China-Hong Kong Web3 Partnership and India’s Crypto Tax Review

Shenzhen's state-owned Longgang Data Company has entered an exclusive mainland partnership with Hong Kong's Web3.0 Standardization Association to develop the world's first Real World Asset (RWA) registration platform. The collaboration, announced after the platform's August 7 launch, aims to establish cross-border digital compliance frameworks between mainland China and Hong Kong.

The initiative will leverage Shenzhen's industrial capabilities and Hong Kong's financial hub status to create a three-tier model: mainland asset digitization, Hong Kong digital financialization, and global compliant circulation. This aligns with China's dual circulation economic strategy, positioning Hong Kong as a key node in global Web3.0 infrastructure.

Meanwhile, India's tax authority is reviewing cryptocurrency regulations amid reports of industry exodus. The move comes as jurisdictions worldwide grapple with balancing innovation and oversight in digital asset markets.