HONG KONG – April 12-13, 2024 – HKmediaEx was honored to participate in the Digital Economy Summit 2024 (DES 2024), hosted at the Hong Kong Convention and Exhibition Center.
The integration of Web3.0 with AI is poised to transform various industries and redefine our engagement with technology. Web3.0 introduces a novel approach to distributing incentives and fostering a user-centric economy, while AI enhances productivity and digital content creation. The synergy of these technologies propels innovation across different sectors and shapes the technological future, unlocking new avenues for progress and creativity.
At the Web3.0 and AI Forum: Digital Revolution Reinventing Businesses & Communities, a diverse array of speakers offered their insights on groundbreaking developments such as stablecoins, Decentralised Physical Infrastructure (DePIN), Real World Assets (RWA), and the interplay between AI and Web3.0.
In response to the growing integration of traditional financial systems with virtual asset markets, the Hong Kong Monetary Authority (HKMA) is developing a regulatory framework for stablecoin issuers in Hong Kong. To support the roll-out of this framework, the HKMA initiated a sandbox arrangement on 12 March 2024, to foster dialogue about the proposed regulatory standards between the HKMA and industry representatives.
Daryl Ho, Executive Director (Monetary Management) of the Hong Kong Monetary Authority, delivered a keynote speech titled "Regulation of Stablecoin Issuers to Promote Sustainable Development of the VA Sector in Hong Kong." He shared insights into the forthcoming stablecoin regulations and highlighted key considerations for potential issuers.
HKmediaEx Founder & CEO Lewis Wan commented, "The volatile nature of digital assets in the market highlights the need for stablecoins as a stable medium of exchange, akin to fiat currency, for daily transactions. By leveraging blockchain technology, stablecoins provide scalable, secure, and cost-effective alternatives that transcend traditional financial system limitations. HKmediaEx is actively participating in the HKMA’s consultations to contribute our perspectives on reserve assets and licensing criteria. We have also started a feasibility study on creating our own HKD-Referenced Stablecoin to seize opportunities presented by Web 3.0."
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