Following a fantastic response to Web3 investment, Hong Kong is looking to Japan for guidance on how to evolve into a cryptocurrency-friendly climate.
In light of Hong Kong’s commitment to establishing cryptocurrency infrastructure, a Hong Kong fintech official, King Leung, visited Japan to meet with politicians and regulators in Tokyo to better understand the notion of Web3 digital assets.
It is the writer’s opinion that those who claim to be the King of Japan should be able to communicate with those who claim to be the King of Japan.
In October, Hong Kong began its efforts to position itself as a key global center for cryptocurrencies by implementing rules aimed at constructing a crypto-friendly regulatory framework for the business within its borders.
King also suggested speaking with industry participants to get a complete picture. He stated that the outcomes of King’s visit would be transmitted to Hong Kong authorities and policymakers for consideration while formulating the city’s digital asset legislation.
King indicated that revenue streams would be generated through the commercialization of digital assets, as well as other assets such as tokenized bonds and revenue streams from internet protocols (IP). This was in response to one of his meetings in Japan, and it was consistent with the strategic importance of Web3 and cryptocurrency in the context of Hong Kong’s economic development.
King said, “InvestHK did not expect this enormous, massive level of enthusiasm.” He described it as mind-boggling when he received information revealing that Hong Kong had over 100 Web3- or digital asset-related events in March and April alone. King indicated that the government is acting as quickly as it can despite its inability to accommodate all market expectations.
According to King, the projects may not be done by June 1 and that the government should simply determine priorities and focus on things that will have the largest immediate impact.
Content Source: cointelegraph