Hong Kong to earmark HKD 50m in annual budget for Web3 industry

The Hong Kong authorities will allocate in the coming year HKD 50 million (HKD) (~$6.4 million) to accelerate the development of the Web3 ecosystem. This was заявил финансовый секретарь юрисдикции Пол Чан.

“Every generation of technological reforms brings with it new applications, opportunities and even ways of doing business. The Internet of the third generation (Web3), which is still in its early stages, has the same enormous potential. We must keep pace with the times and seize this excellent opportunity to lead innovative development,” the official said.

According to him, the allocated funds will also go toward organizing major international conferences and a broad program of workshops for young people. The city’s budget will also support акселератору G-Rocket, which started up earlier this year, added Chan.

He reminded that virtual assets are an integral part of the Web3 ecosystem. In October 2022 the authorities смягчили регулирование криптовалют and invited industry players to cooperate.

According to Chan, the market reacted actively. In recent months, “a large number of innovative enterprises” have been considering opening a business in Hong Kong.

“At the next stage I will create and lead a dedicated task force for the development of virtual assets, which will include representatives from the relevant political bodies, financial regulators and market participants, to provide recommendations for a sustainable and responsible development of the sector,” Chan said.

Earlier this year he reaffirmed the jurisdiction’s stance on developing the crypto industry.

In February the Hong Kong Securities and Futures Commission launched public consultations on new rules for virtual-asset trading platforms.

The Chinese government оказывает негласную поддержку властям автономного района в их стремлении превратить юрисдикцию в криптовалютный хаб, согласно Bloomberg.