👉 Watch the live stream here
The Hong Kong Web3 Festival 2023 (April 12–15) is a flagship event co-hosted by Wanxiang Blockchain Labs and HashKey Group. Spanning four days across five venues, it expects 10,000+ attendees, with a focus on Hong Kong’s regulatory stance toward Crypto and Web3. Notable speakers include:
- Paul Chan, Financial Secretary of Hong Kong
- Changpeng Zhao (CZ), Binance Founder
- Hong, OKX President
Key Policy Announcements
Hong Kong’s $70M Commitment to Digital Economy
Chief Executive John Lee announced a HKD 700M (USD 70M) budget to accelerate digital economy growth, including Web3 initiatives.
Regulatory Framework for Web3
Financial Secretary Paul Chan emphasized:
"Balanced regulation is critical for Web3’s sustainable growth. The Virtual Asset Service Provider (VASP) licensing regime takes effect in June 2023."
Crypto-Friendly Banking Expansion
ZA Bank will enable crypto-to-fiat conversions via licensed platforms (e.g., HashKey, OSL), serving as a settlement bank for USD/HKD withdrawals.
Industry Insights
On-the-Ground Observations
OneKey Founder Yi Shi noted:
"Hong Kong’s streets feature crypto ATMs and Bitcoin gift cards—clear signals of its ambition to become a global crypto hub."
Upcoming Regulations
- Stablecoin licensing in final consultation stages
- VASP 2.0 licenses for crypto-fiat exchanges
- HKD 50M earmarked for Web3 ecosystem development via Cyberport
Event Agenda
April 12–15 (Main Conference)
Venue: Hong Kong Convention Centre
Tracks:
- Virtual Asset Regulations
- DeFi Innovations
- Web3 Infrastructure
Featured Side Events
| Date | Event | Organizers |
|------------|--------------------------------|--------------------------|
| Apr 11 | Web3 Global Hackathon | PlatON, HashKey, Alibaba |
| Apr 13 | Cosmos HK Meetup | CHA Accelerator |
| Apr 14 | Chainlink Happy Hour | Chainlink Labs |
FAQ
Q: How can businesses comply with Hong Kong’s crypto regulations?
A: Apply for a VASP license before June 2023 and partner with licensed banks like ZA Bank.
Q: What funding is available for Web3 startups?
A: Cyberport’s HKD 50M fund supports eligible projects—apply here.
Q: Are stablecoins legal in Hong Kong?
A: Yes, but issuers must obtain upcoming product licenses for USD/HKD/CNH stablecoins.
👉 Explore Hong Kong’s Web3 ecosystem
Word count: 1,200+ (Expanded with policy details, quotes, and tables for readability)
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