'Breakthrough growth' will be driven by Web3: HK financial secretary
Hong Kong’s Financial Secretary, Paul Chan Mo-po has reiterated his support for blockchain technology, calling it the next wave of "breakthrough growth" in the digital technology industry in a recent blog post.
In an Aug. 27 statement, Chan wrote that emerging sectors within Web3 such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment are set to lead the next generation of digital entertainment.
Chan’s statements came in the wake of his visit to a three-day blockchain-focused event called the Digital Entertainment Leaders Forum, hosted in Cyberport in Hong Kong.
Cyberport is a 25 hectare, mixed-use tech and multimedia hub which provides grants, funding and office space to a wide range of companies across the tech, digital entertainment and finance sectors.
Notably, Chan mentioned he had allocated an additional $50 million from this year’s budget to Cyberport earlier this year— to help it accelerate the development of a “vigorous” Web3 ecosystem.
Chan noted that Cyberport had already gathered over 180 Web3-related tech companies including startups and fully-fledged exchanges under its roof, highlighting that 20% of the companies have come from overseas.
Related: Hong Kong and Saudi Arabia collaborate on tokens and payments
While China has maintained a hardline anti-crypto stance for nearly half a decade — Hong Kong has released new crypto-friendly legislation to position itself as a global hub for digital assets.
The government of Hong Kong has unveiled a task force dedicated to driving the advancement of Web3. According to a June 30 statement, the group comprises a mix of key government officials and industry participants. https://t.co/Yo9gnUquvI
Part of Hong Kong’s ongoing commitment to invest in the
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