Global Financial Market Review

A Web3 summit will get under way at AsiaWorld-Expo on Wednesday, with organisers keen to stress the massive opportunities available, despite recent crises in the industry.

The WOW Summit will connect people used to working with the internet in its traditional form with pioneers in the Web3 sphere, who believe in a more decentralised internet with data stored across networks of computers and away from big tech.

However, the sector has been rocked by scandals, such as the collapse of cryptocurrency giant FTX.

Bowie Lau, founder of MaGE Group, which focuses on venture investment and venture building, told RTHK that the crises in the sector "only send a signal that this space needs to be regulated", and people shouldn't be put off by bad news.

"The SFC [Securities and Futures Commission] is having a public consultation to gather industry leaders' thoughts and comment on regulating the retail space, especially in this digital assets space. That means a lot to Hong Kong," she said, adding that Bitcoin has outperformed the majority of asset classes by 68 percent year to date.

Lau said the aim of the WOW Summit is to bridge the gap between the Web2 and Web3 spaces.

"This is the event where you will meet all the industry leaders, government officials, family offices, venture capitals, founders, startups, and many more multinational corporates," she said.

"Hong Kong is a strategic location in the APAC region because Web3 mass adoption is booming here and the government has announced a very strong commitment to make Hong Kong the leading hub in the Web3 and the virtual asset space."