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Hong Kong Government Allocates Funds to Accelerate Web3 Ecosystem Development

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It is reported that on February 22, the Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, said that the Cyberport ha…

Hong Kong Government Allocates Funds to Accelerate Web3 Ecosystem Development

It is reported that on February 22, the Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, said that the Cyberport had established a Web3 base at the beginning of this year when he released the financial budget of the 2023-2024 Special Administrative Region Government. We will allocate 50 million yuan to accelerate the development of the Web3 ecosystem, including holding international large-scale seminars to enable the industry and enterprises to better grasp the frontier development, promote cross-border business cooperation, and hold more youth workshops. Virtual assets are an important part of the Web3 ecosystem. The virtual assets policy declaration issued last October clarifies the government’s policy stance and guidelines for related industries.

The Financial Secretary of Hong Kong will allocate 50 million yuan to accelerate the ecological development of Web3

Interpretation of the news:


The Hong Kong Special Administrative Region (SAR) Government is stepping up its efforts to develop the Web3 ecosystem in the region by allocating 50 million yuan to accelerate its development. Cyberport, one of Hong Kong’s key innovation and technology hubs, established a Web3 base at the beginning of 2021, which has paved the way for further development of the Web3 ecosystem in the region.

Web3, also known as the decentralized web, is built on blockchain technology, and has the potential to transform the internet as we know it. It allows for decentralized applications and platforms to be built, which are not controlled by any central authority, such as a government or a big corporation.

Secretary for Finance of the Hong Kong SAR Government, Chen Maobo, announced during the financial budget release that the funds would be used to hold large-scale international seminars, to promote cross-border business cooperation, and to hold more youth workshops aimed at accelerating the development of the Web3 ecosystem. The goal is to help the industry and enterprises better grasp the frontier development of Web3, and to promote Hong Kong as a hub for Web3 innovation.

The government has also issued a virtual assets policy declaration in October 2020, which clarifies the government’s policy stance and guidelines for related industries. The declaration covers areas such as anti-money laundering, terrorist financing, and licensing requirements for virtual asset service providers in Hong Kong.

The allocation of funds is a significant step towards the development of the Web3 ecosystem in Hong Kong. The region is already an important hub for fintech and blockchain innovation, with a vibrant startup ecosystem and a strong tradition of entrepreneurship. Hong Kong’s proximity to mainland China and its position as an international financial center also make it an attractive destination for businesses looking to establish a presence in the region.

In conclusion, the allocation of funds by the Hong Kong SAR Government to accelerate the development of the Web3 ecosystem is a positive development that will drive further innovation and growth in the region. With its strong infrastructure, entrepreneurial spirit, and strategic location, Hong Kong is well-positioned to become a key player in the Web3 ecosystem.

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