Hong Kong Financial Secretary Reiterates Support for Web3
- Paul Chan Mo-po, the Hong Kong Financial Secretary, has once again shown support for the Web3 sector.
- He said that Web3 will offer the next wave of “breakthrough growth” in the digital technology industry.
- Elements of Web3 like GameFi, NFTs, and P2E are set to lead the next generation of digital entertainment, he said.
- Chan came to a three-day blockchain-focused event called the Digital Entertainment Leaders Forum.
The Hong Kong Financial Secretary, Paul Chan Mo-po, has once again shown his support for the Web3 industry stating that the technology has shown significant potential in increasing the development in the technology industry. Chan has called the Web3 industry as the next wave of “breakthrough growth” in the digital technology industry.
In a blog post published on August 27, Chan wrote that the elements in the Web3 space, such as non-fungible tokens (NFTs), GameFi, Play-to-Earn gaming, and immersive entertainment, are set to lead the next generation of digital entertainment. Interestingly, Hong Kong has attracted many Web3 and blockchain firms post the implementation of crypto-friendly laws.
“The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life,” said the Hong Kong financial secretary.
These statements from the Hong Kong financial secretary came when Chan came to a three-day blockchain-focused event called the Digital Entertainment Leaders Forum hosted in Cyberport in Hong Kong. It is important to mention here that Cyberport is a 25 hectare, mixed-use tech and multimedia hub which is responsible for providing grants, funding and office space to firms in the tech, digital entertainment and finance sectors.
More importantly, the Hong Kong financial secretary said that he had allocated an additional $50 million from this year’s budget to Cyberport earlier this year to accelerate the development of the Web3 sector in the special administrative region of China. Chan promised to ensure financial security and prevent systemic risks by educating investors and imposing anti-money laundering laws.
As reported earlier by BitcoinWisdom, in July, the authorities in Hong Kong announced the creation of a Task Force that will be responsible for advising on the “sustainable and responsible” development of Web3 in the region. The Task Force will be responsible for creating a “balance between appropriate regulation and promoting development.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
