Hong Kong’s Financial Secretary, Paul Chan, announced on Wednesday that the Hong Kong government will allocate HKD 50 million ($6.37 million) towards the development of the third generation Internet ecosystem, also known as Web3. During his annual budget delivery at the Legislative Council, Chan emphasized that Web3 has enormous potential and Hong Kong must seize the opportunity to spearhead innovation development.
To achieve this, Cyberport, a key technology infrastructure in Hong Kong, established the Web3 Hub@Cyberport earlier this year. The HKD 50 million will be used to organize major international seminars, allowing the industry and enterprises to better understand the latest frontier development and to promote cross-sectoral business cooperation, among other initiatives.
According to Chan, virtual assets (VA) are an essential part of a vibrant Web3 ecosystem. The Hong Kong government’s policy statement on VA, which was issued in October 2020, has set out the government’s policy stance and approach towards the sector. Chan added that the market has responded positively, prompting the establishment of a task force on VA development. The task force, led by Chan, will consist of members from relevant policy bureaux, financial regulators, and market participants, and will provide recommendations on the sustainable and responsible development of the sector.
The allocation of HKD 50 million towards Web3 development in Hong Kong underscores the government’s commitment to keeping pace with technological advancements and promoting innovation. The move is expected to boost Hong Kong’s competitiveness in the global tech industry and attract more technology-related investments to the city.