Leaders in Hong Kong’s Web3 industry announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, on Monday. Their shared debut took place at the Radical Finance Asia event and aims to promote growth and development of the virtual asset industry and decentralized internet.

Both associations are now open for membership applications and plan to initiate community activities, research projects and educational programs starting in July, according to a joint statement.The founding board of Web3 Harbour includes industry leaders from Animoca Brands, DLA Piper, and WHub, with PwC Hong Kong joining as a knowledge partner.

HKLVAA’s founding members comprise representatives from Securities and Futures Commission (SFC)-licensed firms with approval for virtual asset activities in Hong Kong. These include HashKey Digital Asset Group Limited, Venture Smart Asia Limited, Victory Securities Company Limited, Axion Global Asset Management Limited and MaiCapital Limited.