Hong Kong’s rapid adoption of cryptocurrencies and Web3 is a sign of some “big moves” happening in mainland China, a co-founder of the local game software firm Animoca believes.
The current crypto trend in Hong Kong is “not really just about” the city-state, but about wider China, despite mainland China banning crypto, according to Animoca co-founder Yat Siu.
Speaking at the Ethereum Community Conference (EthCC) on July 19, Siu mentioned that China released its Web3 white paper in May, in which the government “basically indicated that Web3 is the future of the internet.” It should not be underestimated that the news came just a few days after Hong Kong officially announced plans to allow retail crypto investments, the exec stressed.
Although China’s Web3 white paper did not mention crypto, it’s still important that mainland China is putting out a budget toward progressing with Web3, Siu said.
He claimed that the news about Hong Kong’s crypto developments was ubiquitous in China, including in a notice on the national TV channel, China Central Television.