While other regulators, such as the United States Securities Exchange and Commission (SEC), seem to have turned their back on crypto, Hong Kong has continued to support the industry’s standing firmly on its commitment to become a crypto hub.

Over the past few months, the Hong Kong government has initiated several plans showcasing the region’s support for the crypto industry. Recently, Hong Kong’s Financial Secretary, Paul Chan, disclosed the government’s plan to invest in the developing Web3 ecosystem.

To be part of the early core contributor of Web3, the Hong Kong government invested HK$50 million ($6.5 million) into the island city’s 2023-24 budget – a move targeted at the Web3 ecosystem. 

The invested funds were said to be used to boost several necessary sectors that could foster Web3 adoption, including cross-sector business cooperation, organizing workshops, and so on. 

So far, the Island City project has aided Hong Kong’s effort to support emerging technology, strengthening its status as Asia’s leading financial center.

In a recent report published by Barron, the Hong Kong Monetary Authority plans to initiate a round table by April 28, 2023, to facilitate straight dialogue alongside the crypto industry. 

Hong Kong’s approach towards crypto has been significantly different from other Asia financial centers, such as Singapore, which have been rather discreet with their moves on crypto. 

Paul Chan commented on Hong Kong’s effort towards promoting the crypto industry and said:

In order for Web3 to steadily take the road of innovative development, we will adopt a strategy that emphasizes both ‘proper regulation’ and promoting development.

Chan further mentioned “financial security, investor education, and anti-money laundering measures.” Kishore Bhindhi, an attorney based in Hong Kong, added and told Barron that Hong Kong’s moves are showcasing the region’s aim to become a home to cryptocurrency.

Bhindh noted that in the future, the Island City project could turn to crypto’s application to traditional financial services, for example, tokenized bonds and securities.

#Binance #hongkongweb3festival2023 #BTC #BNB #Web3

There was a cryptocurrency trader named Max who was always on the lookout for new investment opportunities. One day, he came across an up-and-coming blockchain project that promised to revolutionize the way data was stored and managed.

Max did his research and was impressed by the project's team, technology, and potential for growth. He decided to invest a significant portion of his funds in the project's native token, hoping to profit from its success.

However, Max soon realized that the project was not progressing as quickly as he had hoped. The team was experiencing delays, and the token's price was not moving as he had expected.

Undeterred, Max decided to take matters into his own hands. He reached out to the project's team and offered his assistance, leveraging his expertise and resources to help them overcome their challenges.

Max's involvement proved to be a game-changer for the project. With his help, the team was able to overcome their technical hurdles and accelerate their development timeline. Max also used his network and connections to promote the project to other investors, generating more interest and support.

Thanks to Max's intervention, the project's token price began to rise steadily, and Max was able to profit handsomely from his investment. However, Max was not motivated solely by profit. He believed in the project's mission and was passionate about helping it succeed.

In the end, Max's involvement proved to be a win-win for everyone involved. The project was able to achieve its goals and make a positive impact on the world, while Max was able to generate significant returns and contribute to a cause he believed in.

@Marticlues

#Binance #hongkongweb3festival2023 #fantasticdeals #BTC #eth2.0

Bankrupt crypto exchange FTX has recovered $7.3 billion in cash and crypto assets.

The positive development has provoked thoughts of a relaunch in Q2, 2023, FTX attorney says.

FTX token (FTT) has reacted to the news with a 25% uptick in one hour and 103% in 24 hours.

FTX cryptocurrency exchange, now bankrupt, has hinted at a possible relaunch after recovering $7.3 billion worth of assets in both cash and crypto assets.

In a Wednesday hearing at a US bankruptcy court in Delaware, FTX attorney Andy Dietderich noted that with this recovery, the shamed crypto exchange records an increase of over $800 million since January 2023.

Dietderich also revealed that the company is deliberating on its future after months of hard work trying to collect resources and establishing what went wrong under the stewardship of the since-indicted ex-founder, Sam Bankman-Fried (SBF). Notably, the former FTX executive pleaded not guilty. Citing the legal rep:

The situation has stabilized, and the dumpster fire is out.

FTX benefits from the latest bull run

Dietderich has associated the latest development in the FTX ecosystem with the recent uptick in cryptocurrency prices. Using November 2022 crypto prices or rates, the total recovery would be valued at $6.2 billion. This was when the exchange filed for Chapter 11 bankruptcy protection following traders' move to withdraw $6 billion from the platform within three days. Worse, this was around the same time when industry peer, Binance Exchange, abandoned a rescue deal to save FTX.

The current FTX CEO, John Ray, has pointed out "improper fund transfers and poor accounting" at the imploded crypto firm, calling them out for their "complete failure" of controls.

FTX to negotiate a do-over, what this would mean for exposed customers

Looking ahead, FTX is in talks with stakeholders about a possible relaunch in its crypto exchange operations. According to Dietderich, the decision could come out within between April and June 2023.

Dietderich also explained what a relaunch could mean for customers with previous exposure to FTX. Notably, many customers have their crypto deposits still locked up as the bankruptcy case continues.

Thus far, the only customers that have been able to access their funds tied to FTX are its customers in Japan. Dietderich acknowledges the country's stringent crypto regulations as the primary influencer for that outcome.

Nevertheless, FTX would require massive capital to reboot its crypto operations as the current customer interface bears little to no connection with the movement of money in the back end. He said:

The app worked beautifully, but in truth, it was a façade.

Further, Dietderich acknowledged that it remains unclear whether the exchange should use its own funds to resume operations as opposed to using the money to compensate affected customers. Restarting the exchange might require outside funding or a sale of the exchange's assets. Some community members share the sentiment.

The exchange is working on a preliminary Chapter 11 plan to release the company from bankruptcy. The plan will be filed by July, according to Dietderich, who highlighted many details to be addressed as creditors push for their share of the firm's assets. The plan could be approved by Q2 of 2024 at the earliest.

FTX token (FTT) reaction to the news

The hope for a possible reboot has excited FTT holders, triggering a 25% uptick following the news. At the time of writing, the token is auctioning for $2.7, up 103% in the last 24 hours.

Based on CoinMarketCap data, trading activity for the token is also up by an outstanding margin, recording $233.188 million, up 2,382% in the last 24 hours.

#FTX #Binance #hongkongweb3festival2023 #fomc #cpi

HongKong Web3 Festival

Hong Kong Web3 Festival is a virtual asset-focused conference co-hosted by the HashKey Group and Wanxiang Blockchain Labs and organised by W3ME.

The festival will take place on April 12-15 at 5/F, Hong Kong Convention and Exhibition Center (HKCEC). This four-day event will have over 10,000 attendees, 300 distinguished industry speakers, about 100 Web3 projects, community partners and media partners around the world.

Hong Kong Web3 Festival provides a platform for industry leaders and investors to discuss Web3 technology and the key issues involving its future development in the region.  The event focused on key industry issues such as Web3 technology, blockchain-powered financial infrastructure, leading-edge Web3 applications, and changes in global regulations.

The Hong Kong Web3 Festival will invite global experts to share their Web3 technology solutions and Hong Kong regulatory representatives will also dive into and interpret the latest digital asset regulation policies.

The main stage session in the afternoon of April 12 is themed “What’s next for Virtual Assets”, featuring top-league guests such as Changpeng Zhao, Founder and CEO of Binance, who will be having a fireside chat with HashKey Capital’s CEO Deng Chao. 

💠On April 13, experts will discuss the latest Web3 infrastructure, the latest developments in the metaverse and NFT field. Expert panels will also cover Layer 2 networks, DeFi 2.0, Digital Wallet and DID, DePIN, Regenerative Finance (ReFi), and node validation services.

💠Dozens of Web3 and NFT entrepreneurial project teams will present their technology and achievements in front of leading venture capitals at the Web3.0 Demo Day session on April 14-15.

Building Web3 Together

Attending The Hong Kong Web3 Festival can help improve skills such as socializing, networking, communication, and teamwork. It can also provide opportunities to learn new things and gain new perspectives.

You can learn about the latest trends and developments in the Web3 industry from distinguished industry speakers and experts. “Openness” and “cooperation” are the spirits of Web3.

It also provides a platform for people to learn about virtual assets and how they can be used in their daily lives.

#originalcontent #hongkongweb3 #hongkongweb3festival2023