The authorities in Hong Kong have declared that they will provide HK$50 million from the government budget for the period 2023-24 for the expansion of the Web3 ecosystem. The government will additionally form a task force to deal with the development of virtual assets. This will be focused on the provision of recommendations regarding responsible and sustainable advancement in the respective sector.

Hong Kong-based Authorities Grant HK$50 Million for Advancement of Web3 Ecosystem

Hong Kong’s Financial Secretary named Mr. Paul Chan disclosed the support provided by the authorities for the Web3 space in the Budget Speech he made today. Chan told that Web3 Hub@Cybberport was developed by Cyberport this year. In addition to this, the Financial Secretary mentioned that up to $50M will be specified for the enhancement of the Web3 ecosystem along with other things.

In Paul Chan’s speech, he disclosed that a consistent evolution, as well as development, has been experienced by Internet technology in recent times. As per him, every phase of technological development offers the latest opportunities and applications. Apart from this, he added, every stage of advancement in this space evolves the approach related to business operations.

Financial Secretary Admits Web3’s Potential and Significance of Virtual Asset

The Financial Secretary of Hong Kong asserted that Web3 (or the 3rd generation of Internet technology) is at present going through its earliest period. Nonetheless, he acknowledged that the respective sector has enormous potential. He added that the remarkable opportunities provided by it for innovative development should be availed adequately.

He moved on to talk about the significance of virtual assets (VA) saying that they form a fundamental part of the vibrant ecosystem of the Web3 world. According to him,  the policy statement covering the Vas was issued in October and a proactive response has been shown by the market as a result.