July 23, 2025
By Tsering Namgyal
Musheer Ahmed, Founder & MD, FinStep Asia and Co-lead, HK Web3 Blueprint talks to Blockwind News Editor-in-Chief Tsering Namgyal about the Hong Kong Web3 Blueprint developed by Web3 Harbour.
Q1: What does Web3 Harbour blueprint for HK provide in terms of strategic vision?
A: The Hong Kong Web3 Blueprint developed by Web3 Harbour – Hong Kong-based industry association for the development of the decentralised internet and digital asset economy – is a call to action for public-private sector collaboration. It is a comprehensive initiative designed to provide a focal point for industry consultation, foster alignment with government policy, and guide the sustainable growth and furtherance of a Web3-enabled financial future for Hong Kong—grounded in local capability, aligned with global opportunity, and powered by open, decentralised systems. Developed through vigorous research and thoughtful collaborative effort & discourse via roundtables with 50+ leaders, innovators, and stakeholders, the Blueprint is a visionary and actionable roadmap for Hong Kong’s financial future powered by Web3 capabilities.
Q2: What does the research that went into it reveal about Hong Kong’s goal to become a global Web3 hub?
A: Web3 technology is redefining how we interact, transact, and build trust in the digital economy and promises a future of transparency, security, and user empowerment, values that align with Hong Kong’s commitment to fostering innovation and ethical adoption of blockchain technologies.
With the digital assets landscape evolving rapidly, our blueprint’s roadmap identifies actionable strategies and use cases that align with Hong Kong’s policy objectives and we advocate that swift movements are necessary for Hong Kong to become the Web3 and digital finance supercentre for the next generation. The blueprint underscores that the fusion of an agile regulatory environment and proactive market reforms with the innovative energy of the private sector will be key to unlocking Hong Kong’s full potential as a global financial hub.
Q3. How does HK try to supersede other Web3 hubs like Singapore and Dubai?
A: With a strong regulatory foundation, accelerating adoption of AI, and the maturity of decentralised technologies – Hong Kong’s window of opportunity has never been greater. Hong Kong’s trusted reputation, global connectivity, and massive asset base, combined with the benefits of Web3 technologies, position us to embed innovation directly into the architecture of the financial industry.
By driving innovation specifically in areas like open finance, tokenised capital markets, carbon markets, international trade and supply chain finance and digital wealth management, Hong Kong has the opportunity to set the global standard and embrace open, decentralised systems to create a more accessible, efficient, and inclusive financial services industry and to become the world’s premier Web3 financial hub. Our ability to attract the right capital, liquidity, and talent to come, build, trade, and invest here can further elevate our leadership position in the overall Web3 ecosystem.
Q4: Can you briefly describe the six foundation stones of Web3 as outlined in the blueprint?
A: While virtual assets are an important part of the new financial economy, the Blueprint provides a broader point of view on how the technology can enhance other sectors of the financial market and our economy.
Specifically, blockchain-powered networks have distinct advantages over centralised systems. We refer to these as “Web3 Superpowers.” and they include:
- User Ownership, Control and Governance: Users and creators of economic value can truly own their data, digital assets, and identities, enabling transfer and management without intermediaries. Blockchains can also allow individuals or entities to exercise their property rights more effectively by enabling borrowing, lending, pledging or licensing of those assets and efficiently tracking usage by third parties all on the same networks.
- Immutability with Transparency and Auditability: Tamper-proof records prevent fraud and unauthorised data alterations. Public blockchains allow anyone to verify transactions, increasing accountability and trust.
- Privacy Enhancements and Digital Identity Sovereignty: Advanced cryptography (e.g., zero-knowledge proofs) allows selective data disclosure without compromising privacy. Users manage self-sovereign identities, reducing reliance on third-party providers and single sign-on systems that can be compromised.
- Deep Automation and AI Integration: Self-executing agreements reduce dependency on intermediaries, lowering costs and delays. Disintermediation reduces fees for transactions, content distribution, and financial services. Blockchains provide the right economic systems for AI agent-to-agent commerce.
- Enhanced Security, Resilience and Reliability of Critical Infrastructure: Distributed infrastructure ensures no single point of failure, enhancing uptime and robustness. Distributed networks reduce vulnerabilities to hacks and breaches common in centralised systems.
- Interoperability of Applications with Composability of Data, Ledgers and Repositories: Open standards enable seamless interaction between platforms, blockchains, and applications. Permissionless access allows participation regardless of geographic or socioeconomic barriers.
Q5. Hong Kong government is already proactive in promoting Web3. Did the blueprint reveal areas that it needs to work on more?
A: The Hong Kong government has been proactively developing the Web3.0 ecosystem, including launching of recent legislation on stablecoins and regulatory consultation OTC dealing and Custody services. This is underpinned by the LEAP framework announced recently in the Government’s Policy Statement 2.0 on Digital Assets as also the Hong Kong SFC’s ASPIRE roadmap. The intention of the Web3 Harbour is to further support these initiatives by advocating the benefits of including Web3 technologies in the architecture of Hong Kong’s International Financial Hub.
Our Blueprint shows that, while the intrinsic digital capabilities of our region are robust, the pace of innovation and competition requires us to act now. Hong Kong needs a unified effort by government, business, and industry to take decisive action to address talent shortages, market infrastructure gaps, access to funding, establishing Global Standard and by implementing prudent & cohesive regulatory frameworks, Hong Kong has an opportunity to lead digital finance and Web3 adoption worldwide.
To further the Blueprint’s action plan, the Web3 Harbour is already working on Phase 2, where we will launch five industry-level task forces to develop and implement tactical actions based on the Blueprint’s recommendations, addressing:
- Funds: Tackling global liquidity challenges.
- Stablecoins: Building on the recently passed stablecoin bill.
- VATP (Virtual Asset Trading Platforms): Addressing the upcoming second iteration of regulatory guidelines from the SFC.
- Legal & Compliance: Strengthening industry standards.
- Custody/OTC: Providing insights as consultations close by the end of summer 2025.
