Hong Kong FinTech Week begins with a grand gathering of industry experts contributing to the development of Web3, blockchain, and the metaverse. The educational conference will continue until Nov 4, 2022, physically and via YouTube live streaming.
Hong Kong is one of the leading countries in fintech innovation. The companies are actively participating to improve the current technology and introduce new and better ways to tackle finances; blockchain being one of them.
Hong Kong Fintech Week with its strategic partner, AMTD Group, and knowledge partner, HSBC, to commemorate the achievements of the country in the field of blockchain technology filled with fun activities, exhibits, panel discussions with speakers, and exclusive insights from industry leaders.
The ceremony was opened by Financial Secretary Paul Chan who said Hong Kong is home to 800 fintech companies and has been constantly growing in this sector with the adoption of new technologies. He also highlighted the importance of digital transformation in fintech.
Yat Siu discusses policies regarding virtual assets in HK
Co-founder and chairman of Animoca Brands, Yat Siu attended the event to share his views on virtual assets in Hong Kong and how they should be regulated for safer interactions.
The discussion talk held between Siu and Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong SAR, was an interesting discourse on HK Government’s policy approach for virtual assets and how the citizens can benefit from these assets.
For the past few years, virtual assets have become in demand because of the value they hold. As we all know, the future of the internet is Web3, so all the decisions made today are most likely to define Hong Kong’s growth in the next 10 years.
Before the event, the Hong Kong Government announced they will launch a few experimental projects related to virtual assets to see how they can benefit the sector and expand in the financial market.
The government seems to be a bit careful with its policy-making instead of adopting it right away. The small projects part of this initiative will determine whether blockchain is mature enough to be integrated with traditional financial services or not.
The government aims to include the Web3 community in its business sector to bring better opportunities for its people through effective policy-making. When discussing this new development, Siu shared that he is excited to see what Hong Kong talent unleashes in the VA space for sustainable development in financial services.
Julia Leung shares the latest Web3 regulations
Julia Leung, the Chief Executive Officer & Executive Director of Intermediaries, Securities and Futures Commission (SFC), presided over the conference to share the latest updates on VA regulations in Hong Kong with the attendees.
She shared, “Crypto community believes that regulation inhibits innovation, limiting fintech development, and thus, invested choices.” She gave examples of LUNA collapse and crypto winter to say that the huge loss for investors and stakeholders in this space is due to a lack of regulation.
It is true that the crypto winter has initiated a new thought among the regulators to come up with more solid policies that not only protect the consumers but also the companies. After all, the digital asset market is quickly integrating into the traditional market.
The most important step is to educate the masses and help them be self-aware of the latest developments. Their investments hold value for the Web3 market to grow and if they remain unprotected it could result in the collapse of the whole industry.
The discussion panel continued to discuss centralized virtual assets, stablecoins, tokenization, NFTs, Web3 technology, DLT, banking systems, e-commerce, and more fintech-related topics.
Observing all the interesting talks from industry experts in China, Hong Kong, and the rest of the world, the fintech sector is actively contributing to the growth of blockchain technology and Web3. Today’s conference was an exclusive insight into how Hong Kong is approaching Web3 by redefining its existing laws and also by introducing new programs that will benefit the future of fintech in the country.
For more information on the HKFW visit: fintechweek.hk.
