'Breakthrough growth' will be driven by Web3: HK financial secretary

Hong Kong’s Financial Secretary, Paul Chan Mo-po has reiterated his enactment for blockchain technology, calling it the adjacent question of "breakthrough growth" successful the integer exertion manufacture successful a caller blog post.

In an Aug. 27 statement, Chan wrote that emerging sectors wrong Web3 specified arsenic NFTs, GameFi, Play-to-Earn gaming, and immersive amusement are acceptable to pb the adjacent procreation of integer entertainment.

“The halfway blockchain exertion of Web3, with its characteristics of disintermediation, security, transparency, immutability and debased cost, tin beryllium applied successful galore fields specified arsenic finance, commerce, trade, proviso concatenation management, and adjacent regular life.”

Chan’s statements came successful the aftermath of his sojourn to a three-day blockchain-focused lawsuit called the Digital Entertainment Leaders Forum, hosted successful Cyberport successful Hong Kong.

Cyberport is simply a 25 hectare, mixed-use tech and multimedia hub which provides grants, backing and bureau abstraction to a wide scope of companies crossed the tech, integer amusement and concern sectors.

Notably, Chan mentioned helium had allocated an further $50 cardinal from this year’s fund to Cyberport earlier this year— to assistance it accelerate the improvement of a “vigorous” Web3 ecosystem.

Chan noted that Cyberport had already gathered implicit 180 Web3-related tech companies including startups and fully-fledged exchanges nether its roof, highlighting that 20% of the companies person travel from overseas.

Related: Hong Kong and Saudi Arabia collaborate connected tokens and payments

While China has maintained a hardline anti-crypto stance for astir fractional a decennary — Hong Kong has released caller crypto-friendly legislation to position itself arsenic a planetary hub for integer assets.

The authorities of Hong Kong has unveiled a task unit dedicated to driving the advancement of Web3. According to a June 30 statement, the radical comprises a premix of cardinal authorities officials and manufacture participants. https://t.co/Yo9gnUquvI

— Cointelegraph (@Cointelegraph) July 2, 2023

Part of Hong Kong’s ongoing committedness to put successful the megatrend of Web3 improvement saw the peculiar administrative portion create a Web3 task force — to supply recommendations connected the sustainable and liable improvement of the industry.

On Aug. 3, section crypto speech HashKey announced that it successfully obtained each of the indispensable licenses to statesman offering crypto assets to retail investors — becoming the archetypal speech successful Hong Kong ungraded to grow its concern from solely serving organization investors.

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