Hong Kong is establishing itself as a crypto-friendly jurisdiction through a series of regulatory and policy initiatives aimed at promoting the creation of web3 infrastructure

Quotes that support claims

Hong Kong has rolled out the welcome mat for crypto firms by enacting a crypto licensing regime for crypto trading platforms in 2023. In March last year, the HKMA launched a sandbox for stablecoin issuers.

Johnny Ng, one of the lawmakers in the stablecoin bill committee, said on X that the passage of the stablecoin legislation is "just the first step in building Web3 infrastructure."

Hong Kong's Legislative Council has passed the Stablecoin Bill, paving the way for licensed fiat-backed stablecoin issuers by year-end and positioning the region as a potential global Web3 hub.