Challenges Faced in Promoting Web3 Adoption in Hong Kong

In Hong Kong, a group of technology leaders known as the 'Technology Crime Police Advisory Group' has identified stigmatization as a significant obstacle to the advancement of Web3 technology in the region. This advisory group, consisting of 12 influential figures from the technology sector, has highlighted the critical need for the development of effective regulatory frameworks to address this issue timely.

The Technology Crime Police Advisory Group, established by the Hong Kong police in December 2022, aims to tackle the challenges associated with the growth of Web3 in the region. Specifically, the group has raised concerns about the misconceptions and misinterpretations surrounding Web3 concepts such as blockchain and cryptocurrencies. These misunderstandings can lead to confusion about the legitimate and illicit applications of these technologies.

The primary focus of the advisory group's discussions during its fifth meeting in March was on the trends and risks associated with the development of Web3 technology. Emphasizing Hong Kong's active role in promoting Web3 and blockchain technology, the group aims to provide the police with up-to-date insights into the rapidly evolving technological landscape.

The engagement of Hong Kong with Web3 goes beyond the virtual asset market, encompassing a broader scope that includes various applications and implications for the region. The group's recommendations underscore the importance of addressing the challenges posed by stigmatization to enable a conducive environment for the adoption and growth of Web3 technology in Hong Kong.