Hong Kong is eager to promote Web3 development, studying examples of Japan and UAE

Concerned about delays in Web3 development

The Research Office of the Legislative Council of Hong Kong announced the results of research on the approaches of several countries, including Japan, to the development of technologies related to Web 3.0.

The Hong Kong government has set policies to support the development of Web 3.0, but there are concerns that Hong Kong lags behind other parts of the world that are making large-scale efforts on Web 3.0. It is said that there is also

In addition, considering the turmoil in the crypto asset (virtual currency) market since last year, it is important for Hong Kong to work to promote innovation in Web 3.0 technology areas other than financial services and virtual currency.

This study focuses on Japan, Singapore, the United Arab Emirates (UAE) and South Korea as research target regions, and explains their respective strategic approaches and developments with specific examples.

Japan leads in environmental improvement

The Research Office highly appreciates that the Japanese government has “steered high-level policies regarding Web 3.0 development and established a specialized department to coordinate Web 3.0 policies throughout the government.”

In June 2022, the Japanese government made a cabinet decision to incorporate environmental improvements for Web 3.0, and plans to proceed with consideration of environmental improvements for the promotion of Web 3.0, such as the use of NFTs and DAOs (Distributed Autonomous Organizations). Declared.

In September 2010, the Digital Agency established the “Web 3.0 Study Group” to oversee the environmental improvement of each ministry and agency and to consider environmental improvement including law revisions. Experts from various backgrounds with backgrounds in private companies, economists, and research institutes participate.

In March of this year, the Financial Services Agency announced a new view on the eligibility of various tokens and NFTs (non-fungible tokens) as crypto assets. The scope of NFTs exempt from regulation was specifically specified. Furthermore, in terms of the tax system, efforts are underway to reform the tax system in anticipation of the promotion of Web 3.0 business.

In addition, Asia’s largest international Web 3.0 conference “WebX” will be held at the Tokyo International Forum on the 25th and 26th of next month, and Prime Minister Fumio Kishida is scheduled to take the podium.

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Dedicated to development in specific areas

The research office pointed out that while Japan is preparing the overall development environment for Web 3.0, other regions are focusing on technology development in specific areas based on their own strengths and policy goals.

• Singapore: Exploring applications of DLT/blockchain technology in the financial sector
• UAE: Focus on Blockchain Strategy for Government Efficiency, Industry Creation and Strengthening International Leadership in the Web 3.0 Space
• South Korea: Deploying a metaverse strategy to promote innovation in a wide range of fields such as public services, culture, and tourism

Web3 policy in Hong Kong

The Hong Kong government has set aside approximately 900 million yen (HK$50 million) in the 2023-2024 budget to promote the development of the ecosystem in order to seize the “golden opportunity” to promote Web3 development. The money was earmarked for Cyberport, a startup support program for tech companies wholly owned by the Hong Kong government.

In the cyberport business, we are striving to promote Web3 in Hong Kong by holding large-scale international conferences to disseminate cutting-edge trends, promoting cross-sectoral business collaboration, and expanding workshops for young people. Promote the development of the ecosystem. As of the end of November last year, about 80 blockchain and cryptocurrency companies were based at Cyberport.

In January of this year, a Web3 hub was established with the aim of supporting local innovators and attracting overseas Web3 companies.

The Hong Kong government also recognizes cryptocurrencies as an important component of the Web 3.0 ecosystem and formed a task force led by Finance Secretary Paul Chan. A task force of members from relevant policy bureaus, regulators and industry players will make recommendations on cryptocurrency development.

connection:‘Great Opportunity’ Hong Kong Finance Minister Willing To Help Develop Web3

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