Yesterday Hong Kong Financial Secretary Paul Chan compared the status of the web3 sector to the post dotcom bubble period when many of the leading brands gained traction. While Hong Kong has been portrayed of late as becoming more crypto-friendly, Chan still talked about controlling risks, regulation and mentioned multiple real world use cases more typical of enterprise blockchain.
Chan penned a blog post over the weekend about upcoming digital events on the island. He opened up about why there has been an apparent change of heart in Hong Kong. “The global competition for the development of Web3 is also deepening. The competition is about who can create the largest space for application and innovation under the premise of controllable risks,” he wrote.
When he gave examples of the potential innovations, he mentioned the transparency of tokenization, particularly regarding green bonds, where Hong Kong tokenized $100 million in February. Chan also referred to supply chains and trade finance, another area where Hong Kong has been active for years. It launched eTradeConnect as a trade finance platform back in 2018 with strong links with China. GSBN, the private blockchain shipping network that includes COSCO Shipping and Hapag Lloyd as backers, is also based in Hong Kong.
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