Hong Kong Allocates $50 Million For Web3 Development In 2023

On Thursday, Hong Kong’s Finance Minister Paul Chan unveiled his 2023 financial budget to parliament. Within the allocation of 6.75 billion yen ($50 million), an exciting advancement can be seen: money set aside for the swift development of a decentralized web – Web3!

2023 Budget Proposal Has $50 Million for Web3

In his 2023/24 budget proposal, Mr. Paul Chan highlighted the immense impact that the Internet has had on business operations in recent years and its potential to continue revolutionizing commerce as third-generation Web3 technology advances. To capitalize on this opportunity, Hong Kong will allocate $50 million for Cyberport’s Web3 Hub — a startup support facility run by one of their government-owned companies.

Paul Chan has been appointed to construct and direct a task force on virtual asset (VA) development. This team is comprised of various government bureaus, financial regulatory bodies, as well as other industry players. He further shared: “Let’s create and manage an effective group dedicated to VA progress that will be able to provide sustainable yet responsible advice for this particular sector.”

Hong Kong Allocates Million For Web3 Development In 2023

On the 20th, the Hong Kong Securities and Futures Commission (SFC) gave a glimpse of their plans to license requirements for crypto asset exchanges to grant individual investors the ability to trade virtual currencies by June this year.

Hong Kong Aims To Become A Cryptocurrency Hub

Positioned by China as a “Special Administrative Region,” Hong Kong is driven to become the center for virtual currency. If this plan comes to fruition, then funds from Greater China will likely enter Hong Kong’s market.

At a Cyberport event in January, Treasurer Paul Chan proudly declared Hong Kong to be the prime destination for high-caliber cryptocurrency enterprises. Within the past two months alone, mainland Chinese firms interested in setting up global headquarters and expanding their operations within Hong Kong or going public on regional exchanges have been pouring in inquiries to the government. This has further emphasized our city’s unique ability as an international fintech hub and secured its place at the forefront of pioneering developments with cryptographic currencies.

You might check: Introduction to Loopring Token: Understanding the Basics

Armaan Khatri

I'm Armaan Khatri, a financial writer, editor, and market analyst. A former VP and market risk advisor worken in India at Citizens Financial Group. Have more than 15 years of financial services experience that also includes personal finance, personal banking, IRAs, and retirement services.

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