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An institute backed by Hong Kong’s securities regulator will roll out a virtual asset training program to advance the city’s Web3 ambitions, the SCMP reported on Monday. The government also plans to train wealth managers and launch a platform to enable remote examinations.

Hong Kong to Train Virtual Asset Traders and Attract More Family Offices

Hong Kong government is planning to launch a program to train virtual asset traders, marking the latest effort by the East Asian city aimed at achieving a digital hub status. The Hong Kong Securities and Investment Institute (HKSI), a government organization backed by the local Securities and Futures Commission (SFC), will offer the program.

“We will be running a number of training programmes and seminars on virtual assets in the next few months for those who would like to enhance their knowledge on virtual asset.”

– Colin Shaftesley, chairman of HKSI

Furthermore, the HKSI will launch separate training programs to attract those from the wealth management industry and facilitate the government’s plan to bring more family offices to the city. The institute also intends to roll out remote online platforms in September 2023 to enable candidates to take UK, US, or Japan examinations.

The HKSI will be in charge of providing the training and licensing examination to participants, although the SFC will decide on the schedule of the exams. Formed in 1998, the HKSI has been training and creating licensing exams for brokers and asset managers in Hong Kong, with roughly 30,000 candidates applying yearly.

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Hong Kong Goes All In On Web3

In October 2022, the Hong Kong government announced plans to introduce a mandatory licensing program to legalize crypto trading. Since then, the city has consistently unveiled new initiatives to promote and facilitate the development of the Web3 space and become a digital hub.

Last week, Hong Kong authorities established a task force geared towards promoting the expansion of the Web3 ecosystem. The squad will be led by Hong Kong’s financial secretary Paul Chan and other official and non-government members.

Hong Kong’s endeavors are already bearing fruit, with several prominent Web3 firms filing applications for an operating license recently, including crypto exchanges Huobi Global and CoinEX.

Do you think Hong Kong will be able to challenge other global Web3 hubs in the future? Let us know in the comments below.

About the author

Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.