Plans to establish Hong Kong as a leading crypto hub in Asia have been unveiled, with authorities set to set aside HK$50 million (US$6.4 million) to boost the city’s Web3 sector. The investment will be used to develop the city’s infrastructure and support the growth of local businesses in the blockchain and crypto industries.
The third generation of the internet (Web3) is starting up now and has just as much potential as the first two. We must keep up with the times and seize this golden opportunity to spearhead innovation development,” said Paul Chan, the city’s Financial Secretary, in a budget speech on the 2023-2024 period.
Referring to the government-run incubator Cyberport, the official noted that, earlier this year, the entity established a new blockchain-focused initiative, the Web3 Hub@Cyberport. This new initiative is designed to help blockchain startups grow and develop their businesses. The Hub will provide these startups with access to a variety of resources, including office space, mentorship, and funding.
I am excited to announce that I will be allocating $50 million to help expedite the development of the Web3 ecosystem. This money will be put towards organizing major international seminars, so that industry professionals and enterprises can gain a better understanding of the frontier technology and its potential applications. Additionally, I am arranging a variety of workshops for young people, so that they can learn about the opportunities that this new technology presents. Thank you for your continued support.
Hong Kong’s Financial Secretary, Chan, has announced that a task force will be set up to develop the virtual assistant (VA) sector. The task force will be made up of representatives from various policy bureaus, financial regulators and market participants. Their goal is to develop the VA sector in a sustainable and responsible manner.
Hong Kong’s authorities are continuing to develop the territory’s exposure to blockchain technology and cryptocurrencies, despite the ongoing market turbulences. Last November, Chan stated that while the abrupt collapse of major crypto exchange FTX has shaken the cryptocurrency markets across the world, it will not hamper Hong Kong’s crypto-related plans.