One Year Anniversary of Web3 Development in Hong Kong: Promising Prospects, Bank Account Opening Remains a Challenge

Since the Hong Kong government issued a virtual asset policy declaration at the end of October last year, a year has passed. During this period, Hong Kong has approved the license applications of two virtual asset exchanges and has also attracted numerous Web3.0 companies to settle in. Zheng Jialiang, a partner in the venture capital department of a certain group, stated in an interview that over the past year, the government has actively promoted industry development, showing a very open attitude, and has provided tremendous assistance in both policy formulation and actual implementation. He believes that the JPEX incident is just an isolated case, and Hong Kong still holds great potential for foreign Web3 companies.

However, landing the Web3 industry in Hong Kong is not an easy task. One of the main obstacles is opening bank accounts. Traditional banks generally adopt a cautious attitude towards this industry, making it difficult for Web3 companies to open accounts. Zheng Jialiang pointed out that getting traditional banks to accept this industry requires a gradual approach, but he believes that "opportunities outweigh risks." He expects that within the next two to three years, Hong Kong's support system for Web3 companies will be further improved, providing better conditions for these companies to develop their business in Hong Kong.