As countries across the world continue to adopt the next phase of the internet, Hong Kong is allocating $6.4 million (HK$50 million) to develop its Web3 ecosystem.
In a 2023-2024 budget published last week, the Chinese city said it will earmark HK$50 million to “expedite the Web3 ecosystem development by organising major international seminars, among other things.”
Adding that the fund will also “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.”
Investing in virtual assets
And since virtual assets have become an important part of Web3, Paul Chan, Hong Kong’s financial secretary also announced a new task force that’s dedicated to the development of virtual assets that includes “members from relevant policy bureaux, financial regulators and market participants, to provide recommendations on the sustainable and responsible development of the sector.”
The budget speech released last week also acknowledged that the internet as we know it “has been undergoing continuous development and evolution.”
Adding that “every generation of technological reform brings about new applications and fresh opportunities, and even disrupts the mode of business operation.”
Conversely, in his policy address in October last year, Hong Kong’s chief executive, John Lee announced that the government would commence a new investment firm called Hong Kong Investment Corporation Limited.
Although Web3 is still a nascent space, “it has the same huge potential,” and Hong Kong is looking to “keep up with the times and seize this golden opportunity to spearhead innovation development.”