Johnny Ng, a representative from Hong Kong and member of China’s central political advisory body, has put forward a proposition for creating a Web3-based financial platform within the Southeast Greater Bay Area. This initiative aims to elevate Hong Kong’s status as a dominant cryptocurrency center in the region. In the annual “Two Sessions” political summit held in Beijing, Ng presented his vision for the platform that would cater to the blockchain and cryptocurrency sectors across the Greater Bay Area, encompassing Hong Kong, Macao, and Guangdong.
Strengthening Regional Ties through Blockchain
The proposed platform would harness the potential of Hong Kong’s regulated cryptocurrency trading services to fund various projects. The region, distinct from mainland China’s restrictions on cryptocurrency trading and mining, has embraced the crypto sphere by establishing a licensing system in June 2023 for cryptocurrency exchanges.
This development has facilitated licensed exchanges to provide trading services to a broader audience, with HashKey and OSL already obtaining licenses. Ng’s proposal at the influential political gathering underlines the significant role of Hong Kong as a financing leader within a regulated framework in contrast to the mainland’s prohibitions.
China’s Emerging Blockchain and Web3 Ambitions
Highlighting China’s nuanced approach to embracing Blockchain and Web3 technologies, the Ministry of Industry and Information Technology has disclosed plans to draft strategic documents in December 2023. These documents will chart out the trajectory for Web3 development in China.
The ministry has also indicated its intention to nurture the expansion of NFTs and decentralized applications (dApps). Additionally, it has revealed intentions to initiate pilot projects focused on distributed digital identity systems to advance digital identity verification and management in the context of the Web3 ecosystem.
