Key Points:

  • Hong Kong’s Financial Secretary Paul Chan said he is putting in place measures to promote the region’s Web3 development.

  • He thinks this is the right time to invest in Web3.

  • The finance secretary stated Web3 festivals had piqued the attention of industry insiders.

Hong Kong’s Financial Secretary Paul Chan issued an article in favor of Hong Kong’s Web3 policy of “proper regulation” and “promotion of development.”

According to Paul, the world is vying to see who can provide the most room for Web3 innovation under the concept of manageable risks.

He also added that, although some exchanges have closed in the past, now is the greatest moment to encourage the growth of Web3. It is better for the industry if the bubble bursts, as it was for the Internet.

The finance secretary stated Web3 festivals that embody Hong Kong’s vision and Web3’s growth plan had piqued the attention of industry insiders and will include frequent events this week. Web3 infrastructure, trading platforms, virtual assets, wallets and payment instruments, and security-verified networks are all examples.

“Another Web3-themed carnival was hosted by industry insiders. The event will focus on topics such as the development of Web3 and blockchain technology, popular applications of Web3, and related global regulations, and build a platform for exchanges and mutual progress for the cutting-edge development of Web3 around the world,” Paul said.

Paul Chan

Notwithstanding the recent volatility in the cryptocurrency market, Paul believes that now is the moment to advance Web3:

“I believe that Web3 is going through the same process. In the next stage, market participants need to develop blockchain technology more deeply, so that its characteristics and advantages of transparency, efficiency, security, disintermediation, de-platformization, and low cost can find wider application scenarios and solve more problems.”

Paul also said that the new budget includes $50 million for Cyberport in order to expedite the development of the Web3 ecosystem in Hong Kong.

As Coincu reported, Hong Kong regulators are seeking for talks between crypto businesses and bankers to assist sector funding. The gathering intends to enable bank funding for money firms in order to propel Hong Kong closer to being a crypto center.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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