Hong Kong Allocates Funds to Accelerate Web3 Ecosystem Development

02/22/2023 03:46 • Digital Disruptors • 82 views

It is reported that on February 22, the Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, said that the Cyberport had established a Web3 base at the beginning of this year when he released the financial budget of the 2023-2024 Special Administrative Region Government. We will allocate 50 million yuan to accelerate the development of the Web3 ecosystem, including holding international large-scale seminars to enable the industry and enterprises to better grasp the frontier development, promote cross-border business cooperation, and hold more youth workshops. Virtual assets are an important part of the Web3 ecosystem. The virtual assets policy declaration issued last October clarifies the government’s policy stance and guidelines for related industries.

The Financial Secretary of Hong Kong will allocate 50 million yuan to accelerate the ecological development of Web3

Analysis based on this information:

The Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, recently announced that the government will be allocating 50 million yuan to accelerate the development of the Web3 ecosystem. The announcement was made during the release of the financial budget of the 2023-2024 Special Administrative Region Government on February 22. The Cyberport, a technology park in Hong Kong, has established a Web3 base at the beginning of this year.

Web3 is the next phase of the internet, which aims to provide full decentralization and security. It gravitates towards a decentralized and more private internet experience, where users will be in full control of their data without intermediaries, like tech giants, such as Facebook and Google, holding user information. Cyberport’s Web3 base aims to improve the development process of Web3 technology in Hong Kong and Asia.

The funds allocated to the project will be used for a series of activities aimed at fostering cross-border cooperation and youth development, including organizing international large-scale seminars, workshops, and promotion events. The main objective is to enable the industry and enterprises to better grasp the frontier development of the Web3 ecosystem. Another essential component of the Web3 ecosystem is virtual assets, which have been given critical attention in the policy declaration issued by the government last October.

The policy declaration’s aim is to clarify the government’s policy stance and guidelines for related industries in light of recent developments in virtual assets. The position taken by the Hong Kong government is commendable as it supports the growth and development of the thriving virtual asset industry in Asia. The declaration sees virtual assets as a critical part of the Web3 ecosystem, which the Hong Kong government has deemed essential for its economy’s growth and development, and hence will support its development and growth.

In conclusion, the Hong Kong government’s move to support the development of Web3 ecosystems through the allocation of funds is a significant step in fostering the creation and development of next-generation internet benefits. The inclusion of virtual assets as a critical component is a move that complements the government’s strategy and aligns with the country’s vision for technological development.

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