The dawn of a new digital era is unfolding in Hong Kong, as the city positions itself as a leading hub for Web3.0 and virtual asset innovation. With strong backing from both the central government and Hong Kong’s leadership, the recent launch of the Hong Kong Web3.0 Association marks a pivotal moment in the region's technological evolution.
At the official inauguration ceremony on April 11, Chief Executive John Lee Ka-chiu delivered a keynote address emphasizing the strategic importance of innovation under China’s 14th Five-Year Plan, which explicitly supports Hong Kong’s development as an international innovation and technology center. This national-level endorsement has created a fertile ground for next-generation technologies like blockchain, decentralized finance (DeFi), and digital assets to thrive.
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Government-Led Push for Web3 Advancement
Lee highlighted that major global crypto exchange leaders have already initiated discussions with the Hong Kong Special Administrative Region government about expanding their operations into the region. This growing interest reflects confidence in Hong Kong’s evolving regulatory clarity and pro-innovation stance.
In line with this vision, the 2023 Financial Budget allocated HK$50 million to Cyberport to accelerate the development of Hong Kong’s Web3.0 ecosystem. The funding supports cross-sector collaborations and fosters talent acquisition, reinforcing the city’s ambition to become a global Web3 powerhouse.
Additionally, Cyberport launched the Cyberport Web3 Hub earlier this year — a dedicated platform designed to attract and nurture high-potential startups, developers, and entrepreneurs working in blockchain and decentralized technologies. The initiative aims to consolidate Hong Kong’s status as a magnet for tech-driven ventures seeking regulatory stability and international connectivity.
A Unified Industry Voice: The Hong Kong Web3.0 Association
Backed by key institutions from both mainland China and Hong Kong, the Hong Kong Web3.0 Association was formally established with participation from top political figures, including leaders from Beijing’s Liaison Office in Hong Kong.
The association is co-founded by industry giants such as China Mobile, Huawei, China Merchants Group, and Hong Kong University of Science and Technology (HKUST). It brings together financial institutions, tech innovators, lawmakers, and academic experts to drive responsible innovation in Web3 technologies.
Key appointments include:
- Norman Chan, former Chief Executive of the Hong Kong Monetary Authority, as Chairman
- Academician Chen Chun of the Chinese Academy of Engineering, along with Li Feng (Chairman of China Mobile Hong Kong) and Chan Siu-kit, serving as Honorary Presidents
- Dr. Wang Yang, Vice President of HKUST, appointed as Chief Scientific Advisor
- Paul Chan Mo-po, Financial Secretary, and other senior officials offering policy guidance
Notable members also include legislative councilors and tech entrepreneurs such as Ng Kit-chung (co-founder of G-Rocket), Xian Handi (co-founder of China Joymax), Tian Xiao’an (Vice President of TikTok Group), and Qiao Feng, Chairman of Hashkey Group — one of Asia’s most influential blockchain ecosystems.
With over 40 founding member organizations, including Tencent Cloud, China Unicom, WeLab Bank, and Asia Blockchain Society, the association unites traditional finance and cutting-edge tech players under a shared mission: advancing Web3 adoption while ensuring compliance, security, and sustainable growth.
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Regulatory Clarity Fuels Market Confidence
One of the most significant developments supporting Hong Kong’s Web3 ambitions is the upcoming implementation of a licensing regime for Virtual Asset Service Providers (VASPs), set to take effect in June.
This framework will provide formal market recognition for virtual asset exchanges operating in Hong Kong, enhancing investor protection and promoting market integrity. By establishing clear rules and oversight mechanisms, the government aims to strike a balance between fostering innovation and mitigating risks associated with digital assets.
John Lee reiterated that Hong Kong welcomes responsible innovation in fintech and virtual assets. Last year’s policy statement on virtual assets signaled an open yet cautious approach — encouraging enterprise while ensuring regulatory soundness.
“The government has demonstrated both openness and determination,” Lee said. “And we’re seeing very positive responses from the industry.”
Bridging Tradition and Innovation
While many founding members come from traditional financial or telecommunications backgrounds, their involvement signifies a broader institutional shift toward embracing decentralized technologies. Although no native crypto-native firms are listed among the initial founders, the inclusion of blockchain-focused entities like Hashkey Group and Meta Metopia suggests a strategic bridge between legacy systems and emerging digital economies.
This hybrid model allows Hong Kong to leverage its strengths as a global financial center while integrating next-generation tools like smart contracts, tokenization, and decentralized identity solutions.
Frequently Asked Questions (FAQ)
Q: What is Web3.0?
A: Web3.0 refers to the next evolution of the internet — built on blockchain technology — where users have greater control over data, identity, and digital assets through decentralization, cryptography, and token-based economics.
Q: Is Hong Kong legalizing cryptocurrency?
A: Hong Kong is not fully legalizing unrestricted crypto trading but is implementing a regulated environment for licensed virtual asset service providers. Only approved platforms can offer retail services starting June 2025.
Q: How does China’s 14th Five-Year Plan support Hong Kong’s tech growth?
A: The plan designates Hong Kong as a global innovation hub, supporting advancements in AI, blockchain, fintech, and other frontier technologies through funding, policy support, and cross-border collaboration.
Q: Can foreign crypto exchanges operate in Hong Kong?
A: Yes, international exchanges can apply for licenses under the new VASP regime. Several major platforms have already expressed interest in establishing local operations.
Q: What role does the Hong Kong Web3.0 Association play?
A: The association serves as a think tank and coordination body, uniting industry stakeholders to shape policy recommendations, promote R&D, support startups, and enhance public understanding of Web3 technologies.
Q: Is now a good time to invest in Hong Kong’s Web3 sector?
A: With strong government backing, clearer regulations, and rising institutional participation, Hong Kong presents compelling opportunities for strategic investors focused on long-term digital economy trends.
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Looking Ahead: A Digital Future Built on Trust
As Hong Kong aligns its technological ambitions with national strategies and global best practices, it is emerging as a trusted gateway between East and West in the Web3 revolution. By combining regulatory rigor with innovation incentives, the city is crafting a unique model for sustainable digital transformation.
With elite talent, institutional support, and forward-looking policies now in place, Hong Kong is poised to lead Asia’s next wave of fintech disruption — powered by blockchain, driven by vision, and anchored in trust.
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