Hong Kong’s Web3 industry reached a significant milestone by announcing two pioneering associations: the Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour.
The momentous occasion occurred at the Radical Finance Asia event, signaling a collaborative effort to foster growth in the region’s virtual asset industry and decentralized internet. The associations plan to begin accepting membership applications in July and initiate various community activities, research initiatives, and educational programs.
The founding board of Web3 Harbour comprises industry trailblazers from Animoca Brands, DLA Piper, and WHub, with the knowledgeable partnership of PwC Hong Kong.
On the other hand, HKLVAA’s esteemed founding members include representatives from SFC-licensed firms engaged in virtual asset activities in Hong Kong, such as HashKey Digital Asset Group Limited, Venture Smart Asia Limited, Victory Securities Company Limited, Axion Global Asset Management Limited, MaiCapital Limited.
Hong Kong’s forthcoming regulations for the cryptocurrency industry, effective from June 1, align with its goal of becoming a global hub for digital assets. Interestingly, this development occurs amidst the United States’ legal actions against several crypto exchanges and other Asian countries tightening their regulatory frameworks.
As a result, many digital asset companies seek more favorable jurisdictions, and Hong Kong has emerged as a preferred destination.
Lawrence Chu, co-founder and Chairman of Venture Smart Financial Holdings, serves on the founding boards of HKLVAA and Web3 Harbour. He highlights that HKLVAA represents the interests of licensed or aspiring virtual asset entities in Hong Kong.
Chu emphasizes the distinct approaches of the two associations in addressing their members’ diverse needs, with a shared focus on knowledge sharing and regulatory clarity. Ultimately, these associations aim to accelerate the development and adoption of transformative Web3 technologies in Hong Kong’s dynamic landscape.