According to Wu Jiezhuang, Hong Kong Legislative Council member and co-founder of incubator G-Rocket, Hong Kong’s plan to incubate 1,000 Web3 companies in three years has exceeded expectations, with more than 400 companies. registered to the present time.
However, with such a strong growth rate, Hong Kong’s Web3 industry is struggling with a shortage of Web3 talent. It is estimated that 50,000 to 100,000 more specialists are needed for this industry.
Wu Jiezhuang also mentioned the development of G-Rocket, the impact of the Virtual Asset Service Provider (VASP) licensing system in Hong Kong, and the government’s support for Web3.
In the past, the Hong Kong government has taken a tough stance on the industry, but according to Mr. Wu, local policies have always been relatively open, even before the Securities and Futures Commission (SFC) took off. Open an application for a cryptocurrency trading license on June 1.
Wu Jiezhuang specifically encourages Web3 innovation businesses to be based in Hong Kong because of the “relatively stable government and long-term vision”. In addition, entrepreneurs can receive support with sponsorship, marketing and intellectual property protection.
The future of the Web3 industry
In the reply, G-Rocket co-founder Wu Jiezhuang said that VASP licensing will require exchanges to comply with KYC and AML regulations to ensure legality and financial protection. This will facilitate integration with the banking system and ensure compliance with laws and regulations.
Mr. Wu also expressed strong confidence in the Web3 industry, especially in Hong Kong, which is known as an international financial center with strong investor protection.
However, the industry is facing a number of challenges in Hong Kong, including unfriendly banks and difficulties in opening bank accounts for crypto companies. Mr. Wu emphasized that all businesses, regardless of crypto-related or not, should be treated fairly.
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