The Hong Kong Legislative Council’s Subcommittee on Web3 and Virtual Asset Development visited the Consensus Hong Kong Conference today at the Hong Kong Convention and Exhibition Centre in Wan Chai. The visit offered lawmakers a firsthand look at the landmark international event—marking its first edition in Hong Kong—focused on cryptocurrency, blockchain technology, and the future of Web3.
As one of the most anticipated gatherings in the global digital economy calendar, Consensus Hong Kong brings together industry pioneers, investors, startups, and policymakers to discuss cutting-edge developments in decentralized technologies. The delegation, led by Subcommittee Chairman Junius Ho, engaged with conference organizers, toured exhibition zones, and participated in discussions about Hong Kong’s growing role in the Web3 ecosystem.
👉 Discover how global innovators are shaping the future of digital finance.
Understanding the Significance of Consensus in Hong Kong
The Consensus conference series, organized by CoinDesk, is renowned for convening thought leaders across blockchain, fintech, and decentralized systems. Its debut in Hong Kong signals strong international confidence in the city's ambitions to become a leading hub for virtual assets and Web3 innovation.
During their tour, lawmakers learned that the event features keynote speeches, panel discussions, investor matchmaking sessions, and startup pitch competitions. These activities center on critical themes such as:
- The evolution of virtual assets and digital currencies
- Regulatory frameworks for secure and transparent markets
- The convergence of artificial intelligence and blockchain
- Decentralized finance (DeFi) and real-world asset tokenization
Officials were briefed on why Hong Kong was selected as the host city. Strategic advantages include the city’s robust financial infrastructure, pro-innovation regulatory environment, and its position as a gateway between Eastern and Western markets. With supportive policies from the Financial Services and the Treasury Bureau, Hong Kong has positioned itself as a forward-thinking jurisdiction for blockchain experimentation and fintech growth.
Engaging With Emerging Web3 Startups and Technologies
A highlight of the visit was the exploration of the Web3 startup competition zone, where early-stage companies showcased groundbreaking blockchain applications. From decentralized identity solutions to green mining alternatives and NFT-based intellectual property platforms, the innovations on display reflected the breadth of opportunities within the ecosystem.
Lawmakers observed live pitches from entrepreneurs competing for funding and global visibility. These competitions not only spotlight promising talent but also foster collaboration between developers, venture capitalists, and potential partners. The Subcommittee recognized the importance of nurturing homegrown innovation while attracting international startups to establish regional headquarters in Hong Kong.
Discussions emphasized the need for continued public-private partnerships to build a resilient Web3 infrastructure. Topics included enhancing cybersecurity standards, promoting interoperability among blockchains, and supporting education initiatives to develop local tech talent.
👉 See how next-generation blockchain platforms are transforming industries worldwide.
Strengthening Hong Kong’s Position in the Global Web3 Landscape
Chairman Junius Ho noted that the successful hosting of Consensus Hong Kong reinforces the city’s credibility as a trusted center for digital asset innovation. “This event is more than just an exhibition—it’s a statement,” he said. “It shows that Hong Kong is open, connected, and ready to lead in the new digital economy.”
The Subcommittee also discussed ways to further stimulate cryptocurrency-based economic activity, including expanding use cases for central bank digital currencies (CBDCs), supporting stablecoin development under clear regulatory oversight, and encouraging institutional adoption of blockchain for trade finance and supply chain management.
By connecting local businesses with global investors and innovators, events like Consensus help integrate Hong Kong into broader Web3 networks. This connectivity is vital for driving economic diversification and ensuring long-term competitiveness in an increasingly digital world.
Advancing Policy and Public Awareness
Beyond technological exploration, the visit underscored the importance of balanced policymaking. Lawmakers stressed that fostering innovation must go hand-in-hand with consumer protection, anti-money laundering (AML) compliance, and market integrity.
Education was another key focus. Increasing public understanding of blockchain fundamentals—such as decentralization, consensus mechanisms, and wallet security—is essential for widespread adoption. The Subcommittee expressed interest in launching outreach programs targeting students, SMEs, and traditional financial institutions to bridge knowledge gaps.
Regulatory clarity remains a cornerstone of sustainable growth. Hong Kong’s recent licensing regime for virtual asset service providers (VASPs) has been praised for striking a balance between innovation and risk mitigation. Continued refinement of these rules will be crucial as new technologies like zero-knowledge proofs and layer-2 scaling solutions gain traction.
👉 Learn what it takes to build a secure and scalable Web3 future.
FAQ: Your Questions About Web3 and Consensus Hong Kong Answered
Q: What is the Consensus conference?
A: Consensus is a premier global conference focused on blockchain, cryptocurrency, and Web3 technologies. Organized by CoinDesk, it gathers developers, entrepreneurs, investors, and policymakers to explore trends, innovations, and policy challenges shaping the decentralized web.
Q: Why is Consensus being held in Hong Kong?
A: Hong Kong’s strong financial ecosystem, pro-innovation regulations, and strategic location make it an ideal hub for bridging global Web3 communities. The event highlights the city’s commitment to becoming a leader in virtual asset development and fintech advancement.
Q: What are Web3 and blockchain?
A: Web3 refers to the next generation of the internet built on blockchain technology, emphasizing decentralization, user ownership of data, and trustless interactions. Blockchain is a distributed ledger system that securely records transactions across multiple computers without central control.
Q: How can startups benefit from events like Consensus?
A: Startups gain exposure to investors, mentors, and potential partners. They can participate in pitch competitions, demo days, and networking sessions that accelerate growth and validate their business models in a global marketplace.
Q: Is Hong Kong regulating cryptocurrencies?
A: Yes. Hong Kong has implemented a licensing framework for virtual asset service providers (VASPs) under the Anti-Money Laundering Ordinance. This ensures market transparency while allowing innovation to thrive within a secure legal environment.
Q: What role do lawmakers play in Web3 development?
A: Lawmakers help shape regulatory frameworks that protect consumers while encouraging technological advancement. Through committees like the Subcommittee on Web3 and Virtual Asset Development, they monitor industry trends, consult stakeholders, and propose policies that support responsible innovation.
Final Thoughts: A Milestone for Hong Kong’s Digital Future
The Legislative Council’s engagement with Consensus Hong Kong marks a pivotal moment in the city’s journey toward becoming a global Web3 leader. By embracing decentralized technologies, fostering startup ecosystems, and crafting forward-looking policies, Hong Kong is positioning itself at the forefront of the digital revolution.
As international attention turns to Asia’s innovation corridors, events like Consensus serve not only as showcases but also as catalysts—for investment, collaboration, and transformation. With sustained effort and strategic vision, Hong Kong can unlock new economic frontiers powered by blockchain, artificial intelligence, and decentralized networks.
This visit reaffirms that the future of finance is digital, open, and interconnected—and Hong Kong is ready to lead.