A Hong Kong lawmaker said he hopes to explore the possibility of interconnectivity between digital asset platforms in the city and a Shanghai-based digital asset exchange in Shanghai, as Hong Kong continues to market itself as an emerging global web3 hub.
Johnny Ng, a member of the Hong Kong Legislative Council, said in an interview with Chinese media outlet The Paper that he hopes there can be more cooperation between web3 industries in Hong Kong and Shanghai.
“Shanghai is the financial center of our country and is home to many outstanding financial enterprises. Through the Shanghai-Hong Kong Stock Connect program, the stock markets of Shanghai and Hong Kong are seamlessly connected,” Ng said.
“There are also digital asset exchanges in Shanghai. I wonder if these exchanges that are licensed in Hong Kong for virtual asset trading can be interconnected with Shanghai's exchanges in the future. I really hope there will be discussions on these aspects in the future,” he added.
Ng also said he hopes there can be more web3 talent exchanges between Hong Kong and the mainland.
Hong Kong’s Web3 push
China banned all cryptocurrency transactions in September 2021, but trading related to non-fungible tokens issued by Chinese NFT firms remains active, with some digital asset platforms on the mainland continuing to offer what they call “digital collectibles.”
Unlike the mainland’s broader crackdown on cryptocurrencies, Hong Kong has rolled out the welcome mat for crypto firms this year — even going so far as encouraging banks to work with them.
In October, Hong Kong authorities released a series of policy statements about cryptocurrencies with the goal of strengthening its position as a global financial center. In December, Hong Kong’s Legislative Council passed an amendment introducing a full licensing regime for virtual asset service providers.
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