How Digital Asset Infrastructure Carries A City to Become a Web 3.0 Hub

Web3 plays a critical role in the development of financial technology. The Hong Kong SAR Government issued a Policy Statement on the Development of Virtual Assets in Hong Kong last year and announced the 2023-24 Budget, allocating HKD 50 million to Cyberport to accelerate the development of Hong Kong's Web3.0 ecosystem. Furthermore, Cyberport has established the Web3 Hub earlier this year to provide opportunities for exchange and collaboration between local and foreign Web3 enterprises. These demonstrate that the Hong Kong SAR Government strongly supports the development of Web3.0 and maintains an open attitude towards virtual asset innovation.

In addition, the “Guidelines for Virtual Asset Trading Platform Operators” and “Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations and SFC-licensed Virtual Asset Service Providers (VASP))”, issued by the Securities & Futures Commission (SFC) of Hong Kong, were officially effective on June 1, 2023. This marks the Hong Kong SAR Government's open attitude towards the virtual asset market and active embrace of the new VASP regime after more than six months of preparation and consultations.

Deloitte, as a leading global professional service provider and an important member of the industry, has been committed to leveraging the excellent professional capabilities, rich industry insights and intelligent technological solutions to help customers and partners from all walks of life seize opportunities, respond to challenges and achieve development goals.

Today, Deloitte has published the White Paper “How Digital Infrastructure Carries A City to Become a Web 3.0 Hub”, in collaboration with Cyberport and the Web 3.0 thought leaders. This paper is particularly looking at how digital asset infrastructure can shape up the next generation of internet and support innovation and real economy of Hong Kong.

With joint efforts of Web 3.0 thought leaders, which include leading Web 3 companies, research institutes, legal advisor, international professional services provider and Cyberport Web3 Hub, this paper takes a deep dive into the importance of digital infrastructure in the development of smart cities and the potential of Hong Kong to become a Web 3.0 hub.