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Budget for Web3 ecosystem development
Hong Kong’s Finance Minister Paul Chan presented his 2023 financial budget to parliament on Thursday. Among them, it was revealed that about 6.75 billion yen ($50 million) will be allocated to accelerate the development of the Web3 (decentralized web) ecosystem.
Mr. Paul Chan, in the fiscal year 2023/24 (April 2023-March 2024) budget proposal, emphasized that the evolution of the Internet has revolutionized the way businesses operate. He pointed out that the third-generation Internet (Web3), which is currently in its early stages, also has great potential.
We must keep up with the times and seize this golden opportunity to lead the development of innovation.
The $50 million will go into Cyberport’s Web3 Hub, a startup support facility run by a company wholly owned by the Hong Kong government.
Paul Chan will also set up and lead a task force on virtual asset (VA) development. Members include relevant policy bureaus, financial regulators and other market participants. He said:
Establish and lead a task force on VA development to make recommendations for sustainable and responsible development in this area.
connection:Bitcoin remains in the latest high price range, suggesting an influx of Chinese money in the situation in Hong Kong
Hong Kong aiming for Web3 hub
On the 20th, the Hong Kong Securities and Futures Commission (SFC) just released a draft to license requirements for crypto asset (virtual currency) exchanges and allow individual investors to trade virtual currencies by June this year.
Hong Kong, which China positions as a “Special Administrative Region”, has a vision to become a hub of virtual currency, and if approved, China money (funds from Greater China) can be expected to flow into Hong Kong.
In January of this year, Treasurer Paul Chan declared at an event hosted by Cyberport that “Hong Kong has become a hub for high-quality cryptocurrency firms.” In the past two months, the Hong Kong government has received inquiries from cryptocurrency-related companies in mainland China to establish a global headquarters. Many have said they want to expand their operations in Hong Kong or go public on local exchanges.
What is Cyberport?
An organization that promotes innovative digital technology with the aim of making Hong Kong a digital technology hub. Leading five digital technology fields (Fintech, AI/big data, e-sports/entertainment, smart living, and blockchain) that are key to economic growth, and supporting the growth of more than 1,100 startups and technology-related companies. .
Cryptocurrency Glossary
What is Web3
The current centralized web is defined as Web 2.0, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Cryptocurrency Glossary
connection:Hong Kong Authorities Consider Resuming Crypto Trading for Individual Investors
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