Authorities have announced plans to turn Hong Kong into a major crypto hub in Asia, and they’ve put aside HK$50 million (US$6.4 million) to help the city’s Web3 industry grow. The money will be used to support blockchain research and development as well as the establishment of an innovation lab to assist new businesses in the field.
In a budget address for the years 2023–2024, the city’s financial secretary, Paul Chan, discussed the city’s ambitions to benefit from the third generation of the Internet (Web3). According to him, Web3 has just as much potential as the first and second generations, and the city needs to lead innovative development to stay current.
The representative mentioned that earlier this year, the government-run incubator Cyberport established a new programme centred on blockchain technology called the Web3 Hub@Cyberport.
I’ll set aside $50 million to foster cross-sector business cooperation and accelerate the development of the Web3 ecosystem, including by hosting significant international seminars to help businesses and the industry better understand frontier growth. This will aid in giving young people the skills they require to work in this expanding sector.
Chan claimed that numerous innovative companies with great potential have been considering establishing operations in Hong Kong over the past few months. Chan intends to create and chair a task force on VA development with representatives from pertinent policy bureaux, financial regulators, and market players to take the next step and provide recommendations for the sector’s sustainable and responsible growth.
In recent years, Hong Kong has been a centre of innovation for blockchain and cryptocurrencies. Despite continued market turmoil, the government remains committed to expanding the exposure of the territory to these technologies. Chan claimed in November of last year that even if the sudden collapse of major cryptocurrency exchange FTX had shook cryptocurrency markets around the globe, Hong Kong’s aspirations for the industry will not be affected.
Even in the face of market volatility, the Hong Kong government is steadfast in its commitment to the advancement of blockchain technology and cryptocurrencies. Chan claimed in November of last year that even if the sudden collapse of major cryptocurrency exchange FTX had shook cryptocurrency markets around the globe, Hong Kong’s aspirations for the industry will not be affected.
The official who has been Hong Kong’s financial secretary since 2017 said, “Our newly announced policy statement is favourable to developing a robust virtual asset market.
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