The Hong Kong government has devoted 50 million Hong Kong dollars (HKD) to accelerating the growth of the Web3 ecosystem, as detailed in the budget announcement for the fiscal year 2023-2024.
In the backdrop of the report, a diverse range of sources have said that the government has to show that it is progressive and make the most of the potential given by Web3.
Frontier Market Seminar Series
Paul Chan Mo-Po, who is in charge of finance, claimed in a statement that he would, among other things, conduct major international seminars in order to assist businesses and industries in gaining a better understanding of the growth of frontier markets.
In addition to this, he would create a wide range of various activities geared toward young people and promote cooperation between enterprises that operate in diverse sectors.
During his briefing, Chan made the case that virtual assets (VA) are an important element that must be present in order for a Web3 ecosystem to be successful. The policy statement on VA, which was released in October of the year before, provided an overview of the HKSAR government’s official attitude as well as its plan with regard to the related industry.
Chan intends to lead a VA policy task force
Chan has indicated that the next step will be for him to organize and head a task group on the establishment of VA policies and procedures. The goal of the task force, which will be to offer recommendations on the responsible and sustainable growth of the sector, will be carried out by members of the task force that come from key policy bureaux, financial regulators, and market players.
It is vital to keep in mind that Jupiter Zheng, research director at HashKey Capital, issued a statement in a written comment indicating that Hong Kong’s extended support for virtual assets since October is further supported by the new licensing structure and consultation.
HashKey is one of only two crypto platforms certified to operate in Hong Kong. This comes after the city previously implemented a voluntary licensing procedure that restricted cryptocurrency platforms to users with portfolios worth at least HK$8 million.
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