Hong Kong Financial Chief Pushes for Web3 Adoption Despite Market Volatility – Next Crypto Hub?
The city of Hong Kong is continuing its push for Web3 and crypto adoption, despite volatility in the market and regulatory crackdowns elsewhere, Hong Kong’s Financial Secretary Paul Chan has confirmed.
In a blog post published on the Financial Secretary’s official website on Sunday, Chan said that that Web3 – referred to as “the digital economy and the third -generation Internet” – has been identified as one of three major focus areas for promoting high-quality development in Hong Kong.
Despite recent market volatility, Hong Kong's financial chief said he remains optimistic about the future of Web3. He added that now is a good time to promote the development of Web3, and compared it to the rise of the internet in the early 2000s.
The blog post also reiterated a commitment from the government to spend HK$ 50 million (US$ 6.4 million) to accelerate the development of the Web3 ecosystem in Hong Kong through a government-run incubator known as Cyberport.
To ensure the crypto industry develops in a sustainable and responsible manner, Hong Kong plans to adopt a strategy of "proper supervision" and "promoting development." These two strategies will be aimed at preventing systemic risks, strengthen anti-money laundering (AML) efforts, and provide investor education, Chan explained.
Chan said that last week alone saw at least four major seminars related to Web3 and fintech in Hong Kong, and that an estimated 10,000 entities have participated in individual events.
Among the events was a Web3-themed conference hosted by industry insiders, that Chan said reflected Hong Kong's vision and development strategy for Web3. The event was attended by founders and senior managers of leading Web3 companies, with discussions focused on Web3
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