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Hong Kong Government Study Highlights Concerns Over Lagging web3 Development Compared to East Asian and Gulf Peers

June 20 (Cointime) - A study commissioned by the Hong Kong government has highlighted concerns that the region is falling behind its East Asian and Gulf peers in terms of web3 development. The study suggests that Hong Kong can learn from the experiences of these early movers as it gears up for the development of Web 3.0 technologies and applications.

The study also calls for more legal clarity to support the development of web3 technologies, including the emergence of DAOs and IP rights issues, and to address concerns arising from the use of NFTs. The study lists the differing approaches by various global jurisdictions, including Japan, Singapore, and South Korea, in the development and adoption of web3 technologies.

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