Hong Kong established a Web3 association earlier this week, demonstrating a push to develop Web3 technology, despite high volatility in the market and tightening cryptocurrency regulations in the US. The non-profit association counts China Mobile, China Merchants Energy Shipping, Huawei, and Hong Kong University of Science and Technology as founding members. Norman Chan, former chief executive of the Hong Kong Monetary Authority, will chair the institute. HKSAR Chief Executive John Lee Ka-chiu said Hong Kong must “dare to become a leader” in Web3 innovation, while other officials emphasized the need for proper regulations to safeguard the stability of the financial system and protect investors. Hong Kong plans to introduce a licensing requirement for virtual asset service providers in June this year, and is also studying the regulation of stablecoins. [The Paper, in Chinese]