The finance minister spoke in Hong Kong, which introduced new regulatory rules in cryptocurrencies as of June 1 and officially accepted Bitcoin and Ether ETFs last year. Minister Chan Mo-po praised blockchain technology and Web 3 in a statement:
The underlying technology underlying Web 3 is blockchain. Like it or not, blockchain and crypto will continue to grow and evolve in the future. Thanks to blockchain technology, open-source, secure and low-cost platforms can be established. We plan to introduce an appropriate regulatory system in Hong Kong in the long term to support the orderly and safe development of virtual assets.
Stating that after the pandemic, developed economies in the world faced high inflation and therefore countries turned to monetary tightening policies, the Minister stated that the Chinese mainland has recently shown 4.5% growth and geopolitical tensions have increased. The minister claimed that many countries are now considering diversifying their investments by shifting their investments to the Asian side instead of the USA and Europe.
Finally, the Hong Kong-based company Animoca Brands announced that the SEC’s sanctions only bind the US region, so they will continue their activities outside the US as they are. It is stated that many crypto companies working with US banks have also turned their direction to Europe and Hong.