Asia’s Web3 Regulatory Climate Warms Up: Animoca Brands

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Asia’s Web3 Regulatory Climate Warms Up: Animoca Brands
  • Animoca Brands spotlights the growing enthusiasm for crypto regulation in Asia.
  • Hong Kong emerges as a driving force in regulation with proactive measures.
  • HK approves the retail trading of 16 tokens, including the metaverse token.

In a recent tweet, Animoca Brands, a company dedicated to delivering Digital Property Rights to gamers and internet users worldwide, highlighted the growing enthusiasm for Web3/crypto regulation in Asia, signaling favorable conditions for builders in the region.

According to the tweet, Japan has prioritized the Metaverse as part of its national agenda, while Singapore and Hong Kong (HK) are pivotal driving forces in the Web3 landscape. Furthermore, Southeast Asia (SEA) has emerged as a significant contributor to the sector’s growth, accounting for 50% of the overall progress.

Animoca Brands highlighted that the Hong Kong government had established a Web3 Task Force, with Yat Siu, the company’s co-founder and executive chairman, serving as an honorable member. The Task Force’s primary objective is to foster the growth of crypto-based businesses within Hong Kong.

Furthermore, the firm spotlighted a noteworthy development by the Hong Kong Monetary Authority, a letter to all regional banks, including HSBC and Standard Chartered, mandating the opening of bank accounts for crypto companies. This proactive move makes Hong Kong one of the first regulators globally to take such a step, according to Animoca Brands.

Notably, Hong Kong has witnessed the issuance of tokenized green bonds and the introduction of six crypto exchange-traded funds (ETFs). HSBC also joined the movement by allowing the purchase of crypto ETFs. According to Animoca Brands, 16 tokens, including the metaverse token SAND, have gained approval for retail trading in Hong Kong.

Animoca Brands further argued that the region’s push towards Web3 advancement is further reinforced by China’s recent whitepaper, which affirms that the future of the internet lies in Web3 innovation, calling for increased investments to drive its development.