Hong Kong Hosts Global Consensus Conference on Crypto and Web3.0

• Hong Kong explores gold tokenization, merging physical gold with blockchain for greater flexibility and security in investments.
• Hong Kong’s focus on AI integration and blockchain aims to boost digital infrastructure and drive innovative financial growth.
• Standard Chartered partners to launch Hong Kong dollar-backed stablecoin, strengthening payment systems and bridging finance gaps.

The Consensus Conference, an important global conference on cryptocurrency and Web3.0, kicked off in Hong Kong on February 18. It is the first time in five years that the conference has been held outside the US. It is joined by 8,000 people from various industries including blockchain, digital finance, and the Web3.0 ecosystem. Hong Kong is taking center stage this year for the future of digital finance with new opportunities in tokenization, cross-border payment, and AI integration.

Hong Kong Pushes for Tokenization and Real-Economy Integration

According to Paul Chan, Hong Kong’s Secretary for Financial Services and the Treasury, who presented at the conference, Hong Kong has a vision for the future. The city is looking into tokenizing gold, where physical gold would be interfaced with blockchain technology.

This could provide investors with increased flexibility and enhanced security. Moreover, Hong Kong aims to integrate digital finance more deeply into the real economy. The government is promoting cross-border payments to strengthen Hong Kong’s position in the global financial system.

One of the primary speakers at the event, Xu Zhengyu, discussed how the virtual asset market in Hong Kong has developed. In order to enhance digital infrastructure, he emphasized the growing trend of combining Web3 and blockchain technology with artificial intelligence. The pattern demonstrates Hong Kong’s resolve to create a financial market that is more inventive.

Stablecoin Development and Digital Finance Expansion

The Hong Kong branch of Standard Chartered announced a partnership with Animoca Brands and HKT to introduce a stablecoin backed by the Hong Kong dollar. This program is a component of Hong Kong’s larger endeavor to improve its local and international payment systems.

The partners will apply to the Hong Kong Monetary Authority to license the stablecoin. The move is part of the city’s initiative to bridge the gap between digital assets and traditional financial markets. This relatively open regulatory environment and proximity to the largest Asian markets make Hong Kong a promising incubator for innovation as the Bitcoin ecosystem develops.