Paul Chan emphasizes that blockchain technology and Web3 innovations are poised to catalyze the forthcoming major wave of growth within Hong Kong’s digital technology sector.
Hong Kong’s financial secretary, Paul Chan Mo-po, has reiterated his resolute backing for blockchain technology, identifying it as the harbinger of the next significant phase of “breakthrough growth” in the realm of digital technology.
In a blog post dated August 27th, Chan expounded that emergent sectors within Web3, including Non-Fungible Tokens (NFTs), GameFi, Play-to-Earn gaming, and immersive entertainment, are at the forefront of propelling the next era of digital entertainment experiences.
Chan’s declarations were made following his participation in the Digital Entertainment Leaders Forum, a three-day event with a pronounced focus on blockchain, conducted at Cyberport in Hong Kong.
Cyberport, encompassing a sprawling 25-hectare expanse, functions as a mixed-use technological and multimedia hub that extends grants, financial backing, and office facilities to a diverse spectrum of firms spanning the technological, digital entertainment, and financial landscapes.
Of particular note is Chan’s disclosure that he directed an additional $50 million from this year’s budget towards Cyberport, earlier in the year. This allocation was intended to expedite the nurturing of a dynamic Web3 ecosystem.
Chan underscored that Cyberport has already congregated over 180 tech entities operating within the realm of Web3, encompassing startups and well-established exchanges, all operating under its umbrella. He emphasized that 20% of these entities originated from overseas.
Despite China’s steadfast anti-crypto stance over the past several years, Hong Kong has introduced crypto-friendly regulations, positioning itself as a global nucleus for digital assets.
As part of Hong Kong’s ongoing commitment to invest in the Web3 megatrend, the special administrative region established a dedicated Web3 task force. The task force’s mandate involves providing recommendations for the sustainable and responsible advancement of the industry.
In a milestone development on August 3rd, local cryptocurrency exchange HashKey revealed its successful acquisition of all requisite licenses for offering crypto assets to retail investors. This achievement marks a significant milestone, as HashKey is the first exchange on Hong Kong soil to extend its operations beyond serving exclusively institutional investors.
