The city is becoming the epicenter for all things Web3.


The Web3 industry is back. The Market Cap for digital assets is sitting north of US$ 2 trillion and up almost 80% since last year. Builders, money managers, and entrepreneurs are flowing back into the space. This leads to an important question: Where do I go if I’m building?

While Dubai, Singapore, San Francisco, and London have their merits, Hong Kong is transforming into the center for all things Web3. Hong Kong’s government has unveiled ambitious plans to support its transition into the Web3 hub. This embrace of Web3 can be traced back to 2022, when the government issued a policy statement on Virtual Assets, emphasizing its commitment to the industry.


Hong Kong Chief Executive John Lee Ka-Chiu and government officials attended the inauguration ceremony of the Institute of Web 3.0

Hong Kong Chief Executive John Lee Ka-Chiu and government officials attended the inauguration ceremony of the Institute of Web 3.0

Since then, a flurry of new guidance from the government emerged. The city’s regulator, the Securities and Futures Commission (SFC), released a virtual asset trading license handbook, a HK$50 million budget was allocated to promote Web3, and a Web3 task force featuring private industry experts was created to advise the government.

While the world tightened regulations on Web3 and made it more difficult for firms, Hong Kong provided clear guidance and support

How Did We Get Here?

Hong Kong’s financial prowess and entrepreneurial spirit have always attracted global Web3 entrepreneurs. Iconic blockchain and crypto firms like Animoca Brands, Crypto.com, BitMEX, and Tether trace their roots to the city. However, over the years, many started to explore friendlier jurisdictions like Singapore and Dubai, leading to a decline in Hong Kong’s Web3 industry.

The government took notice and took decisive action to address these shortcomings. The city’s stock exchange introduced crypto ETFs, the government licensed two digital exchanges, and corporates embraced NFT technology. Regular Web3 meetups and international conferences have become the norm.

BTC and ETH Futures ETF Listing Ceremony at the Hong Kong Exchange on Dec 2022

Building in Hong Kong, Beyond the Headlines

So, what has been the reality for builders in Hong Kong? Pretty amazing, actually.
Our company, DOTTED, founded two years ago in Hong Kong, has seen a surge of interest in adopting Web3 and NFT technologies across corporate interests. Our client list includes Hong Kong’s largest museum, university, medical insurance company, music festival, and one of the first international sporting tournaments held in the city after COVID-19.

One of the five official NFTs of the Hong Kong Lacross Open 2023, artwork created by DOTTED

Despite the macro headwinds and difficulty others had in the industry, we have successfully raised funds during the last year. We are backed by Animoca Brands and layer 2 protocol Polygon, which powers our corporate NFTs.

Increasingly Sophisticated Customers

Clients in Hong Kong have become increasingly sophisticated towards Web3 and are looking for more than just a one-off NFT drop. They realize an NFT represents an opportunity to create a lasting connection and data point with customers that can be used to build long-term utility.

We partnered with one of Hong Kong’s largest public art installations, DOUBLE DUCKS by Florentijn Hofman, to distribute the official NFT of the event. We also launched a campaign to raise awareness of digital assets in the city. We partnered with over 20 vendors to provide HK$ 2 million worth of vouchers and coupons to shops, including restaurants, cafes, and hotel staycations.

Flyer by DOTTED for the official event

Is the Future of Web3 in Hong Kong?

I would say a resounding yes.

As a startup, we worked with a central bank, the Hong Kong Monetary Authority, to launch its 30th Anniversary NFT collection for the Hong Kong Fintech Week 2023.

Our team with Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, at Hong Kong Fintech Week 2023.

Since entering the crypto industry in 2018, the experiences our team received from clients and the industry this last year have made me more bullish on the space of Hong Kong. Does our industry face headwinds, of course? But the commitment by our regulators, policy markets, and government to listen to the industry and design pro-growth rules has been incredibly inspiring for our future.

Tamir and DOTTED’s Co-Founder and CTO Christopher Cheung, with Vitalik Buterin and others from the Ethereum development team at a Hong Kong conference in 2018

But don’t take my word for it, DYOR, and come to Hong Kong. This place has and will continue to build the future of Web3.