Advantages of Developing Web3 in Hong Kong

On April 10th, it was reported that at the roundtable forum of “Big Wave Taosha | Web3 Continuous Entrepreneurs Xiangjiang Dialogue”, Adrian Lai, founder of Newman Capital, replied that Hong Kong is an international financial center and a link between the East and the West when asked about the advantages of developing Web3 in Hong Kong. In addition, Newman Capital will increase its investment in local Web3 projects in Hong Kong and provide other support to project parties in addition to funding. （foresight news）

Newman Capital founder Adrian Lai: Will increase investment in local Web3 projects in Hong Kong

Introduction

With the advent of blockchain technology, the Web3 ecosystem is gradually gaining momentum, and various countries are vying to promote the development of blockchain and Web3 technology. In this context, Hong Kong is emerging as a potential center for Web3 development. Adrian Lai, founder of Newman Capital, acknowledged Hong Kong’s potential as an international financial center and a link between the East and the West during the “Big Wave Taosha | Web3 Continuous Entrepreneurs Xiangjiang Dialogue”. In addition to funding, Newman Capital plans to provide various support to local Web3 projects in Hong Kong. In this article, we will explore the advantages of developing Web3 in Hong Kong and why it could become a hub for Web3 development.

Advantages of Hong Kong as a Web3 Development Hub

1. International Financial Center

Hong Kong is an international financial center recognized around the world. The city has a mature financial system, efficient legal system, and a low-tax environment, which makes it an ideal destination for entrepreneurs to establish blockchain companies. With its world-renowned investment banking, asset management, and private banking industry, the city provides a wealth of resources to help startups obtain funding and investment opportunities. Hong Kong’s status as a global financial center also provides a solid administrative and regulatory framework that promotes security and stability for Web3 development.

2. Strategic Location

Hong Kong’s strategic location makes it an ideal bridge between the East and the West. The city serves as a gateway for foreign companies to enter the Chinese market and vice versa. The development of Web3 technology requires a lot of cooperation between Asian and Western countries, and Hong Kong is well-positioned to facilitate this process. In addition, the city’s proximity to major cities in China, such as Shenzhen and Guangzhou, gives it a unique advantage to connect with mainland China’s vibrant tech industry.

3. Government Support

Hong Kong’s government has recognized the potential of blockchain and Web3 technology and has taken several proactive measures to promote its development. The Hong Kong Monetary Authority (HKMA) launched a blockchain-based trade finance platform, eTradeConnect, to facilitate cross-border trade finance. The government has also introduced the Faster Payment System (FPS) to enable instant transfers between banks. Furthermore, the government has established a blockchain-focused fund to support research and development of blockchain technology.

Conclusion

In conclusion, Hong Kong has the potential to become a hub for Web3 development due to its status as an international financial center, strategic location, and government support. The city’s robust financial system, efficient legal framework, and low-tax environment provide an ideal environment for blockchain entrepreneurs to establish their companies and access funding opportunities. The city’s strategic location and proximity to major tech hub cities gives it a unique advantage to connect with both Asian and Western technology industries. These factors, combined with the government’s proactive measures to promote blockchain and Web3 technology, make Hong Kong a compelling destination for Web3 development.

FAQs

1. What is Web3 technology?
– Web3 technology refers to the next-generation of the internet, which is decentralized and permissionless, meaning that it is not controlled by a single entity.
2. Why is Hong Kong an ideal location for Web3 development?
– Hong Kong’s status as an international financial center, strategic location, and government support make it an ideal location for Web3 development.
3. How is the Hong Kong government supporting Web3 development?
– The Hong Kong government has established a blockchain-focused fund, launched a blockchain-based trade finance platform, and introduced the Faster Payment System to promote Web3 development.