Hong Kong’s financial secretary, Paul Chan Mo-po, has reaffirmed his endorsement of blockchain technology, identifying it as the forthcoming wave of transformative growth in the digital technology sector.
In a blog post on August 27, Chan emphasized that emerging sectors within Web3, such as NFTs, GameFi, Play-to-Earn gaming and immersive entertainment, are poised to lead the charge in the next generation of digital entertainment.
Chan highlighted the core attributes of blockchain technology within Web3, including disintermediation, security, transparency, immutability and cost-effectiveness.
Paul emphasised the technology’s potential applications in various domains, ranging from finance, commerce and trade to supply chain management and even daily life.
These comments followed his participation in the Digital Entertainment Leaders Forum, a three-day blockchain-focused event hosted at Hong Kong’s Cyberport.
Cyberport, a tech and multimedia hub spanning 25 hectares, offers grants, funding and office spaces to a diverse array of tech, digital entertainment and finance companies.
Chan revealed that he allocated an additional $50 million from this year’s budget to bolster Cyberport’s development of a thriving Web3 ecosystem.
Cyberport has already attracted over 180 Web3-related tech firms, including startups and established exchanges, with 20% hailing from international locations. While China maintains strict anti-crypto policies, Hong Kong has adopted crypto-friendly regulations to establish itself as a global hub for digital assets.
The region’s commitment to investing in Web3 development led to the creation of a Web3 task force, dedicated to offering recommendations for the industry’s sustainable and responsible growth.
Notably, HashKey, a local crypto exchange, recently announced its successful acquisition of all necessary licenses to extend its crypto asset offerings to retail investors, making it the first exchange in Hong Kong to broaden its scope beyond institutional investors.
