Paul Chan Mo-po, Hong Kong’s financial secretary, believes that the city should invest in Web3 technology at this juncture.
Web3 Technology Is Advancing And Evolving
According to reports from April 9, Mo-po is confident that it is time to promote Web3 development despite the recent volatility in the cryptocurrency markets, which the collapse of major centralized exchanges and platforms has distinguished.
Specifically, Mo-po stated in a blog that the technology sector is rapidly evolving and that investment in the sector may be advantageous. As Web3 is applied to an increasing number of use cases, he added that a comprehensive review of the technology would be beneficial. Mo-po explains that integrating Web3 solutions can enhance existing business models, which can benefit consumers in the real economy.
In accordance with his enthusiasm, Hong Kong allotted $6.4 million to develop the Cyberport business park. Through arranging conferences and youth workshops, the goal is to accelerate Web3 technology.
On April 13, the city government will arrange a summit on the digital economy, which will be attended by prominent leaders in the development of cryptocurrencies and blockchains. Among other topics, the Hong Kong government intends to discuss blockchain technology. Alibaba, Baidu, and Huawei, which are among the leading technology corporations in China and around the world, are expected to send representatives.
In addition to technology leaders, the deputy director of China’s cyberspace administration, Cao Shumin, and the deputy director of Beijing’s liaison office in Hong Kong, Chen Dong, will deliver keynote addresses.
Efforts To Establish Itself As A Crypto And Blockchain Hub
Hong Kong has expressed an openness to becoming a crypto and blockchain center in Southeast Asia, and Mo-po’s remarks coincide with this statement.
Starting from June 2023, licenses for cryptocurrency exchanges will be issued by the city. According to Christopher Hui, the Hong Kong Secretary of Financial Services and the Treasury, more than eighty international blockchain companies have expressed interest in participating.
Hong Kong intends to finalize stablecoin regulations in 2024 and license virtual asset service providers.