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Hong Kong’s financial secretary, Paul Chan Mo-po, has reaffirmed his backing for blockchain technology, describing it as the forthcoming wave of “breakthrough growth” in the digital technology sector.
In a blog post dated Aug. 27, Chan stated that emerging areas within Web3, including NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, are poised to spearhead the next generation of digital entertainment.
“The fundamental blockchain technology of Web3, characterized by disintermediation, security, transparency, immutability, and low cost, can be utilized across various domains such as finance, commerce, trade, supply chain management, and even everyday life.”
Chan’s remarks followed his attendance at a three-day blockchain-centric event known as the Digital Entertainment Leaders Forum, held at Cyberport in Hong Kong.
Cyberport is a 25-hectare, mixed-use technology and multimedia hub that offers grants, funding, and office space to a diverse array of companies in the tech, digital entertainment, and finance industries.
Importantly, Chan indicated that he had allocated an extra $50 million from this year’s budget to Cyberport earlier this year to facilitate the acceleration of a “vigorous” Web3 ecosystem.
Chan highlighted that Cyberport has already attracted over 180 Web3-related tech firms, including startups and established exchanges, noting that 20% of these companies are from abroad.
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While China has upheld a stringent anti-crypto policy for nearly five years, Hong Kong has introduced new crypto-friendly regulations to establish itself as a global center for digital assets.
The government of Hong Kong has launched a task force aimed at promoting the development of Web3. According to a statement from June 30, the group consists of a blend of key government officials and industry stakeholders. https://t.co/Yo9gnUquvI
— Cointelegraph (@Cointelegraph) July 2, 2023
As part of Hong Kong’s ongoing dedication to investing in the megatrend of Web3 development, the special administrative region has formed a Web3 task force to provide guidance on the sustainable and responsible growth of the industry.
On Aug. 3, local crypto exchange HashKey announced that it had successfully acquired all necessary licenses to start offering crypto assets to retail investors, becoming the first exchange on Hong Kong soil to expand its services beyond institutional investors.
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