Hong Kong to accelerate Web3 innovation in region with $50 million spend Hong Kong to accelerate Web3 innovation in region with $50 million spend
The Hong Kong government acknowledges the importance of Web3 with plans to develop the concept via its Cyberport hub.
2 min read
Updated: Feb. 22, 2023 at 11:17 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
TRON founder Justin Sun linked details of a $50 million spend by the Hong Kong government to accelerate Web3 development in the region.
Sun called the plan a sign of “readiness to compete in global digital economy.”
Seize Web3 opportunities
Details of Hong Kong’s Web3 ambitions were laid out in a budget document updated on Feb. 22. Lawmakers acknowledged Web3 as “the third generation internet” that will likely disrupt the status quo.
A $50 million spend will fund plans administered by Cyberport, a digital community tasked with fostering start-ups and technology companies run by the Hong Kong government. The organization is tasked with the following:
“organising 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.”
The document disclosed that “many innovative enterprises” had enquired about setting up a base in the city-state.
It also recognized “Virtual Assets (VA)” as an intrinsic aspect of a “vibrant Web3 ecosystem.” A task force is currently looking into the responsible development of the cryptocurrency sector.
Is Hong Kong a pilot program for the mainland?
Rumors that Hong Kong was softening toward cryptocurrency had been circulating for several months.
In recent weeks, numerous reports confirmed those rumors, including the issuance of tokenized bonds and public consultation on crypto exchanges.
Sun reiterated previous comments about the changing Hong Kong crypto landscape being a pilot program for the mainland.
“The changing attitude of the Hong Kong SAR government towards crypto signals a nod from the Chinese central government granting pilot status to HK for some forward-looking experiments on how can crypto be best adopted and localized for the huge Chinese market at large,”
However, He Yihan, founder and CEO of Red Date Technology, said there would be no U-turn on China’s hardline crypto stance, saying, “It does no good to the real economy.”
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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