Hong Kong’s Financial Secretary, Paul Chan, has emphasized the importance of pushing forward with the Web3 industry despite the fluctuations in the crypto market. In a blog post, Chan proposed three major directions for the city’s budget, including the development and application of Web3, emphasizing both “proper regulation” and “promoting development.” The region also plans to focus on financial security, preventing systemic risks, and investor education and protection.
Chan believes that the industry is going through the same process as the internet in the early 2000s and that after the “bursting of the bubble,” market participants will focus more on technological innovation and value creation. The local government has planned a HKD 50 million ($6.4 million) cash injection into Web3 in the city’s 2023-24 budget, and cryptocurrency exchange Gate.io has announced plans to launch a presence in Hong Kong.
