‘Right Time’ to Adopt Web3: Hong Kong Finance Officer | coindesk JAPAN | Coindesk Japan

Hong Kong Finance Minister Paul Chan wrote in a blog on April 9 that although the cryptocurrency market is very volatile, now is the “right time” to push Web3 adoption in Hong Kong. He said he made Web3 technology one of three focus areas when planning Hong Kong’s budget.

Chan also said the cryptocurrency industry is reminiscent of the early days of the internet in the 2000s, when a big “bubble” burst and players were weeded out. As a result, the market calmed down and real-world use cases were encouraged, he continued.

“In order for Web3 to steadily follow the path of innovative development, we will adopt a strategy that emphasizes both ‘appropriate regulation’ and ‘promotion of development’.” In addition to securing and preventing systemic risk, we will also focus on investor education and protection and anti-money laundering measures.”

He also mentioned that Hong Kong will host the Digital Economy Summit this week. The April 13-14 event will focus on analyzing Web3 technology adoption at national and global levels.

Asia is actively working on Web3. In February, Treasurer Chan set aside $6.4 million of Hong Kong’s annual budget to invest in Web3 technology.

Also on April 10, cryptocurrency exchange Bitget launched a $100 million fund focused on Asian countries working on Web3 technology. The reason given is that US regulations have forced many companies to look overseas.

In Japan, the web3 project team of the Liberal Democratic Party’s Digital Society Promotion Headquarters released the “web3 white paper-towards an era where everyone can utilize digital assets-” on April 6.

Related article: What is the aim of the LDP “web3 white paper”? ── Interview with PT Secretary General Akihisa Shiozaki

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Hong Kong’s Financial Secretary Declares Now Is the ‘Right Time’ for Web3 Adoption