Hong Kong Financial Development Bureau Annual Report: Regulatory environment conducive to institutional investors' participation in the cryptocurrency industry.

BlockBeats reported on July 28th that the Hong Kong Monetary Authority (HKMA) recently released its 10th annual report, reviewing its work during the fiscal year from April 2022 to March 2023. It pointed out that Web 3.0 is a new era of the internet, integrating cryptocurrencies, non-fungible tokens, and metaverse, providing professionals who aspire to provide solutions with the opportunity to shape the future digital world. The government is working with local financial regulatory agencies to create a favorable environment for promoting sustainable and responsible development of the virtual asset industry, while establishing necessary protective measures based on international standards to mitigate actual and potential risks. In the global development of Web 3.0, Hong Kong has favorable conditions to play a leading role, including being an international financial center, having rich local expertise, and a regulatory framework suitable for international investors. The regulatory environment in Hong Kong is conducive for institutional investors to participate in the cryptocurrency industry. Hong Kong is positioning itself as a global leader in developing virtual assets and complementary technologies such as blockchain and Web 3.0.