Hong Kong to Allocate $6M for Web3 Development

In the 2023-2024 budget released by Hong Kong on February 22, 2023, the country stated it would allocate 50 million HKD ($6.37M) for Web3 development. The government has extended its recent foray into the crypto space with this plan, having previously considered allowing retail investors to trade cryptocurrency in Hong Kong.

The Hong Kong government will enhance Web3 adoption through its already-established digital community, Cyberport.

The Asian state noted that it would use the funds to organize international seminars. The seminars aim to help industries within the country better understand the opportunities in web3 better. Hong Kong will also host workshop sections for youths in the country to help them tap into the third-generation internet.

Established earlier this year, Cyberport will help push the adoption of digital technologies in Hong Kong. The focus of the digital community is to expose Hong Kong citizens to emerging digital trends like blockchain, big data, and artificial intelligence (AI). Hong Kong intends to use Cyberport as the county’s digital technology industry’s flagship and inject the proposed funds into it.

Hong Kong Believes in Web3

The prospects of the third-generation internet seem to excite the Asian country. Hong Kong intends to tap into the web3 space in its infant stage with the goal of restoring its status as a financial hub in Asia.

In a press release, the Financial Secretary, Paul Chan, stated:

“The internet has been undergoing continuous development and evolution. Every generation of technological reform brings about new applications and fresh opportunities and even disrupts the mode of business operations.” “The third generation internet (web3), currently in its start-up period, has the same huge potential. We must keep up with the times and seize this golden opportunity to spearhead innovation development,” he continued.

Hong Kong Insists on Digital Assets

Hong Kong’s push for virtual assets in the country is seeing a positive turn among potential investors. It noted that it had received numerous considerations from the digital assets key players set out in the country.

The Asian nation is set to establish a committee to spearhead digital asset development in the country. Hong Kong stated it would consult with the necessary regulators and market participants to facilitate sustainable development in the digital currency sector.

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