Hong Kong Revamps Itself as a Digital Asset Hub
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Hong Kong Revamps Itself as a Digital Asset Hub
New policies unveiled are set to transform Hong Kong into a digital asset hub.
For this 8Weekly piece, we cover:
1. Hong Kong Revamps Itself as a Digital Asset Hub
2. Reddit NFTs Bring Millions of New Users to Web3
3. Twitter Will Allow Users to Buy and Sell NFTs Through Tweets
1. Hong Kong Revamps Itself as a Digital Asset Hub
In a landmark move, the Hong Kong Financial Services and Treasury Bureau issued a policy statement on virtual assets at the opening of the city's flagship tech conference, Hong Kong FinTech Week, on Monday 31st October.
The new policies unveiled are set to transform Hong Kong into a digital asset hub, challenging other jurisdictions like Singapore and Dubai for global hub status.
The relaxed rules outlined in a policy statement, highlighting a move away from mainland China's ban on digital assets, include
Plans today to allow retail investors to trade cryptocurrencies
Greenlighting crypto exchange traded funds (ETFs)
A push forward with legal tender-backed stablecoins and non-fungible tokens, which certify the authenticity of digital assets
Such moves could realize use cases including trading arts and collectibles, tokenizing vintage goods and tokenizing debt securities, per the statement. NFT maxis rejoice.
Adrian Cheng, a Web3 pioneer and CEO of property conglomerate New World Development (also a top 8DAO token holder -- LFG!), said Hong Kong’s unique role in the Greater Bay Area will enhance its position as a virtual asset hub:
“Hong Kong will dominate regional development of GBA cross-border blockchain infrastructure and blockchain ecosystem”, further adding “Virtual asset financial markets, central bank digital currency payment, and GBA blockchain infrastructure are three pillars of strength that are quickly transforming Hong Kong into a global digital financial center.”
Your 8DAO team is bullish on Hong Kong’s revamp
With our founder Karma Pocket commenting: “These are certainly positive signals from the Hong Kong government. What is lacking most in the development of Web3 is not financial and policy support, but Web3 talents. From the government’s perspective, it is essential to attract, retain and cultivate local Web3 talents in Hong Kong, and these moves signal their intention to do so.”
2. Reddit NFTs Bring Millions of New Users to Web3
Online message board community Reddit has proven to be a significant force for NFT adoption, as an executive revealed last week that users created over 3 million Polygon wallets for them—with nearly three million of the NFT avatars in circulation. Now sales are surging as collectors see Reddit’s NFTs as a major trading opportunity.
The importance of NFT mass adoption
According to data disclosed by Reddit, their platform generated $350 million in revenue last year and with around 50 million daily active users. Reddit's entry into Web3 and rapid boom has made the crypto community aware of the true potential of NFTs, accompanied by the mandatory viral meme:
Meanwhile, Reddit co-founder Alexis Ohanian, who left the company in 2018, has been raising money for a crypto-focused fund at Seven Seven Six, his venture capital firm.
3. Twitter to Allow Users to Buy and Sell NFTs Through Tweets
Twitter announced that they will let users display NFT marketplace listings from certain platforms, including a button to let them buy and sell collectibles, just as Elon Musk closes his acquisition of Twitter, announcing that “ the bird is freed”
The integration, called NFT Tweet Tiles, displays the artwork of an NFT in a dedicated panel within a tweet, and includes a button to let users click through to a marketplace listing.
Twitter confirmed to Decrypt that the feature is blockchain-agnostic, so all networks are supported so long as the links are from a partnered marketplace.
Once again, for all of us building in Web3,
The importance of NFT mass adoption