HK launches Web3 blueprint with PwC to boost blockchain infra

Web3 Harbour, a Hong Kong-based industry association promoting innovation and collaboration, and PwC Hong Kong unveiled the “Hong Kong Web3 Blueprint” on June 23.

The document outlines strategies to enhance blockchain infrastructure in the region.

Developed with input from industry stakeholders, the blueprint focuses on five key areas: talent, market infrastructure, standards, regulation, and funding.

It highlights applications in open finance, trade finance, capital markets, asset management, and carbon markets.

Gary Liu, chairman of Web3 Harbour, said the blueprint aims to guide private-sector efforts in integrating Web3 technologies into Hong Kong’s financial infrastructure.

The blueprint’s release comes amid rising global interest in stablecoins, especially after the US Senate passed the Genius Act.

🔗 Source: South China Morning Post

🧠 Food for thought

1️⃣ Hong Kong’s calculated evolution from traditional finance to Web3 hub

The Web3 Harbour blueprint represents the latest step in Hong Kong’s multi-year strategy to position itself as Asia’s cryptocurrency center, despite mainland China’s restrictive stance.

Hong Kong has been recognized as the most “crypto-ready” jurisdiction globally as of 2022-2023, attracting over 80 virtual asset-related companies within months of its policy statement on virtual assets 1.

This pivot leverages Hong Kong’s established financial infrastructure, where the financial sector accounts for approximately 25% of GDP and employs around 270,000 people 2.

The city’s blockchain ecosystem has shown remarkable growth, with blockchain firms accounting for 39% of new fintech companies in 2019, and the total fintech sector expanding to over 800 companies by 2023 1.

Hong Kong’s strategic positioning creates a bridge between China’s massive market and global investors while maintaining regulatory independence, allowing it to experiment with policies that might not be permitted on the mainland.

2️⃣ Stablecoins emerge as cornerstone of Hong Kong’s Web3 regulatory framework

Hong Kong’s stablecoin ordinance, taking effect in August, represents a critical foundation for its broader Web3 ambitions by addressing one of cryptocurrency’s most crucial infrastructure components.