Hong Kong Legislative Council Member and Co-founder of G-Rocket, an incubator agency, Wu Jiezhuang, mentioned the area faces a Web3 expertise scarcity.
In an interview with Chinese language-language crypto publication Chain Catcher, Jiezhuang lined a number of factors, together with developments at G-Rocket, the influence of the Digital Belongings Service Supplier (VASP) licensing system in Hong Kong, and the federal government’s assist for Web3.
Commenting on the Hong Kong authorities’s beforehand powerful stance towards the trade, Jiezhuang mentioned native insurance policies have been at all times comparatively open, even earlier than June 1, when the Securities and Futures Fee (SFC) opened up functions for crypto buying and selling licenses.
To dismiss fears over making use of for a Web3 license and regretting the choice later, he clarified that the 2 actions of offering crypto buying and selling and crypto asset administration do require licensing. However all different Web3-related providers don’t.
“Along with these two areas, Hong Kong has not mentioned that different Web3 providers must be clearly supervised.“
Moreover, Jiezhuang mentioned Web3 innovators ought to arrange in Hong Kong as a result of the “government is comparatively secure and takes a long-term view.” As well as, entrepreneurs can acquire assist with funding, advertising and marketing, and mental property safety.
The Web3 future
When requested concerning the influence of VASP licensing, the G-Rocket Co-founder mentioned exchanges can be “justifiably” below Know Your Buyer (KYC) and Anti Cash Laundering (AML) obligations. In flip, this may open up seamless integration with the banking system.
As such, all events will come below the framework of legislation and regulation, guaranteeing legality and monetary safety. Jiezhuang added that he believes the whole trade desires this, notably in Hong Kong, which is named a global monetary heart with a repute for robust investor safety.
On the matter of unfriendly banks and reviews of crypto corporations having difficulties opening financial institution accounts, Jiezhuang commented that he sat in on a gathering between The Hong Kong Financial Authority, The Securities Regulatory Fee, and over 20 native banks, which concluded that each one companies, crypto-affiliated or not, must be handled equally.
Jiezhuang mentioned the bottleneck wouldn’t come from banks. As an alternative, it is going to be the results of expertise shortfalls. He defined that individuals with “worldwide imaginative and prescient, familiarity with legal guidelines and rules, and understanding of Web3″ are uncommon.
If projections of incubating 1,000 Web3 firms by 2026 are met, there might be an estimated deficit of between 50,000 and 100,000 individuals.