On February 22, Hong Kong announced an investment of $6.3 million to develop the Web 3 ecosystem here.
- Paul Chan, Hong Kong’s Finance Minister, said the government will allocate HKD 50 million (about $6.37 million) to build the Web3 ecosystem. This was presented by him in the annual report at the Legislative Council of the Hong Kong Special Administrative Region. Chan commented that Web3 is in the startup stage with great potential. Therefore, Hong Kong needs to “catch up with the times and seize the golden opportunity” to lead innovation development.
- In the coming time, Hong Kong plans to set up and run a task force on virtual asset development with members from policy agencies, financial regulators, and market participants. The aim is to make recommendations to strengthen the industry’s strong and sustainable development.
- This is also a rare opportunity for Web 3 companies in Hong Kong, previously Hong Kong has announced that it will attract and support more than 1000 start-ups in this field.
- This is also the step that Chan has set for Hong Kong to become Asia’s cryptocurrency center. Now Hong Kong is like a “black horse” in the Asian market, and in the future, this city will become the second spear of China next to Beijing to help this country “breakthrough” the world market.
