Web3 to Ignite Hong Kong's Digital Boom, Says Financial Secretary

Hello, and thank you for opening our latest newsletter. As you explore today's insights, remember we're here to support your ambitions, whether it's securing funding, nurturing a vibrant community, simplifying your Web3 technology journey, or amplifying your message through social media. Enjoy the read!

Feel free to connect with me or Book a call

Financial Secretary of Hong Kong, Paul Chan Mo-po , has reaffirmed his endorsement for blockchain technology, labeling it as the driving force for the next significant expansion in Hong Kong's digital tech industry.

In a blog post published on August 27, Chan emphasized the role of emerging domains within Web3, such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment in shaping the future of digital entertainment.

"The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life," Chan stated.

The Financial Secretary's comments came on the heels of his participation in a three-day event focused on blockchain, known as the Digital Entertainment Leaders Forum. The event was held at Cyberport in Hong Kong.

Serving as a 25-hectare tech and multimedia complex, Cyberport provides various resources including grants, funding, and office space to companies across the technology, digital entertainment, and finance sectors.

Chan revealed that he had allocated an additional $50 million to Cyberport from this year’s budget to fast-track the creation of a vibrant Web3 ecosystem. He mentioned that Cyberport is already home to over 180 Web3-associated tech firms, ranging from startups to well-established exchanges, with 20% of them being international ventures.

While mainland China has maintained a stringent policy against cryptocurrencies for several years, Hong Kong has taken a more open approach, enacting crypto-friendly legislation to position itself as a global digital asset hub.

As part of its wider commitment to Web3 development, Hong Kong has instituted a dedicated Web3 task force to offer informed recommendations for the responsible and sustainable advancement of the sector.

Additionally, Hong Kong-based crypto exchange HashKey Exchange announced on August 3 that it has successfully obtained all required licenses to offer its services to retail investors, becoming the first exchange in the territory to broaden its customer base beyond institutional investors.

Web3 Adoption Bytes?is personally curated by?Alessandro Benigni, a devoted chronicler in the captivating world of Web3.

As your personal guide, I'm committed to delivering the most significant news and updates about Web3 mainstream adoption to your inbox every single day.

Together, let's explore the frontier of digital innovation and understand how it's reshaping our world.

If you are looking for an NFT Newsletter feel free to Subscribe to?NFT Daily Report?from our page?NFT

Let me know your thought in the comment about the above story!

And please do support us by liking, following and sharing :)