Authors: Han Kun Law Offices Felix Miao | Sheng Li | Clarence Chung | Carmen Liu | Matthew WongIntroductionWeb 3.0 is the latest evolution of the World Wide Web that envisages a more decentralized version of the web, underpinned by a constellation of advanced technologies and applications such as virtual assets (“VA(s)”) of cryptocurrencies and non-fungible tokens (“NFT(s)”), and blockchain technology.Hong Kong has taken significant steps to establish an appropriate regulatory framework for the VA sector. Cybersecurity alongside investor protection are matters of utmost importance in Web 3.0 development. The regulation of VA trading platforms (“VATP(s)”) took effect in June 2023, after an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the laws of Hong Kong) (“AMLO”). The Financial Services and the Treasury Bureau (“FSTB”) consulted the public in February 2024 on legislative proposals to regulate over-the-counter
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