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Hong Kong representative Johnny Ng, who joined China’s central political advisory body, has proposed the establishment of a Web3 financing platform across the southeast Greater Bay Area as part of efforts to position Hong Kong as a regional cryptocurrency hub.
Connecting Hong Kong, Macao, and Guangdong
According to the local news source Wen Wei Po, CPPCC National Committee member Johnny Ng presented a proposal this week for a platform that would serve the Blockchain and cryptocurrency industry across the Greater Bay Area, linking Hong Kong, Macao, and Guangdong.
Ng highlighted the potential role of Hong Kong’s regulated cryptocurrency trading platforms in financing projects on the proposed financing platform. He made his proposal at the annual “Two Sessions” political meeting in Beijing, where thousands of delegates, including political leaders and industry representatives from all over China, gather to discuss important issues and policies.
While China maintains a ban on cryptocurrency trading and mining activities on the mainland, Hong Kong has opened its arms to the crypto industry, welcoming companies that want to operate within its regulatory framework. Last year, in June 2023, Hong Kong launched a licensing regime for cryptocurrency trading platforms, allowing licensed exchanges to offer trading services to individuals. Currently, Hong Kong has granted licenses to two cryptocurrency exchanges, HashKey and OSL.
Blockchain and Web3 Technology in China
In an initiative pointing to China’s evolving stance on Blockchain and Web3 technologies, the Ministry of Industry and Information Technology announced plans in December 2023 to formulate strategic documents clarifying the development path for Web3.
The ministry also expressed its intention to promote the growth of NFTs and decentralized applications (dApps). Furthermore, plans are underway to launch pilot programs related to distributed digital identity to explore digital identity verification and management within the Web3 ecosystem.
