In a call for increased investment to speed up blockchain infrastructure development, industry group Web3 Harbour and accounting firm PwC Hong Kong launched the “Hong Kong Web3 Blueprint” on Monday, building on the city’s recent momentum. Emphasizing the “transparency, security, and user empowerment” brought by decentralization, the blueprint aims to harness what it terms “Web3 superpowers” through advancing “five key enablers”: talent, market infrastructure, standards, regulation, and funding and economic contribution. It urges stakeholders to concentrate on open finance, trade finance, capital markets, asset management, and carbon markets. The report was created with contributions from Web3 Harbour members and other industry participants.

Web3 Harbour chairman Gary Liu, formerly CEO of the Post, noted that while fostering greater private-public collaboration is a goal, the blueprint mainly serves as guidance for private sector priorities. “This is us laying out what the private sector is going to be focused on so that Web3 technologies and virtual or decentralized assets become truly part of the financial infrastructure here in Hong Kong, ” Liu explained. Stablecoins maintain a steady value by being pegged to a reference asset, typically supported one-to-one by fiat currencies such as the US dollar.