Hong Kong is expected to support Web3 digital economy investment in the coming years, with the Financial Secretary, Paul Chen, citing the dotcom bubble burst as an example of how innovations can help ventures survive. Hong Kong will host a two-day digital economy summit, with industry leaders from companies such as Huawei, Alibaba, and Baidu expected to attend. Chen has allocated approximately $6.4 million to the Cyberport business park to accelerate the development of the digital industry through workshops for youth and international conferences. A licensing regime is in the works in Hong Kong for Web3 to supervise actions and minimize risk, and regulations for stablecoins and cryptocurrencies will soon be implemented. Local experts agree that there is no reason to delay investments in the Web3 space and call for the government to work out policies that bring investments from abroad and developers who can set up offices in Hong Kong.

The exchange said on Sunday hackers transferred the crypto assets from a hot wallet to an unidentified wallet.

The financial secretary of Hong Kong, Paul Chan, has stated that now is the "right time" for the city to push forward with Web3, despite the fluctuations in the crypto market. According to Chan, one of the three major directions proposed in the city's budget is the further development and application of Web3. Hong Kong plans to adopt a strategy that emphasizes both proper regulation and promoting development, with a focus on financial security, preventing systemic risks, and investor education and protection.

The document proposes more tax reform, clearer accounting standards and a DAO law.

MicroStrategy buys another 1,045 Bitcoin for $29.3 million, taking its total holdings to 140,000 BTC worth over $12.6 billion.

The standards for Virtual Asset Service Providers (VASPs) in Hong Kong are set "incredibly high" as the Securities and Futures Commission (SFC) wants the crypto industry to match the same compliance standards as traditional financial firms, according to Lucy Gazmararian, founder of crypto venture firm Token Bay Capital and an SFC Fintech Advisory Group member. The SFC published a consultation paper in February that considered whether licensed VASPs should serve retail investors and what standard of investor protection measures should be imposed. Gazmararian said the high standards may pose challenges for the crypto industry in Hong Kong over the short term, but that a solid regulatory framework will attract well-capitalized financial firms to help promising startups get off the ground.

Move Accelerator and 0xcuhk will hold a "MOVE&Pioneer Night" event on April 13 at 19:00 at K11 Atelier in Hong Kong. Sui, Yuan Technology, and Web3Hub will co-host the event. The evening will be a targeted invitation for numerous guests, including Hong Kong legislators, industry leaders, top international investors, and celebrity entrepreneurs.

Hong Kong is hoping to become a new hub for the crypto industry as US crypto companies face increasing regulatory crackdowns.

On April 15th, the “Hong Kong Web3 Festival 2023 — Interchain Session” proudly hosted by the Interchain Foundation and organized by Bianjie will be presented at the Hong Kong Convention and Exhibition Centre.

Global crypto exchange<a href="https://www.lbank.info/" target="_blank"> LBank</a> and its VC and blockchain accelerator arm<a href="https://www.lbanklabs.com/" target="_blank"> LBank Labs</a> are hosting a series of events during the Hong Kong Web3 Festival 2023. A total of five events will be co-hosted by LBank during the conference.