Hong Kong's Financial Secretary Paul Chan Mo-po Boosts Support for Blockchain Technology and Web3 Innovation
Summary:
Hong Kong's Financial Secretary, Paul Chan Mo-po, reaffirms his support for blockchain technology and its potential for growth in the digital entertainment industry. He highlights the benefits of Web3 sectors like NFTs, GameFi, and Play-to-Earn gaming. Chan emphasizes the versatility of blockchain across various fields and mentions the allocation of funds to support the Web3 ecosystem in Cyberport. Hong Kong aims to become a global hub for digital assets, with a task force dedicated to Web3 advancement. HashKey becomes the first Hong Kong exchange to offer crypto assets to retail investors.
Hong Kong's Financial Secretary, Paul Chan Mo-po, expressed his strong support for blockchain technology in a recent blog post. He emphasized the potential for blockchain to bring about "breakthrough growth" in the digital technology industry. Chan highlighted the emerging sectors within Web3, such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, as leaders in the next generation of digital entertainment. By leveraging blockchain's features of disintermediation, security, transparency, immutability, and low cost, Chan believes it can be applied in various fields, including finance, commerce, trade, supply chain management, and daily life.
Chan's statements came after his visit to the Digital Entertainment Leaders Forum, a three-day blockchain-focused event held in Hong Kong's tech and multimedia hub, Cyberport. It is worth noting that Chan had allocated an additional $50 million from this year's budget to Cyberport to support the development of a thriving Web3 ecosystem. Cyberport has already attracted over 180 Web3-related tech companies, including startups and exchanges, with 20% of them coming from overseas.
While China has maintained a strict anti-crypto stance, Hong Kong has taken a different approach by introducing crypto-friendly legislation, positioning itself as a global hub for digital assets. The government of Hong Kong recently established a task force dedicated to driving the advancement of Web3, consisting of government officials and industry participants.
Meanwhile, HashKey, a local crypto exchange, announced on August 3rd that it has obtained all the necessary licenses to offer crypto assets to retail investors, making it the first exchange in Hong Kong to expand its services beyond institutional investors.
Published At
8/28/2023 4:36:18 AM
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