‘Breakthrough growth’ will be driven by Web3: HK financial secretary

Hong Kong’s Monetary Secretary, Paul Chan Mo-po has reiterated his assist for blockchain expertise, calling it the subsequent wave of “breakthrough development” within the digital expertise business in a latest weblog publish.

In an Aug. 27 assertion, Chan wrote that rising sectors inside Web3 resembling NFTs, GameFi, Play-to-Earn gaming, and immersive leisure are set to guide the subsequent technology of digital leisure.

“The core blockchain expertise of Web3, with its traits of disintermediation, safety, transparency, immutability and low value, might be utilized in lots of fields resembling finance, commerce, commerce, provide chain administration, and even each day life.”

Chan’s statements got here within the wake of his go to to a three-day blockchain-focused occasion referred to as the Digital Leisure Leaders Discussion board, hosted in Cyberport in Hong Kong.

Cyberport is a 25 hectare, mixed-use tech and multimedia hub which gives grants, funding and workplace area to a variety of corporations throughout the tech, digital leisure and finance sectors.

Notably, Chan talked about he had allotted an extra $50 million from this 12 months’s funds to Cyberport earlier this 12 months— to assist it speed up the event of a “vigorous” Web3 ecosystem.

Chan famous that Cyberport had already gathered over 180 Web3-related tech corporations together with startups and fully-fledged exchanges underneath its roof, highlighting that 20% of the businesses have come from abroad.

Associated: Hong Kong and Saudi Arabia collaborate on tokens and funds

Whereas China has maintained a hardline anti-crypto stance for almost half a decade — Hong Kong has launched new crypto-friendly laws to place itself as a world hub for digital belongings.

The federal government of Hong Kong has unveiled a activity pressure devoted to driving the development of Web3. In keeping with a June 30 assertion, the group includes a mixture of key authorities officers and business contributors. https://t.co/Yo9gnUquvI

— Cointelegraph (@Cointelegraph) July 2, 2023

A part of Hong Kong’s ongoing dedication to put money into the megatrend of Web3 improvement noticed the particular administrative area create a Web3 activity pressure — to offer suggestions on the sustainable and accountable improvement of the business.

On Aug. 3, native crypto change HashKey introduced that it efficiently obtained the entire needed licenses to start providing crypto belongings to retail traders — turning into the primary change in Hong Kong soil to broaden its enterprise from solely serving institutional traders.

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