Hong Kong to accelerate Web3 innovation in region with $50 million spend

TRON laminitis Justin Sun linked details of a $50 cardinal walk by the Hong Kong authorities to accelerate Web3 improvement successful the region.

Sun called the program a motion of “readiness to vie successful planetary integer economy.”

Seize Web3 opportunities

Details of Hong Kong’s Web3 ambitions were laid retired successful a budget document updated connected Feb. 22. Lawmakers acknowledged Web3 arsenic “the 3rd procreation internet” that volition apt disrupt the presumption quo.

A $50 cardinal walk volition money plans administered by Cyberport, a integer assemblage tasked with fostering start-ups and exertion companies tally by the Hong Kong government. The enactment is tasked with the following:

“organising large planetary seminars, to alteration the manufacture and enterprises to amended grasp frontier improvement and to beforehand cross-sectoral concern co-operation, arsenic good arsenic arranging a wide array of workshops for young people.”

The papers disclosed that “many innovative enterprises” had enquired astir mounting up a basal successful the city-state.

It besides recognized “Virtual Assets (VA)” arsenic an intrinsic facet of a “vibrant Web3 ecosystem.” A task unit is presently looking into the liable improvement of the cryptocurrency sector.

Is Hong Kong a aviator programme for the mainland?

Rumors that Hong Kong was softening toward cryptocurrency had been circulating for respective months.

In caller weeks, galore reports confirmed those rumors, including the issuance of tokenized bonds and public consultation connected crypto exchanges.

Sun reiterated erstwhile comments astir the changing Hong Kong crypto scenery being a aviator programme for the mainland.

“The changing cognition of the Hong Kong SAR authorities towards crypto signals a motion from the Chinese cardinal authorities granting aviator presumption to HK for immoderate forward-looking experiments connected however tin crypto beryllium champion adopted and localized for the immense Chinese marketplace astatine large,”

However, He Yihan, laminitis and CEO of Red Date Technology, said determination would beryllium nary U-turn connected China’s hardline crypto stance, saying, “It does nary bully to the existent economy.”

The station Hong Kong to accelerate Web3 innovation successful portion with $50 cardinal spend appeared archetypal connected CryptoSlate.