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Web3 will be the determining factor in the country’s growth

Hong Kong Finance Minister Paul Chan Mo-po reiterated his support for blockchain technology, describing it as the next frontier of “revolutionary growth” in the digital technology industry.
In a blog post on August 27, Chan ha stated Web3 booming industries such as NFTs, GameFi, Play-to-Earn games and immersive entertainment will lead the next generation of digital entertainment.

“Web3’s core blockchain technology can be applied in many areas such as finance, commerce, stock markets, supply chain management and even daily life with its intermediation, security, transparency, immutability and low cost features.”

Chan’s remarks follow his visit to a three-day blockchain-focused convention. Digital Entertainment Leaders ForumHosted in Hong Kong Cyberport.
Cyberport is a technology and media center. 25 hectares providing grants, financing and office space to a wide range of companies in technology, digital entertainment and finance.
Specifically, Chan said he had allocated an additional $50 million from this year’s budget to Cyberport earlier this year to help accelerate the development of a “robust” Web3 ecosystem.
Pointing out that Cyberport has already brought together more than 180 Web3-connected technology companies, including start-ups and full-fledged stock exchanges, under its roof, Chan underlined that 20 percent of the companies come from abroad.
While China has maintained a strong anti-crypto stance for almost half a decade, Hong Kong has enacted new cryptocurrency-friendly legislation to: positions itself as a global hub for digital assets.

The Hong Kong government has created a task force dedicated to improving Web3. The group includes a mix of government officials and industry workers, according to a June 30 statement.

As part of Hong Kong’s ongoing efforts to invest in the Web3 development megatrend, the Special Administrative Region has established a Web3 Task Force to provide advice on sustainable and responsible development of the industry.
On August 3, the local crypto exchange HashKey, announced have Successfully obtained all necessary licenses to start offering crypto assets to retail investorsIt was the first exchange in Hong Kong to expand its business to serve institutional investors only.

Translation of Walter Rizzo

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