Hong Kong Quietly Emerging As a Web3 Powerhouse

Hong Kong city view from The Peak at twilight

Hong Kong’s Financial Secretary, Paul Chan, recently stated in a blog post that despite the volatility of the crypto market, now is the “right time” to advance Web3 adoption in the region. He identified Web3 technologies as one of three key areas to focus on in Hong Kong’s budget planning.

Chan likened the current crypto industry to the internet’s early days in the 2000s, when a large “bubble” burst, allowing for the promotion of real-world use cases in a quieter market. He emphasized a strategy that balances “proper regulation” and “promoting development” for Web3’s innovative progress.

Hong Kong’s hosting of the two-day Digital Economy Summit indicates the widespread interest in the adoption of Web3 technologies on both state and global levels. The Hong Kong government has allocated $6.4 million towards Web3 development, primarily for organizing international seminars and workshops aimed at fostering a thriving ecosystem. Continue to read the full article here