Blockchain technology has managed to permeate every aspect of our lives. Undoubtedly, it would not be wrong to say that the work in Asian countries is one step ahead. Hong Kong is in the process of setting up a web3 working group composed of policy makers, regulators and crypto industry participants.
“We will deepen our work on virtual assets”
Hong Kong Financial Secretary Paul Chan said, “Going forward, we will deepen our work with key departments, regulators and virtual assets. At the same time, I will organize and lead a working group on virtual asset development composed of market participants.”
How Will Work on Web3 Cryptocurrencies Be Conducted?
The HongKong Securities Administrators (UCA), which had previously released an update on cryptocurrency trading, issued a new statement. According to the announcement, cryptocurrency trading platforms that want to operate in the country will have to comply with “enhanced” investor protection procedures. These firms are expected to comply with these requirements for up to 30 days as part of the pre-registration process while they work on their actual registration.
BlackRock ETF Focuses on Metaverse
BlackRock has announced the launch of a Metaverse-focused ETF. This brings the metaverse, which has recently lost interest among institutional investors, back to the forefront. According to the statement on BlackRock’s website, the ETF, whose full name is iShares Future Metaverse Tech and Communications ETF, will invest in companies expected to contribute to virtual platforms, social media, gaming, 3D software, digital assets and virtual and augmented reality.
According to a KPMG survey examining general sentiment on the evolution of the metaverse, more than 90 percent of investors continue to believe that the metaverse is the next phase of the Internet. On the other hand, the majority of investors are hesitant due to legal issues, privacy and acceptance.
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