In its 2023-2024 budget released on Wednesday, Hong Kong has declared its support for the development of Web3, pledging a budget of $6.4 million (HK$50 million) per year towards the cause. This funding will be dedicated to organizing major international seminars, cross-sectoral business co-operation, and workshops aimed at empowering young people.
The financial secretary of Hong Kong, Paul Chan, has also formed a task force that comprises members from various policy bureaux, regulatory bodies, and industry sectors, committed to the development of virtual assets. With this task force, Hong Kong is taking significant steps to play a prominent role in the growth of Web3 activities in the region.
To provide a more stable and secure framework for Web3 activities in the city, the Securities and Futures Commission of Hong Kong has also released its proposed regulations for virtual asset platforms on Monday. These regulations are expected to encourage further investment and development in the Web3 ecosystem in Hong Kong.
Last October, Hong Kong’s chief executive, John Lee, announced the establishment of a new investment company called Hong Kong Investment Corporation Limited, aimed at attracting non-local businesses to Hong Kong. The government has allocated $3.8 billion (HK$30 billion) for a co-investment fund dedicated to this objective. The city’s commitment to becoming a virtual asset hub was also highlighted during Hong Kong FinTech Week last November.
Investment in Seminars, Business Co-operation, and Workshops
Hong Kong is taking significant steps to support the development of Web3 by investing in various initiatives aimed at young people. With its budget of $6.4 million (HK$50 million) per year, the city will organize major international seminars, cross-sectoral business co-operation, and workshops to empower young people. These events will help to promote knowledge-sharing and skill development in the Web3 ecosystem.
Proposed Regulations for Virtual Asset Platforms
The Securities and Futures Commission of Hong Kong has released its proposed regulations for virtual asset platforms, aimed at providing a more stable and secure framework for Web3 activities in the city. These regulations will help to enhance investor protection, foster market integrity, and promote the healthy development of the virtual asset industry in Hong Kong.
Establishment of Hong Kong Investment Corporation Limited
Last October, Hong Kong’s chief executive announced the establishment of the Hong Kong Investment Corporation Limited, aimed at attracting non-local businesses to Hong Kong. With a co-investment fund of $3.8 billion (HK$30 billion), the corporation will support various initiatives aimed at promoting Hong Kong as a global hub for virtual assets.
Hong Kong’s Commitment to Becoming a Virtual Asset Hub-Web3
During Hong Kong FinTech Week last November, the city reaffirmed its goal of becoming a virtual asset hub, highlighting its commitment to the growth and advancement of the Web3 ecosystem. By investing in various initiatives and forming a task force dedicated to virtual asset development, Hong Kong is well-positioned to play a significant role in the growth of Web3 activities in the region.
In conclusion, Hong Kong is taking significant steps towards becoming a global hub for virtual assets. With its investment in seminars, business co-operation, and workshops, as well as the establishment of a task force for virtual asset development and the release of proposed regulations for virtual asset platforms, Hong Kong is creating a favorable environment for the growth of the
