Web3, sometimes referred to as the “Semantic Web”, enhances the machine readability of web content and could usher in a more intelligent, interconnected, and decentralised internet, turbocharging Web3 and fintech blockchain applications.
These innovations have the potential to reshape financial services to be more inclusive and equitable, greatly enhancing international trade and the competitiveness, and reputations, of financial centres that are at the forefront of innovation.
However, Web3 and other FinTech applications also have the potential to bring certain risks, such as the ease of fraud and money laundering, strip protections from customers. Such risks require careful regulatory attention to prevent negative impact on national economies and the global financial system.
Given these dual potentials, an enabling regulatory framework for innovation is crucial, and financial regulators are the bodies that must walk a tightrope between these two outcomes – too heavy handed an approach will see innovation stifled and businesses fleeing to overseas competitors, too light a touch will result in damage to markets.
This webinar looks at how financial centres can support Web3 and FinTech whilst protecting markets and customers, and unveils the latest research from Z/Yen, which is commissioned by Hong Kong’s Financial Services Development Council. Our speakers will unpick the opportunities and challenges in the ecosystem. They will examine different approaches to foster an enabling regulatory framework for innovation and reveal the insights gained from exchanges with Web3 innovators in Hong Kong on the island’s efforts to stimulate innovation in Web3 and Fintech.
Speakers:
- Mr Jonathan Gill, Senior Tokenisation Director and Legal Advisor, HashKey Group (See Bio)
- Mr Sean Lee, Co-founder & CSO, IDA; Co-Chair, Policy & Regulatory Subcommittee, Web3 Harbour (See Bio)
- Mr Simon Mills, Senior Associate, Z/Yen Group (See Bio)
Moderator:
- Mr Mike Wardle, CEO, Z/Yen Group (See Bio)
Language: English
Click here to download the research report.