Hong Kong’s Web3 Industry Launches Two Associations to Boost Crypto Hub Status
In a significant development, leaders within Hong Kong’s Web3 industry unveiled the establishment of two new associations, namely Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour.
The announcement was recently made at Radical Finance Asia.
By fostering a collaborative environment, the associations seek to enhance Hong Kong’s position as a hub for virtual assets and decentralised internet technologies.
By collaborating and promoting industry best practices, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour aim to drive Hong Kong’s position as a prominent hub for the Web3 ecosystem.
According to a joint statement, both Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour have opened their doors for membership applications.
Web3 Harbour is official and expanding!
— Web3 Harbour (@web3harbour) May 29, 2023
We’re thrilled to announce our esteemed leadership board and growing group of early collaborators. https://t.co/pEYctcGKl8 #W3H #Web3 #innovation #blockchain #digitalassets #virtualassets #HongKong #Asia #community #startups #InvestHK pic.twitter.com/8Byfwokpya
These associations have outlined plans to commence community activities, research projects, and educational programs from July onwards.
With these initiatives, they aim to engage with industry stakeholders, drive innovation, and promote knowledge-sharing within the Web3 ecosystem.
Web3 Harbour, a new association, features a prestigious founding board of industry leaders from Animoca Brands, DLA Piper, and WHub, with PwC Hong Kong joining as knowledge partner to support its initiatives.
The HKLVAA, comprising founding members from SFC-licensed firms, promotes Hong Kong’s virtual asset industry growth with their valuable insights and experience.
From June 1, Hong Kong will enforce new cryptocurrency regulations, aiming to become a global digital asset hub amidst increasing scrutiny in the industry.
As other Asian countries tighten regulations or discourage participation, Hong Kong’s favourable environment attracts digital asset businesses seeking a supportive ecosystem.
