‘Breakthrough growth’ will be driven by Web3: HK financial secretary
‘Breakthrough growth’ will be driven by Web3: HK financial secretary

Hong Kong’s financial secretary Paul Chan reiterated his support for blockchain technology in a recent blog post, calling it the next wave of “breakthrough growth” in the digital technology industry.

Chen in a statement on August 27 wrote Emerging fields in Web3 such as NFT, GameFi, Play-to-Earn games and immersive entertainment will lead the next generation of digital entertainment.

“Web3’s core blockchain technology has the characteristics of disintermediation, security, transparency, non-tampering, and low cost. It can be applied to many fields such as finance, commerce, trade, supply chain management, and even daily life.”

Chen’s remarks came after he attended a three-day blockchain-themed event in Hong Kong’s Cyberport called the Digital Entertainment Leaders Forum.

Cyberport is a 25-hectare mixed-use technology and multimedia hub that provides grants, funding and office space to a wide range of companies in the technology, digital entertainment and finance sectors.

Notably, Chen mentioned that he allocated an additional $50 million to Cyberport earlier this year from this year’s budget to help it accelerate the development of a “vibrant” Web3 ecosystem.

Chen pointed out that Cyberport has gathered more than 180 Web3-related technology companies, including start-ups and established exchanges, and emphasized that 20% of these companies are from overseas.

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While China has maintained a hardline anti-crypto stance for nearly five years, Hong Kong has released new crypto-friendly legislation to position itself as a global hub for digital assets.

As part of Hong Kong’s continued commitment to the megatrend of investing in Web3 development, the SAR has established a Web3 Working Group to advise on the sustainable and responsible development of the industry.

On August 3, the local cryptocurrency exchange HashKey announced that it has successfully obtained all the necessary licenses to start offering encrypted assets to retail investors, becoming the first exchange in Hong Kong to expand its business from serving only institutional investors.

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