- The Hong Kong government is set to issue tokenized green bonds.
- SEC is currently working on regulating the asset class in question.
- Hong Kong is very interested in seeing Web3 flourish in the region around it.
According to CNL’s recent tweet, the Hong Kong government is likely to issue tokenized green bonds for subscription by institutional investors soon as remarked by the Hong Kong Financial Secretary.
To unleash the potential of Web 3.0, the government is anticipated to provide the appropriate level of regulation for the market.
The Financial Secretary, Paul Chan said;
“Having considered the rising interest rates in the market, we have decided to increase the minimum interest rate of this retail green bond so as to provide the public with a green investment choice with a steady return,”
According to Chen Haolian, Deputy Secretary for Financial Affairs and the Treasury, the Securities and Exchange Commission is currently working on regulating the asset class in question. Specifically, it is in the process of deliberating rules for public consultations and exchanges at this time so that it can better inform its decisions.
Experts argue that Web3 is something that Hong Kong is very interested in seeing flourish in the region around it. One startup accelerator stated that it plans to provide support to one thousand web3 startups for their work according to SCMP. Additionally, officials are making a concerted effort to entice businesses and reassert the region’s position as a financial center.
A further noteworthy occurrence is that Animoca Brands is attempting to raise $1 billion for their web3 and metaverse investment fund. This is an exciting new development. Additionally, Justin Sun said that Hong Kong is considered to be China’s “experiment base.”
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