Hong Kong Unveils Web3 Blueprint with PwC for 50% Growth

Web3 Harbour, a prominent industry organization in the Web3 sector, has joined forces with PwC Hong Kong to unveil the "Hong Kong Web3 Blueprint." This comprehensive blueprint is designed to guide the development of the Web3 industry in Hong Kong, with a particular emphasis on five critical areas: talent, market infrastructure, standards, regulation, and funding and economic contribution. The blueprint aims to integrate Web3 technology and decentralized assets into the region's financial infrastructure, providing a roadmap for the private sector to navigate the evolving landscape of digital assets.

Gary Liu, the Chairman of Web3 Harbour, highlighted the significance of the blueprint in setting the direction for the development of the Web3 industry. He emphasized that the blueprint is not just a theoretical document but a practical guide that will help businesses and organizations understand how to leverage Web3 technology to enhance their operations and contribute to the region's economic growth.

Peter Brewin, a Partner at PwC Hong Kong, provided insights into the unique approach that Hong Kong is taking compared to other regions. Unlike the U.S., which focuses on the US dollar stablecoin, Hong Kong is adopting a multi-currency approach. This strategy is expected to facilitate trade flows between China and the "Greater Bay Area," as well as countries along the "Belt and Road" initiative. By embracing a multi-currency approach, Hong Kong aims to position itself as a global hub for digital asset innovation and trade.

In addition to the blueprint, Web3 Harbour and PwC Hong Kong have announced plans to establish five action groups by August. These groups will focus on key areas such as stablecoins, fund management, virtual asset trading platforms, legal compliance, and custody and OTC trading. The formation of these action groups underscores the commitment of both organizations to drive the development of the Web3 industry in Hong Kong through collaborative efforts and targeted initiatives.

The release of the "Hong Kong Web3 Blueprint" marks a significant milestone in the region's journey towards becoming a leading player in the Web3 sector. By providing a clear roadmap and fostering collaboration between industry stakeholders, the blueprint is poised to accelerate the adoption of Web3 technology and decentralized assets, ultimately contributing to the region's economic growth and innovation.