BCCN3

View Original

Hong Kong Earmarks $6.4M for Web3 Ecosystem

VICTORIA, HK – Hong Kong released its 2023-2024 annual budget on Wednesday, in which the state’s financial secretary, Paul Chan, announced an allocation of HK$50 million ($6.4 million) to build out a web3 ecosystem. 

Chan said the new infrastructure will be used for “organizing major international conferences, to enable the industry and enterprises to better grasp frontier development and to promote cross-sectoral business cooperation, as well as arranging a wide array of workshops for young people.”

The secretary also emphasized the importance of virtual assets and announced the creation of a new task force he will lead. The task force will comprise financial regulators, policymakers, and investors to recommend “sustainable and responsible development of the sector.” 

Chan stated his goal is to make Hong Kong a more attractive place to establish a web3 business. Hong Kong has also moved forward with DeFi regulations outlining a proposal for crypto trading platforms.