The city’s finance secretary will lead a task force dedicated to virtual asset development.
Hong Kong will allocate US$6.4 million (HK$50 million) to develop its Web3 ecosystem, according to its 2023-2024 budget released on Wednesday.
The funds will be used to host large-scale international seminars, cross-sector business collaborations and youth workshops.
Hong Kong Financial Secretary Paul Chan also announced the establishment of a task force dedicated to the development of virtual assets, which will be composed of members from policy bureaus, regulators and the industry.
Hong Kong’s Securities and Futures Commission published its proposed rules for virtual asset platforms on Monday.
Hong Kong Chief Executive John Lee announced in his policy address last October that the government would set up a new investment company called Hong Kong Investment Company Limited.
According to Lee's policy address, the government has set aside US$3.8 billion (HK$30 billion) for a co-investment fund focused on attracting non-local businesses to Hong Kong.
During Hong Kong Fintech Week last November, the city set out its ambition to once again become a hub for virtual assets.
Original link: https://www.coindesk.com/policy/2023/02/22/hong-kong-backs-web3-with-64m-in-annual-budget/
