‘Breakthrough growth’ will be driven by Web3: Hong Kong financial secretary

August 30, 2023

By Sharan Kaur Phillora

Hong Kong’s Financial Secretary, Paul Chan Mo-po, has affirmed his commitment to blockchain technology, describing it as the future engine for “breakthrough growth” in the realm of digital technology.

Here’s what we know:

Chan’s endorsement comes after his recent attendance at the Digital Entertainment Leaders Forum, a three-day event focused on blockchain technologies hosted at Cyberport in Hong Kong.

In a blog post dated August 27, Chan underlined the transformative potential of Web3—encompassing emerging sectors like Non-Fungible Tokens (NFTs), GameFi, Play-to-Earn gaming, and immersive entertainment—to spearhead the next evolutionary phase of digital entertainment.

“The core blockchain technology of Web3 offers distinctive features such as disintermediation, security, transparency, immutability, and cost-effectiveness. These can find applications across a myriad of fields, including finance, commerce, trade, supply chain management, and even daily life,” Chan wrote.

Cyberport, a sprawling 25-hectare technology and multimedia hub in Hong Kong, is pivotal in nurturing this budding ecosystem. It offers grants, funding, and office space to companies ranging from tech startups to established organizations in the digital entertainment and finance sectors.

Earlier this year, Chan allocated an additional $50 million to Cyberport from this year’s budget to expedite the cultivation of a robust Web3 ecosystem. The facility now houses over 180 tech companies focused on Web3 development, with 20% of these being international businesses.

This proactive stance on blockchain and Web3 technologies positions Hong Kong in stark contrast to mainland China, which has maintained an unyielding anti-cryptocurrency policy for years. Hong Kong has instead embraced a crypto-friendly regulatory framework, aiming to become a global hub for digital assets. 

To this end, a Web3 task force has been established to guide the sustainable and responsible development of this emerging industry within the special administrative region.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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