Web3 and virtual asset industry groups, paired with new licensing regime, open up the potential of Hong Kong's digital economy

Monday, 29 May 2023, 15:43 HKT/SGT

Source: Web3 Harbour / Hong Kong Licensed Virtual Asset Association

-- Hong Kong strengthens its commitment to becoming a global Web3 hub with the launch of new industry groups led by the city's business elite.
-- The entrepreneurial, investment, and policy momentum in Hong Kong make it a prime market for Web3 and virtual asset associations that champion the industry's future.
-- For the societal and economic benefits of virtual assets and other blockchain technologies to reach their full potential, the industry requires collaboration, representation, and informed regulation, coordinated by stakeholders from across sectors.

HONG KONG, May 29, 2023 - (ACN Newswire) - Two new Hong Kong industry associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, today announced a shared commitment to the long-term growth and development of the virtual asset economy and decentralized internet in a joint debut at Radical Finance Asia. Industry leaders from Animoca Brands, DLA Piper, and WHub are among the founding board members of Web3 Harbour, with PwC Hong Kong as a knowledge partner, while HKLVAA counts representatives from SFC-licensed corporations with an uplift or approval for virtual asset activities in Hong Kong as founding members. These include HashKey Digital Asset Group Limited, Venture Smart Asia Limited, Victory Securities Company Limited, Axion Global Asset Management Limited, and MaiCapital Limited.

"The strong reception from stakeholders for these new industry groups is a testament to the need for greater collaboration across the sector," said Lawrence Chu, Co-founder and Chairman of VSFG, parent company of Hong Kong's first SFC-approved virtual asset manager, who serves on the founding boards of both associations. "While HKLVAA and Web3 Harbour serve different membership bases and will adopt unique approaches to address members' needs, both prioritise knowledge sharing and regulatory clarity in their efforts to accelerate the development and adoption of Web3 technologies in Hong Kong."

"Our shared principles and desire for cross-industry coordination will help establish Hong Kong as a Web3 innovation capital and virtual assets hub for the world," said Web3 Harbour's founding chair Gary Liu, Co-founder and CEO of Terminal 3 and formerly the CEO of the South China Morning Post. "We look forward to working with stakeholders from across many sectors, including other associations that have been supporting the fintech, blockchain, and digital asset industries."

Both associations continue to accept membership applications and will launch community activities, research efforts, and educational programming in July.

In response to the new regulatory regime for virtual asset service platforms taking effect in Hong Kong on 1 June, Mr Chu commented, "HKLVAA represents the interests of virtual asset entities licensed, or seeking licensing, in Hong Kong, and we will continue to work with the city's government and regulators to enhance and showcase Hong Kong's comparative advantages as a global fintech hub."

In reference to the industry's future, Mr Liu noted, "Web3 is growing at an unprecedented pace, and even with macro headwinds, the market is expected to reach billions of users and trillions of dollars in value by 2030. By convening and engaging a community to address the opportunities and challenges in our industry, Web3 Harbour aims to create a 'model market' in Hong Kong which is committed to the long-term development of a decentralized internet that maximizes the societal and economic benefits of blockchain technologies."

For more information about HKLVAA, please contact Natalie Ko (natalie.ko@vsfg.com).

For more information about Web3 Harbour, please visit www.web3harbour.org or contact Kathy Brewin (kathy@web3harbour.org).

About Web3 Harbour
Web3 Harbour is a nonprofit association based in Hong Kong dedicated to engaging and representing Web3 builders, investors, users, and leaders to promote a pro-innovation, pro-collaboration, and truly inclusive environment for the development of the decentralised internet and virtual asset economy. The association's core activities convene stakeholders from across sectors for open knowledge-sharing, upskilling, critical discourse, and networking.

About Hong Kong Licensed Virtual Assets Association
Hong Kong Licensed Virtual Asset Association (HKLVAA) is a nonprofit association that serves as an active conduit between industry practitioners, regulators, and new participants in the industry. It aims to be a forum for collaboration and coordination between leaders and key stakeholders in the virtual asset industry in Hong Kong and around the world who are seeking to establish a presence in the city. HKLVAA hopes that by working together to build a stronger and appropriate regulatory framework, it can help position Hong Kong as a leading international virtual asset hub.

Topic: Press release summary
Source: Web3 Harbour / Hong Kong Licensed Virtual Asset Association
Sectors: Blockchain Technology, FinTech