Bitcoin Forum

As the Hong Kong Web3 Festival 2023 is ongoing, there are a lot of exciting news coming out such as the central government has lifted bans on cryptos and banks in HK start to support Web3's development (source: https://twitter.com/cz_binance/status/1646040621256245250). CZ, Binance's CEO also attended the panel meeting(online) and shared his views on numerous topics (https://www.binance.com/en/live/video?roomId=2129188). With the support from both government and industry sectors, Web3 will be booming rapidly in Hong Kong and we can foresee that a lot of crypto investment will be flooding into HK very soon. Will this create a more bullish environment for altcoins ? Please share your opinions. By the way, I am with FireDAO team, in charge of the global community. Please let me know should you have any inquiries.

Absolutely! The recent news from the Hong Kong Web3 Festival 2023 is indeed exciting and bodes well for the development of Web3 and cryptocurrencies in the region. With the central government lifting bans on cryptos and banks in Hong Kong supporting Web3's development, it signifies a positive shift in the regulatory landscape and a growing acceptance of digital assets.
CZ, Binance's CEO, attending the panel meeting and sharing his views on various topics also highlights the industry's recognition and involvement in the festival. This indicates that major players in the crypto space are actively engaged in the development of Web3 in Hong Kong.

With support from both the government and industry sectors, we can expect a more bullish environment for altcoins in Hong Kong. The increased acceptance and adoption of cryptocurrencies in the region may attract more investments, including into altcoins, as investors seek opportunities in the growing market. But I believe it is not just in Hong Kong; I believe that this string of events has also had an impact on the price of bitcoin recently. We might see a more positive effect on the market in general if the positive signs continue.

Lifting the ban does not mean that Hong Kong will be an attractive city for these projects, but rather how will regulatory laws be put in place, taxes and how people deal with digital assets, whether seriously or futile investments, and the future is legal, will the ban return or not.

In general, I hope that it will end well because most of the platforms that provide Web3 services are quick investments to make developers rich without spending a lot on security and educating users from the risks of ill-conceived investment.

You explained from A to Z about Hong Kong removing the crypto ban there and ending with the question "Will this create a more bullish environment for altcoins?", the answer to your question is obvious, all good news in the public will have a positive impact also to the crypto environment. But in the case of HK lifting the crypto ban and supporting Web3 development there, I don't know how far the good impact of the news will be.

Hong Kong's decision to embrace crypto with open arms is surely a positive thing for the industry. But something really big must happen for crypto prices to "explode". A country adopting crypto/Blockchain tech is simply not enough to move market prices to "hodlers'" own benefit. You can thank the deteriorating situation of the global economy for crypto's inability to reach a new ATH in price. The BTC halving of 2024 might not have that much of an impact on market prices either, if all else remains the same. Unless central banks stop raising interest rates and begin printing more money, crypto market prices won't be going anywhere soon.

At least, we're off to a good start. The more countries join the revolution, the faster crypto/Blockchain tech will reach the mainstream world. This means higher market prices in the long run. No one can predict the future so we can only hope for the best. Just my thoughts ;D

Every good news that is related to this industry will naturally affect the entirety of this industry positively. The only difference would be how big the effects would be which would then be dependent on the type of news and how large its scale is. And with this one, I don't think the scale is that big to actually affect the price of altcoins massively. Although, I can say that this, in terms of attracting audiences from HK and possibly in other places as well if it is ever broadcasted by the media in some world news (which I kinda doubt) is great.

But that doesn't mean that it wouldn't affect the price of altcoins positively. It's just that it would take a bit longer than how fast we actually hope for it to happen. And that's okay, I mean I even think it's for the best since it gives us more time improve the current services that the projects provide in this industry to its users and investors. Not to mention that it also gives us more time to accumulate more coins that we like at a cheaper price.

Hong Kong is learning from its mistakes, it seems! During the previous encroachment from China, a lot of people got their banking account freezer just because the Chinese government wanted it to happen. So embracing crypto is absolutely necessary for the citizens of Hong Kong in case another similar attempt is made by China. It's good to see it happening and also the local government is supporting the web3 businesses which is another positive news.

Another neighboring country, Singapore has a very crypto-friendly policy which allowed multiple businesses to move there over the last couple of years. I hope Hong Kong will catch up soon. 

I think is foolishness of the part of any country presently to be hostile to Crypto, there is more to gain than lose and the funny thing is that most of these people thinking they want to stop Crypto won't be here in 20 years to 30 years. Most young people are warm to Crypto and I expect this to continue and can even become a political issue in the future when a candidate will be asked to state their position on Cryptocurrencies. Hk is a gateway to China and they must have done their homework on this before saying yes after their initial hostility towards Crypto

From Hong Kong it looks like it will be a bullish sign for cryptocurrencies and especially for altcoins from China,
yes one of the positive impacts is the high increase in Conflux and there is a possibility that it will be followed by other coins like VITE or CKB,
I myself see this as a good opportunity to gain profit.

While we are at that we should also note the many loopholes in web3 development as they are over-dependent on their developers and those behind most of those project are in for the quick buck they will get from this development, and while the government are focused on regulation and the taxes that will be generated from this project, none will pay attention to the centralization of those projects and how to create awareness to their investors to help them make food decision while in the project as an investor.
 

Situation in Hong Kong is becoming better. They're giving the option for everyone to be there and have some great business experience and so as they try to recover from the pandemic.

They have to extract every possible source of income that they can including cryptocurrencies. They can be a major hub in the South East Asia for those companies that wants to have their office operations there.

The adjustment is done because they want to quickly grow their economy and giving that exceptions and benefits to any potential source for their country.

I am very doubtful that china is actually allowing cryptos to bloom. They might be a threat to dollar which suits them, but also to Yuan. Also their cutting edge facial recognition tech and surveillance with public shaming via social credits tells volumes about their stance.

Not in a million years they would allow private or pseudonymous transactions with a currency they can't control. Most likely they use cryptos as a short time bait to lure people using their own platform that allows smart contracts but will be controlled by the CCP.

They have already made absolute dystopia where you can be rebellious with code words. And i can't see even revolution changing that because once they got the tech, why should they put it back in the box?

With this kind of news, it's all a WIN for the cryptocurrency market. Bitcoin will almost come here first. After that, altcoins.
After that also will lead to lot of scam projects because some could use this positive news to gain people to invest in their projects which will turn out as scams.

That's true. I also see HK's embracing crypto is a strategic move to face the challenges from both external and internal. Singapore is a powerful competitor in terms of many aspects. In the past decades, Singapore has taken HK's place in many ways and we can say that now HK falls behind Singapore, especially when it comes to the business environment. How to be more open to the world is a key lesson HK should focus on in the long term. Internally, due to the pandemic and some other political reasons, Hong Kong's economy is experiencing a slide downturn which leads the residents to a horrible situation. The good news shows that HK is aiming to be the crypto hub in Asia, which is a good start.

I would guess that a huge amount of money go pouring into crypto after this. Hong Kong is not a small place, it's connected to china, which means that we are talking about insane level of money there and being able to actually invest into crypto directly there means that we are going to end up seeing too many people putting money in.

Normal people like you and me there exists too, and they will put a sum in the crypto when it's official, but that's not the real deal, that is good of course but the real deal is that there are so many wealthy people there which could cause a lot of profit for all of us if they all go into it. Imagine a few billionaires and dozens of millionaires putting money into bitcoin at the same time when it's officially lifted.

hongkong lifting banned crypto is very good and positive news for the crypto market, because as we know that hongkong has enormous potential in crypto development, highly developed countries and cities would be more suitable if integrated with crypto technology

You pinpoint what's more important because this place seems the last option you will have if you want to build an establishment or businesses that are crypto-related because their decisions are like weather and when they want to do something they just decide to do it without putting into considerations the money of the investors that had to trust them when they lift the ban. With multiple choices all over the world you can choose to do the crypto-related things you want, I don't really care about this news except that I am a citizen of that country and I am also considering not rushing because of the tax they put on this one.

Yes, we heard that the central government in Hong Kong will lift the ban on cryptocurrencies, I don't know if this has already been implemented, but it will certainly create a very suitable environment for working for many cryptocurrency projects.

Hong Kong is a very strong economic center and is the focus of attention of many major economists and capital, so it is possible that these positive laws play a major role in the prosperity of crypto there.

Indeed. More hot money flooding into the crypto market because of Hong Kong is surely to happen, although we are not sure how soon that day will arrive. A lot of billionaires from all over the world, especially from China mainland, are preparing for a huge investment once the all bans are lifted in June and more friendly policies are implemented later. The future ahead is very bright and we should get ready for that.

Hong Kong is part of China. So this means the mainland is indirectly supporting crypto/Blockchain tech through HK for its own benefit. It's a huge win for both citizens of HK and the Chinese government itself. Considering that Hong Kong is one of the world's biggest financial hubs, the adoption of crypto/Blockchain tech within the region will lead towards massive growth of the industry in the long run.

I hope HK doesn't overregulate crypto like the US is doing right now. It would scare away crypto startups and companies alike. Flexible regulations are key towards the healthy growth of the crypto industry as a whole. Who knows if this will positively affect crypto market prices in the long run? Just my opinion :)

Basically, everything that happens at such events has a good effect on technology as a whole with its news. And I think that the meetings will be beneficial and there will be various proposals for development in many directions

The lifting of the ban on cryptocurrencies by the Hong Kong government and banks starting to support the development of Web3 is a positive signal for the crypto industry. This backing could lead to an increase in crypto investment in Hong Kong, contributing to a bullish environment for altcoins.

However, the cryptocurrency market is complex and depends on many different factors, including economic, political, and technical ones. Therefore, we cannot make accurate predictions about the future of altcoins. But, with government and industry support, I think Web3 can flourish in Hong Kong and become an important part of the local economy. Increasing Web3 development will create new opportunities for altcoin projects.

We’re yet to see a positive reaction in the market after this news. I hope we’ll see prices start to pump soon, I would expect if China start to become crypto friendly again it’d be very bullish. In the 2021 bull run when China banned bitcoin we dumped from 45k to 28k briefly in one day, I remember it well. So if China starts becoming crypto friendly again, hopefully it’ll be good for prices. Maybe because the US won’t give regulatory clarity, China sees it as an opportunity to get exchanges to move to China.

Some regions favour cryptocurrency adoption and development by embracing many businesses to open up in their location. Regulation clarity attracts people to innovate or start-up crypto-related companies. Nevertheless, such kind of news won't simply make altcoin season will come up or crypto investment will flourish. Note that other countries are also competing to be "crypto hubs", Dubai is a recent example.


The altcoin market outlook will mainly follow how the bitcoin market performs.

It will be coming very soon. The new rules and crypto policies will be implemented in June so starting from then, the whole market will be bullish, at least for a short period. Indeed China sees US's aggressive regulations as an opportunity to attract more hot money flowing back to Hong Kong, China. Despite the crypto prices continue to drop, I still buy some in for the upcoming boom. We'll see.

If at least one of those countries gave favorable signals that will be a reason for the market to pump, but while both of them want to use bitcoin to their advantage both of them also hate the freedoms people can get through it, which is why both seem to be so indecisive about it and their policies keep changing, however it would not surprise me if this was also nothing more but another scheme by the Chinese government so a few months later they can once again change their posture and create more FUD to try to bring this market down.

Most governments are joining the crypto/Blockchain train because of the taxation benefits. Not because they want people to achieve true financial freedom. The latest series of events tied to crypto mixers and privacy coins alike tells us how mainstream governments (especially the US) are against people's financial freedom. I think that's exactly what China will be doing through Hong Kong in the long run. It will "embrace" crypto/Blockchain tech to attract investors, but the government won't let people use decentralized cryptocurrencies at their full extent.

There's no need to be surprised about this, especially when China is a communist country. Communism = more power for the government and less freedom/rights for individuals. Let's see if China's move will trigger Russia to do the same in the future. Who needs the approval of governments for crypto to survive anyways? Just my thoughts ;D

Well, I guess governments are merely a symbol to represent the force to restrain the individual freedom, not the roots. Any monopoly, financial institutions, can become the powerful force to be against individual freedom, especially the financial freedom. On the other hand, not all restrain can only do harm to individual freedom because investors are only prone to make profits while ignoring all rules and regulation. Certain control/regulation from either governments or regulatory bodies is necessary for crypto market's healthy development.