Hong Kong Financial Chief Pushes for Web3 Adoption-Next Crypto Hub?

Paul Chan, the Financial Secretary of Hong Kong, has confirmed that the city of Hong Kong will continue its efforts to promote the use of Web3 and cryptocurrencies despite the volatility of the market and governmental crackdowns elsewhere.

Hong Kong Financial Chief Pushes for Web3 Adoption

In a blog post that was published on the official website of the Financial Secretary on Sunday, Chan stated that “Web3,” also known as “the digital economy and the third-generation Internet,” has been designated as one of three primary focal areas for the promotion of high-quality growth in Hong Kong. Chan’s statement was made in reference to the fact that Web3 was referred to as “the digital economy and the third-generation Internet.”

In spite of the recent volatility in the market, the Chief Financial Officer of Hong Kong stated that he continues to have optimism about the future of Web3. He went on to say that the present moment is an excellent opportunity to encourage the development of Web3, and he compared it to the advent of the internet in the early 2000s.

The promise of the government to spend HK$ 50 million (US$ 6.4 million) to accelerate the development of the Web3 ecosystem in Hong Kong through an incubator administered by the government and known as Cyberport was also reaffirmed in the blog post.

Hong Kong intends to implement a strategy of “proper supervision” and “promoting development” in the cryptocurrency business in order to make sure that the industry grows in a way that is both sustainable and responsible. Chan elaborated that these two methods will be geared toward the prevention of systemic risks, the strengthening of measures to combat anti-money laundering (AML), and the provision of investor education.

Hong Kong plays host to a significant number of Web3 conferences.

According to Chan, Hong Kong hosted at least four big seminars linked to Web3 and fintech just in the past week, and an estimated 10,000 different entities took part in individual events.

One of the events was a conference with a Web3-oriented focus that was held by industry insiders. Chan remarked that the conference mirrored Hong Kong’s vision and growth plan for Web3. Discussions at the event focused on Web3 infrastructure, trading platforms, digital assets, wallets and payment tools, network security, and innovation. The event was attended by founders and senior managers of key Web3 companies.

In addition, Chan mentioned that the Hong Kong government would be hosting the 2023 Digital Economy Summit this week. The summit will be a two-day event that will center on the implementation of Web3 on both the state and global levels.

Hong Kong is committed to developing itself into a center for cryptocurrency.

The publication of this article is the most recent indicator that the government of Hong Kong is making a concerted attempt to transform the Chinese Special Administrative Region (SAR) into a global hub for cryptocurrency.

The increasing crackdown on cryptocurrency in the United States has provided a boost to the city’s intentions to attract crypto enterprises, and as a result, Hong Kong is now in competition with places like Dubai and Singapore to be the most appealing site for crypto entrepreneurs to locate their businesses.

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