Amidst Volatility in the Crypto Market, Hong Kong Set to Develop Web3 Industry

Paul Chan, Financial Secretary of Hong Kong, despite the ups and downs in the crypto market, has urged for continued development of the Web3 industry. Chan emphasized the need for appropriate regulations and promotion of financial security and investor protection measures. Hong Kong is planning to introduce a bill to regulate crypto and the Securities and Futures Commission has proposed a framework for effective governance of crypto exchanges in June.