Hong Kong's Web3 Sector Gets HK$50 Million Boost in Annual Budget – Here's the Latest

cryptonews.com:

In line with the Chinese city’s plans to establish itself as a leading crypto hub in Asia, Hong Kong’s authorities have unveiled plans to set aside HK$50 million (US$6.4 million) in the territory’s 2023-2024 budget with the aim to boost the capacities of its Web3 sector.

“The third generation Internet (Web3), currently in its start-up period, has the same huge potential.  We must keep up with the times and seize this golden opportunity to spearhead innovation development,” Paul Chan, the city’s Financial Secretary, said in a budget speech on the 2023-2024 period.

Referring to the government-run incubator Cyberport, the official noted that, earlier this year, the entity established a new blockchain-focused initiative, the Web3 [email protected]  

“I will allocate $50 million to expedite the Web3 ecosystem development by, among other things, organizing major international seminars, to enable the industry and enterprises to better grasp frontier development and to promote cross-sectoral business co-operation, as well as arranging a wide array of workshops for young people,” the financial secretary said.

“Over the past few months, a large number of innovative enterprises with potential have been considering setting up business in Hong Kong.  For the next step, I will establish and lead a task force on VA development, with members from relevant policy bureaux, financial regulators and market participants, to provide recommendations on the sustainable and responsible development of the sector," according to Chan.

Hong Kong’s authorities have shown determination to continue developing the territory’s exposure to the blockchain technology and cryptocurrencies despite the ongoing market turbulences. Last November, Chan stated that,