The Hong Kong government will allocate 50 million Hong Kong dollars to promote the development of Web3 ecology

In his speech on the 2023 budget delivered on the 22nd, Hong Kong Financial Secretary Chen Maobo mentioned that the Hong Kong government promised to allocate 50 million Hong Kong dollars to accelerate the development of Hong Kong’s Web3 ecosystem, including promoting the holding of large-scale international seminars and cross-sector business cooperation .

Chen Maobo said in his speech: “The Internet continues to develop and evolve. Each generation of technological innovation brings new applications and opportunities, and even subverts the business operation model. The third-generation Internet (Web3), which is in its infancy, also has great potential. We must keep pace with the times, seize this golden opportunity and lead the development of innovation.”

Hong Kong Cyberport established the “Web3 Hub@Cyberport” at the beginning of this year to promote Web3 development and support new innovations, and the allocation of 50 million yuan will be used “including holding large-scale international seminars, so that the industry and enterprises can better grasp the cutting-edge development and promote cross-border Sectoral business cooperation, and organize more youth workshops” to implement the plan to fully promote Web3 in Hong Kong.

“Virtual assets are an important part of the Web3 ecosystem. The virtual asset policy declaration issued in October last year clarified the government’s policy stance and guidelines for related industries.” Chen Maobo emphasized: “The market responded enthusiastically to this. In the past few months, there have been A large number of potential new enterprises are considering settling in Hong Kong. In the next step, I will set up and lead a virtual asset development task force. Submit a suggestion.”

A few days ago, the Hong Kong Securities Regulatory Commission issued a statement stating that it will supervise the virtual asset trading platform and issue a business license. The release of funds to support the development of the Web3 ecosystem shows that the Hong Kong government really wants to promote the idea of Hong Kong becoming a “virtual asset center”. Bloomberg also reported earlier that Beijing is supporting Hong Kong in a low-key manner to become a “cryptocurrency center”, including sending Chinese officials to Hong Kong Attend relevant events and seminars.