Yat Siu, Chairman of web3 investment firm Animoca Brands, expressed optimism about the future of web3 technology in mainland China. Siu believes that the recent white paper published by Beijing lays the groundwork for reviving the crypto industry in the country.
The paper, released by the Technology Commission & Beijing Municipal Science, highlights web3 as an unavoidable trend for the future development of the Internet industry. Siu sees this as a potential avenue for Chinese consumers to legally participate in the privilege and acquisition of digital investments through Hong Kong, media reports said.
Siu’s optimism is further fueled by recent developments in Hong Kong, where authorities have announced plans to allow retail trading of bigger tokens starting from 1st June. This move aligns with the city’s aim to become a digital asset hub. Siu sees these developments in Beijing and Hong Kong as interconnected, suggesting a strategic effort to create favorable conditions for the crypto industry.
Notably, Siu points out that the strict regulatory approach taken by the United States in the wake of FTX’s collapse has presented an option for Asia’s emerging crypto hubs. Siu believes that web2 technologies have designed a form of colonialism, where countries worldwide are dependent on American tech giants. He sees web3 as an opportunity for sovereign countries to build a more inclusive and independent framework.
Animoca Brands, known for its active investments in the crypto sector, is presently seeking exterior investors for a web3 & metaverse fund. Siu revealed that the company has around 450 investments to date and remains actively engaged in deploying capital. While Siu acknowledges the promising opportunities in Asia, Animoca Brands will continue to invest in the United States but encourages its startups to explore options in Asia.
Siu concludes by highlighting the vibrant entrepreneurial spirit and opportunities in Asia, stating that the “American dream” seems more alive and well in the region. He believes that the United States is relinquishing its leadership position in the crypto space due to political reasons, further reinforcing the potential for growth and innovation in Asia.
