Anticipating ‘Breakthrough Growth’: Hong Kong Financial Secretary Points to Web3 as the Driver

Hong Kong’s financial secretary, Paul Chan Mo-po, has echoed his firm support for the potential of blockchain technology, labeling it as the imminent catalyst for a new wave of “breakthrough growth” within the digital technology sector.

In a recent blog post published on August 27, Chan articulated his perspective on the transformative power of Web3, the emerging realm of blockchain applications beyond its traditional use cases. Among the dynamic sectors that encapsulate the essence of Web3, Chan highlighted Non-Fungible Tokens (NFTs), GameFi (gaming decentralized finance), Play-to-Earn gaming, and immersive entertainment. He projected that these segments would spearhead the vanguard of the forthcoming generation of digital entertainment.

Chan emphasized that the foundational blockchain technology of Web3, renowned for its disintermediation, security, transparency, immutability, and cost efficiency, can be harnessed across a multitude of domains including finance, commerce, trade, supply chain management, and everyday life.

Chan’s pronouncements coincided with his attendance at the Digital Entertainment Leaders Forum, a three-day blockchain-focused event held at Cyberport, Hong Kong. Cyberport, a sprawling 25-hectare tech and multimedia hub, serves as a nurturing ground for a diverse array of companies spanning the technology, digital entertainment, and finance sectors. Notably, Chan revealed that he had earmarked an additional $50 million from this year’s budget to bolster Cyberport’s efforts in fostering a vibrant Web3 ecosystem.

Chan lauded the progress made by Cyberport in attracting over 180 Web3-related tech companies, encompassing startups and established exchanges, a fifth of which originate from foreign shores. This reflects the dynamic international appeal of Hong Kong’s tech landscape.

While mainland China has adhered to a stringent anti-crypto stance for an extended period, Hong Kong has ventured into crypto-friendly legislation to establish itself as a global hub for digital assets. A testament to this commitment was the formation of a Web3 task force by the special administrative region, designed to furnish recommendations for the sustainable and responsible evolution of the industry.

On a noteworthy development, local crypto exchange HashKey announced on August 3 that it had secured all requisite licenses to extend its services to retail investors, thus becoming the first exchange in Hong Kong to transition from solely serving institutional players. This move aligns with Hong Kong’s ongoing endeavor to invest in the burgeoning realm of Web3 development.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you