At Hong Kong Web3 events, industry players look past recent crypto scandals to promote blockchain for everything

Major Web3 events in Hong Kong have been focusing more on Web3 usability and use cases like identification, content ownership and video gaming

The city faces challenges like recent crypto scandals and a talent shortage, but some say its proximity to mainland China still gives it an edge

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Animoca Brands co-founder and chairman Yat Siu gives an interview during the Edge Summit at Hong Kong’s AsiaWorld-Expo on September 26, 2023. Photo: SCMP/ Matt Haldane

Published: 9:00am, 30 Oct 2023Updated: 1:03pm, 30 Oct 2023

As Hong Kong kicks off its annual FinTech Week conference, which marks one year since the city announced a policy shift with the intent of becoming a global cryptocurrency hub, big industry players have increasingly been focusing their messaging on a broader Web3 beyond just financialisation.

Events such as September’s Edge Summit, the recently concluded ETH Hong Kong and a hackathon this past weekend hosted by Shanghai-based blockchain company Neo reflect a growing desire to focus on practical applications of Web3 technologies beyond speculative assets.

The recent JPEX cryptocurrency exchange scandal linked to more than HK$1.5 billion (US$192 million) in lost consumer funds has some industry figures trying to move the conversation beyond crypto by concentrating on practical applications for consumers.

In some ways Hong Kong has long been at the forefront of this area of Web3 development, with home-grown Animoca Brands being a leading blockchain video gaming company. Yat Siu, the company’s co-founder and chairman who spoke at the Edge Summit, has been an outspoken Web3 advocate.

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The cryptocurrency scandal gripping Hong Kong

“[Web3 is] like the internet 25 years ago. You had all these people building websites and didn’t really know what the website was supposed to do,” Siu said in an interview with the Post on October 13.

At Hong Kong Web3 events, industry players look past recent crypto scandals to promote blockchain for everything

Major Web3 events in Hong Kong have been focusing more on Web3 usability and use cases like identification, content ownership and video gaming The city faces challenges like recent crypto scandals and a talent shortage, but some say its proximity to mainland China still gives it an edge

Major Web3 events in Hong Kong have been focusing more on Web3 usability and use cases like identification, content ownership and video gaming

The city faces challenges like recent crypto scandals and a talent shortage, but some say its proximity to mainland China still gives it an edge