Hong Kong’s Financial Secretary Supports Blockchain as Key to Web3 Growth
Hong Kong’s Financial Secretary, Paul Chan Mo-po, has expressed his strong support for blockchain technology, referring to it as the next wave of breakthrough growth in the digital technology industry. In a recent blog post, Chan highlighted the potential of emerging sectors within Web3, such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, to lead the next generation of digital entertainment.
According to Chan, the core blockchain technology of Web3 possesses several advantageous features including disintermediation, security, transparency, immutability, and low cost. These attributes make it applicable to various fields such as finance, commerce, trade, supply chain management, and even daily life.
Chan’s remarks followed his visit to the Digital Entertainment Leaders Forum, a three-day blockchain-focused event held at Cyberport in Hong Kong. Cyberport, a mixed-use tech and multimedia hub, supports a wide range of companies across the tech, digital entertainment, and finance sectors through grants, funding, and office space. Earlier this year, Chan allocated an additional $50 million from the budget to Cyberport, aiming to accelerate the development of a vibrant Web3 ecosystem.
Cyberport has already attracted over 180 tech companies focused on Web3, including startups and fully-fledged exchanges. Notably, 20% of these companies originate from overseas. Hong Kong’s crypto-friendly legislation positions the region as a global hub for digital assets, a stance distinct from China’s anti-crypto approach.
Hong Kong’s commitment to investing in Web3 development led to the establishment of a Web3 task force, responsible for providing recommendations on the sustainable and responsible growth of the industry. As a testament to this commitment, local crypto exchange HashKey recently obtained the necessary licenses to offer crypto assets to retail investors, becoming the first Hong Kong-based exchange to expand its services beyond institutional investors.
With Hong Kong embracing blockchain and Web3, the region aims to foster innovation, attract global talent, and become a frontrunner in the digital technology industry. By supporting and promoting the growth of Web3, Hong Kong aspires to solidify its position as a leading global hub for the development and adoption of blockchain technology and digital assets.
