Hong Kong's virtual banks should strive harder to expand their services to capture a larger share of assets in the Web 3.0 industry than conventional bricks-and-mortar lenders, according to a legislator. "The government has made efforts to develop virtual banks and upgrade services in the past few years," Johnny Ng Kit-Chong, a member of Hong Kong's legislature known for his support of cryptocurrencies, said during a media briefing. "It's an important time for the city to contribute more to the