” jurisdictions have strict requirements on sustainable development.For example: Hong Kong has comprehensive regulations and direct rules; Singapore is friendly to asset tokenization, which does not mean cryptocurrency; Japan was one of the first countries to formulate comprehensive stablecoin regulation, but its threshold is very high; South Korea has strong retail investorsThe market, however, still has a gray area; cryptocurrencies have also become a problem in the US election, and there have been many cases related to the US Securities and Exchange Commission (SEC) in this area.
Hong Kong is heading to become a digital asset center, with comprehensive virtual asset supervision and exchange licenses that allow retail trading.Hong Kong is taking prudent measures to reach 98% of the “cold wallet” regulations and comply with strict supervision.Hong Kong is also actively committed to the development of Web3.0, providing new “sandbox” for stablecoin issuers and real-time ETFs for Bitcoin (BTC) and Ethereum (ETH).
Emily also conducted a detailed analysis of the jurisdictions.Singapore has clear supervision of tokenization. Ravi Menon, former director of the Monetary Authority of Singapore (MAS), once said: “Cryptocurrencies failed to pass the test of digital currencies”; Japan has clear, friendly and strict cryptocurrency regulation., and clarified the legal status of the “Decentralized Autonomous Organization (DAO). However, in terms of taxation on cryptocurrencies, the tax rate is as high as 55%, which is one of the reasons why the country has not yet launched a Bitcoin spot ETF, as compared with the currentCompared with some people in the Web3.0 industry, this may be detrimental to ETF issuers with lower tax rates.
Foresight VenturesCo-founderForesight BaiAt the event, we also shared the challenges and opportunities of Hong Kong’s establishment of a global Web3.0 supply chain network.He pointed out that Web3.0 is inherently more international, and Hong Kong’s traditional positioning as a financial and import and export hub can play a role in Web3.0, including having the world’s top universities, support for startups, and having well-fundedLocal enterprises, etc.However, the challenge is that Hong Kong only developed Web3 two years ago. Hong Kong still needs to catch up further and have more local Web3.0 companies, including by increasing efforts to attract global talents, increasing financial support for Web3.0 companies, and for the early stageProject teams and developers provide support and encourage more Web3.0 cases in daily life, etc.
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The Hong Kong government promotesWeb3.0Support for the development of the ecosystem and related measures introduced by Cyberport
The Hong Kong government issued a policy declaration on the development of virtual assets in Hong Kong in 2022, clarifying the government’s policy positions and guidelines for developing a vibrant virtual assets industry and ecosystem in Hong Kong.
Since then, Hong Kong has achieved many milestones, including the introduction of the licensing system of the proposed asset exchange in June last year; in April this year, the first batch of spot virtual asset ETFs in Asia were listed in Hong Kong; at the beginning of this year, the completion of the licensing of the proposed asset exchange andPublic consultation on the stablecoin regulatory framework.
In March this year, Hong Kong took another important step to introduce a stablecoin “sandbox” to further improve its plan.The HKMA has received inquiries from dozens of institutions.In July this year, the HKMA announced the first three participants to participate in the “Sandbox”.These measures and regulation further laid the foundation for the development of Hong Kong Web3.0.
As a flagship and entrepreneurship cultivation base for digital technology in Hong Kong, Cyberport received a fund of RMB 50 million from the Hong Kong government last year to accelerate the development of the local Web3.0 ecosystem.
Cyberport has been constantly cultivating talents, promoting industrial development and technological application, and enhancing the public’s awareness of the Web3.0 industry to accelerate the development of the local Web3.0 ecosystem.
Since the establishment of the “Cyberport Web3 Base”, Cyberport has gathered more than 260 companies engaged in Web3.0 in local, mainland, and 19 overseas countries so far, covering financial technology, smart life and digital entertainment.
These include three unicorn companies, namely blockchain game provider Animoca Brands, Asian digital asset financial services group HashKey, Web3.0, and blockchain security company CertiK.
As the base camp of Hong Kong’s FinTech and Web3.0, Cyberport has been encouraging startups to cooperate with different institutions and government departments through different pilot programs.For example: Cyberport Startup EVIDENT and Linghu Chong will participate in the Hong Kong Monetary Authority (HKMA) wholesale level central bank digital currency (wCBDC) project. In the Ensemble “sandbox” plan, a plan for green and sustainable finance, cooperative tokens,To improve physical assets (RWA) and use blockchain technology to improve the transparency and efficiency of green and sustainable finance.Two Cyberport startups (Yunbi Technology and Animoca Brands) also participated in the “sandbox” of the HKMA’s stablecoin; another participant, JD.com Coin Chain Technology, is a “Cyberport Enterprise Network” (CEN) partner; community membersHashKey is one of the two licensed virtual asset trading platforms in Hong Kong and is also the issuer of Hong Kong virtual asset ETF.
In order to build a vigorous third-generation Internet ecosystem, Cyberport has established the “Web3.0 Investment Circle” (W3IC) to establish an exclusive investor network in the Web3.0 field and promote investments related to Web3.0 projects.Cyberport has also supported more than 60 industry conferences and events; Cyberport “Web3 Living Lab”, which demonstrates the latest innovative solutions for Web3.0, has received more than 15,000 visitors so far, including government officials, companies andWeb3.0 Enterprise.
As technological innovation becomes the mainstream of the world economy, all walks of life have entered the peak period of digital transformation, and local and even global markets are eager for talent in innovation and science talents.As a key innovation and science training base in Hong Kong, Cyberport has always been committed to cultivating scientific and technological talents and entrepreneurs, while promoting the development of the technology industry, promoting the digital transformation of public and private institutions, and creating new economic impetus for Hong Kong.
This year, the Cyberport University Partner Program (CUPP) focused on Web3.0 and entrepreneurship training, trained more than 40 students from 11 local universities and 20 program teams, and set up a training camp in Silicon Valley..
Technology is changing with each passing day. As the development of artificial intelligence gradually matures, it is expected to bring huge potential and widespread applications.As Hong Kong’s leading artificial intelligence base, Cyberport is committed to building Hong Kong’s first large-scale artificial intelligence supercomputing center, and the first phase of the facilities will provide services within the year.
In the latest “Financial Budget”, the Hong Kong government allocates 3 billion yuan to fund universities, R&D institutions and enterprises to use the computing power of Cyberport Artificial Intelligence Supercomputing Center. The relevant facilities will enhance Hong Kong’s different scientific research and application fields, including life and health technology., research and development capabilities of artificial intelligence and data science, advanced manufacturing and new energy technology, and at the same time, attract start-ups and scientific research talents from home and abroad to come to Hong Kong, helping Hong Kong to give full play to its advantages in basic scientific research and internationalization.
In the future, with the strong support of the Hong Kong government, Cyberport will continue to make good use of its unique advantages to provide a platform for exchange, cooperation and resource sharing for all participants, and at the same time promote cross-sector cooperation, cooperate with leading technology companies, andEffectively promote the development of innovation and science industries including artificial intelligence and the third generation of Internet, and empower innovation and digital economy.
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About CyberportAs a flagship and entrepreneurship cultivation base for digital technology in Hong Kong, Cyberport brings together more than 2,000 community enterprises, including more than 900 park-based startups and technology companies in more than 1,100 non-campus-based startups and technology companies. It is wholly owned by the Hong Kong Special Administrative Region Government.Cyberport Management Co., Ltd.Cyberport’s vision is to inject new impetus into the development of digital economy and smart cities with innovative technology, and lead enterprises to connect domestic and foreign markets.Cyberport is committed to creating a vigorous innovation and science ecosystem by cultivating innovative scientific and technological talents, encouraging young people to start businesses, and supporting start-ups; promoting the development of the science and technology industry through cooperation with local, mainland and international strategic partners; and at the same time accelerating the adoption of public and private institutions.Digital technology promotes digital transformation and promotes the integration of the new economy and the traditional economy.
For details, please visit www.cyberport.hk
