Hong Kong Allocates HK$50M For Web3: Crypto Task Force Planned

Sahana Kiran
Hong Kong
Source – Pixabay

With the majority of the world embracing the digital asset sector, Hong Kong certainly did not want to be left behind. Over the last couple of weeks, the special administrative region has been making big strides in the digital asset industry. Hong Kong was now preparing to adopt Web3.

Paul Chan Mo-Po, the financial secretary, revealed the Hong Kong budget for 2023–24 earlier today. The latest budget blueprint highlighted that the government is planning to assign 50 million Hong Kong Dollars to promote Web3 development.

The finance chief noted that Web3 is currently in its “start-up period.” The Hong Kong government intends to keep up with this technology and “seize this golden opportunity to spearhead innovation development.”

Further noting what the HK$50 million funding will be used for, Chan said,

“I will allocate $50 million to expedite the Web3 ecosystem development by, among other things, organizing major international seminars, to enable the industry and enterprises to better grasp frontier development and to promote cross-sectoral business co-operation, as well as arranging a wide array of workshops for young people.”

Hong Kong’s crypto scene gets a boost

News of Hong Kong permitting retail investors to trade assets like Bitcoin [BTC] and Ethereum [ETH] has been making the rounds. The special administration’s crypto plans even garnered backing from China‘s capital.

Chan revealed that a task force for virtual asset development would also be put in place. Not only will Chan appoint this committee but also lead it. The Hong Kong chief added,

“For the next step, I will establish and lead a task force on VA development with members from relevant policy bureaux, financial regulators, and market participants to provide recommendations on the sustainable and responsible development of the sector.”