Promoting the Development of the Web3 Industry: Insights from Hong Kong Monetary Authority’s Assistant President
According to reports, at the Web3 Hong Kong Carnival Summit held today, Chen Jiaqi, Assistant President of the Hong Kong Monetary Authority (Currency Management), stated in his key
According to reports, at the Web3 Hong Kong Carnival Summit held today, Chen Jiaqi, Assistant President of the Hong Kong Monetary Authority (Currency Management), stated in his keynote speech that we not only shoulder the role of regulator of the virtual asset industry, but also actively promote the development of the industry. We hope to work together in an open, mutually beneficial and win-win manner to promote the development of Web3. Innovation should benefit everyone, from cryptocurrency native enterprises, innovative enterprises, and end users. Therefore, while unleashing the potential of Web3, corresponding regulations must also be supplemented to mitigate risks.
Hong Kong Monetary Authority Chan Ka chi: Hong Kong needs to establish an appropriate regulatory system to support the sustainable and responsible development of virtual assets, including stable currencies
At the Web3 Hong Kong Carnival Summit held on December 22, 2021, Chen Jiaqi, Assistant President of the Hong Kong Monetary Authority (Currency Management), outlined the regulatory landscape and opportunities for the virtual asset industry. In his keynote speech, he discussed the role of Hong Kong in facilitating the growth of the Web3 industry and emphasized the importance of balancing innovation and regulation.
The Role of Hong Kong Monetary Authority
Chen Jiaqi highlighted the dual role of the Hong Kong Monetary Authority in the virtual asset industry. On the one hand, the organization serves as a regulator, ensuring the security and stability of the industry. On the other hand, it also aims to promote the development of the industry, fostering innovation and growth.
Balancing Innovation and Regulation
According to Chen Jiaqi, the Web3 industry presents both opportunities and risks. While it has the potential to revolutionize various sectors, from finance to healthcare, it also poses threats to financial stability, data privacy, and consumer protection. Therefore, regulatory frameworks must be implemented to strike a balance between innovation and regulation.
Collaboration and Mutual Benefits
The Assistant President of the Hong Kong Monetary Authority emphasized the need for collaboration between all stakeholders in the Web3 industry. This includes regulators, virtual asset service providers, startups, and users. He stressed that an open, transparent, and mutually beneficial approach is necessary to promote the growth of the industry.
Benefits for All
Chen Jiaqi also highlighted the benefits that the Web3 industry could bring to various players. For cryptocurrency native enterprises, virtual assets could provide new business models, revenue streams, and investment opportunities. For innovative enterprises, the blockchain technology underlying the industry could offer solutions to various challenges, from supply chain management to identity verification. Finally, for end-users, virtual assets could provide greater access to financial services, greater control over their data and privacy, and more opportunities for wealth creation.
Conclusion
In conclusion, the virtual asset industry presents numerous opportunities for innovation and growth, but also poses challenges that require careful regulation. The Hong Kong Monetary Authority aims to facilitate the growth of the Web3 industry while promoting regulation that mitigates risks and safeguards the interests of all stakeholders.
FAQs
Q1. What is the Web3 industry?
The Web3 industry is a term used to describe the decentralized internet of the future. It is built on blockchain technology and aims to revolutionize various sectors, from finance to healthcare.
Q2. What are virtual assets?
Virtual assets are digital representations of value, such as cryptocurrencies, tokens, and virtual goods.
Q3. Why is regulation important for the Web3 industry?
Regulation is important for the Web3 industry to ensure the security and stability of the industry, protect consumer interests, and mitigate risks. It is also necessary to promote innovation and growth by providing a clear legal framework for businesses operating in the industry.
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