According to the most recent information from industry experts, Hong Kong’s perseverance in positioning the city as a key location for the digital asset, blockchain, and Web3 industries has moved the city ahead of the US, the country that previously dominated the crypto industry.
The most recent of the city’s several initiatives to establish Hong Kong as a Web3 hub was the formation of the Process Power, with the goal of promoting the Web3 industry. According to the Hong Kong Special Administrative Region’s allegation, the authority established the Process Power, a group made up of 15 non-official individuals and 11 government employees.
One of the 15 industry experts chosen to the Process Power advisory council is Yat Siu, an entrepreneur and co-founder of Animoca Manufacturers, a Hong-Kong-based Web3 funding agency. The entrepreneur believes that the establishment of the Process Power will help to improve the global adoption of blockchain technology, according to a tweet released by the platform on July 3.
Siu went on to express his enthusiasm for joining the project, saying:
The US is “squandering” the early crypto lead, according to Coinbase CEO Brian Armstrong, it has been revealed while examining the trajectory of the US crypto market. The US crypto regulators have been burdening the crypto community as a whole over the past few months with strict and rigid legal requirements, in part as a result of the alleged fraud of the former CEO of FTX, Sam Bankman-Fried.
Following the Securities and Exchange Commission’s (SEC) fees against the major cryptocurrency exchanges, including Binance and Coinbase, the country’s crypto trade started to decline, with its crypto buying and selling volume collapsing to 10.3% from the prior year’s 27.2%. The internet entrepreneur Chamath Palihapitia recently said in a podcast that the US government has been antagonistic towards the crypto community, saying “Crypto is dead in America.”
