Significant Progress in Hong Kong's Web3 Industry Over the Year, Bank Account Opening Remains a Major Challenge

A year after the Hong Kong government issued its virtual asset policy declaration, the Web3.0 industry has made significant progress in the city. As of now, the authorities have approved the operating licenses for two virtual asset exchanges, a move that has attracted numerous Web3.0 companies to expand their businesses to Hong Kong.

A partner in the venture capital department of an investment group stated in an interview that over the past year, the government has actively promoted industry development and demonstrated a highly open attitude. Whether in policy formulation or actual implementation, it has provided significant support for the industry. He believes that the recent incident involving a certain exchange platform is just an isolated case and does not affect Hong Kong's attractiveness to overseas Web3 enterprises.

However, Web3 enterprises still face some challenges in Hong Kong, the most prominent of which is the difficulty in opening bank accounts. Traditional banks generally take a cautious approach to this emerging industry, resulting in a less smooth account opening process for Web3 enterprises. The partner pointed out that getting traditional banks to accept this industry needs to be gradual, but he believes that "the opportunities outweigh the risks." He expects that in the next two to three years, the supporting services provided for Web3 enterprises in Hong Kong will become more comprehensive, thereby creating a more favorable environment for these enterprises to develop their business in the region.