PwC·Web3Harbor Announce Web3 Blueprint in Hong Kong… "Establishing 5 Groups Focused on Stablecoins, Platforms, and Fund Management"

Attention is turning to whether the Web3 business can gain momentum in Hong Kong.

According to the South China Morning Post on the 23rd (local time), Big Four accounting firm PwC and Web3Harbor jointly released the 'Hong Kong Web3 Blueprint.'

They plan to drive the growth of Web3 business in Hong Kong by focusing on transparency, security, and user empowerment in decentralization, and by developing five key pillars: talent, market infrastructure, standards, regulation, and financial support/economic contribution. In particular, they encouraged broad participation in open finance, trade finance, capital markets, asset management, and the carbon market.

Gary Liu, chairman of Web3Harbor, explained, "The Web3 Blueprint outlines what the private sector should focus on for Web3 technologies and virtual or decentralized assets to be truly incorporated into Hong Kong's financial infrastructure."

Meanwhile, the two companies stated in the Blueprint that in August, they plan to establish five working groups focusing on important blockchain development domains: stablecoins, fund management, virtual asset trading platforms (VATP), legal and regulatory compliance, and custody/OTC trading.

Peter Brewin, partner at PwC Hong Kong, said, "The Hong Kong Monetary Authority made it clear that it doesn't want just anyone to become a stablecoin issuer.", but added, "However, we still need to consider how to integrate stablecoins within the broader ecosystem."