One Year Anniversary of Web3 Development in Hong Kong: Bank Account Opening Remains a Major Obstacle

The Hong Kong SAR government issued a virtual asset policy statement a year ago, which has approved the licenses of two virtual asset exchanges this year, and has also attracted many Web 3.0 companies to develop in Hong Kong. Zheng Jialiang, a partner in the venture capital department of an investment group, said in an interview that the government has actively promoted the development of the industry in the past year, has a very open attitude, and has provided great help in policy formulation and practical implementation. He believes that the recent individual events will not affect Hong Kong's attractiveness to overseas Web3 companies, and Hong Kong still has great potential.

However, landing the Web3 industry in Hong Kong is not an easy task, and one of the main hurdles is opening a bank account. Traditional banks are generally cautious about this emerging industry, which makes it difficult for Web3 businesses to open accounts smoothly. Cheng pointed out that it will take a gradual approach to getting traditional banks to embrace the industry, but he stressed that "the opportunities outweigh the risks". He expects that in the next two to three years, Hong Kong's supporting services for Web3 companies will be more perfect, creating better conditions for these enterprises to develop in Hong Kong.