Hong Kong’s Financial Secretary Paul Chan has confirmed that the city of Hong Kong is continuing its push for Web3 and crypto adoption, despite market volatility and regulatory action elsewhere.
in a blog Post Published on the Financial Secretary’s official website on Sunday, Chan said Web3 – known as the “digital economy and the third generation Internet” – would be included in three key focus areas to promote high-quality development in Hong Kong. Identified as one of the ,
Despite the recent market volatility, the Hong Kong financial chief said he is optimistic about the future of Web3. He said now is a good time to promote Web3 development, and compared it to the rise of the Internet in the early 2000s.
The blog post also reiterated a commitment The government will spend 50 million Hong Kong dollars (US$6.4 million) to accelerate the development of the Web3 ecosystem in Hong Kong through government-run incubator Cyberport.
To ensure that the crypto industry develops in a sustainable and responsible manner, Hong Kong plans to adopt a strategy of “appropriate supervision” and “promoting development”. Chan explained that these two strategies will aim to prevent systemic risks, strengthen anti-money laundering (AML) efforts, and provide investor education.
A large number of Web3 conference in Hong Kong
Last week alone, Hong Kong saw at least four major seminars related to Web3 and fintech, Chan said, and an estimated 10,000 organizations attended individual events.
Among the events was a Web3-themed conference hosted by industry insiders, at which Chan reflected on Hong Kong’s vision and development strategy for Web3. The event, attended by founders and senior managers from leading Web3 companies, focused on Web3 infrastructure, trading platforms, digital assets, wallets and payment tools, network security, and innovation.
Chan said the Hong Kong government will host the 2023 Digital Economy Summit this week, a two-day event focused on Web3 adoption at both the state and global levels.
Hong Kong is serious about becoming a crypto hub
The article is the latest sign that the Hong Kong government is serious in its efforts to make the Chinese Special Administrative Region (SAR) a global hub for crypto.
City’s plan to attract cryptocurrency companies has received a Boost from the ongoing crackdown on crypto in the USAnd Hong Kong now competes with the likes of Dubai and Singapore when it comes to being the most attractive location for crypto companies.