Hong Kong's Web3 Development Framework Unveiled at 2026 Carnival

Hong Kong has emerged as Asia's leading international financial center, ranking third globally and first in Asia in the Global Financial Centers Index, according to PANews. At the opening ceremony of the 2026 Hong Kong Web3 Carnival, Deputy Secretary for Financial Services and the Treasury, Joseph Chan, highlighted the city's continued dominance in the fintech sector. Hong Kong currently hosts over ten licensed trading platforms, and the Monetary Authority has issued the first two stablecoin issuer licenses this month. The city is actively collaborating with the Securities and Futures Commission to establish regulatory frameworks for digital asset trading and custody service providers, aiming to present a bill to the Legislative Council by 2026. Chan introduced Hong Kong's Web3 development framework, known as "LEAP," which focuses on optimizing legal and regulatory measures, expanding tokenized product offerings, advancing application scenarios and cross-sector collaboration, and fostering talent and partnerships.