Quick take:
- The alliance is comprised of government organizations, investors, tech entrepreneurs, universities, developers and community members.
- The alliance aims to help individuals and businesses harness the transformative power of AI and Web3 through education, collaboration and innovation.
- The alliance is boosted by the several ICP hubs that ICP has opened in Asia including Hong Kong, India, Malaysia, Philippines, South Korea, Indonesia, and Singapore.
DFINITY Foundation is doubling down on its Web3 strategy with the launch of the Internet Computer Protocol (ICP) Asia Alliance. The organisation also announced a $20 million grant program as it seeks to foster a vibrant Web3 and AI ecosystem in Asia with a focus on the adoption of the ICP blockchain.
According to the announcement, the alliance is bringing together a diverse range of stakeholders including government organizations, investors, tech entrepreneurs, universities, developers and community members.
The ICP Asia Alliance aims to help individuals and businesses in harnessing the transformative power of AI and Web3 through education, collaboration and innovation. The alliance will benefit from the ICP’s network of innovation hubs spread across the region including Hong Kong, India, Malaysia, Philippines, South Korea, Indonesia, and Singapore.
Asia has been at the forefront of web3 adoption due to its clear regulatory framework with countries like Hong Kong and Singapore as good examples.
Commenting on the announcement, Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation, stated: “Asia has emerged as a pivotal region for the Internet Computer and the broader web3 ecosystem. Much of the early support and adoption for ICP and DFINITY originated from Asia, where some of the most talented ICP developers are based.”
“Hong Kong has become a thriving global crypto hub thanks to progressive government initiatives embracing web3 technology, making it the ideal location to launch the new ICP Asia Alliance,” Williams added.
Hong Kong’s Securities and Futures Commission (FSC) has created a regulatory framework for crypto trading platforms. The capital markets regulator started accepting applications from crypto exchanges on June 1, 2023.
Since then web3 investment company HashKey, Hi – a locally-based banking super app and the world’s largest crypto exchange company Binance, have all applied for licenses. The country’s SFC said earlier this week that it will soon publish all the names of companies that have applied to offer virtual asset trading services.
ICP sees this as an opportunity to advance the adoption of Internet Computer blockchain as more companies continue to move their operations to Asia.
“Further development of the sector has been supported by progressive regulatory frameworks in major financial centres such as Hong Kong and Singapore,” the company wrote in a press release on Thursday.
“By facilitating collaboration between the public and private sectors, the Alliance can help realize the full potential of ICP to support innovation and digital transformation in Asia. With its wealth of talent and positive regulatory environment, Asia is poised to play a leading role in the next chapter of the blockchain revolution,” Williams said.
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