‘Breakthrough growth’ will be driven by Web3: Hong Kong financial secretary


Hong Kong’s financial secretary, Paul Chan Mo-po, has reiterated his assist for blockchain know-how, calling it the subsequent wave of “breakthrough growth” within the digital know-how trade.

In an Aug. 27 weblog submit, Chan wrote that rising sectors inside Web3, similar to NFTs, GameFi, Play-to-Earn gaming, and immersive leisure, are set to steer the subsequent technology of digital leisure.

“The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life.”

Chan’s statements got here within the wake of his go to to a three-day blockchain-focused occasion referred to as the Digital Entertainment Leaders Forum, hosted in Cyberport in Hong Kong.

Cyberport is a 25 hectare, mixed-use tech and multimedia hub which offers grants, funding and workplace house to a variety of firms throughout the tech, digital leisure and finance sectors.

Notably, Chan talked about he had allotted a further $50 million from this 12 months’s funds to Cyberport earlier this 12 months— to assist it speed up the event of a “vigorous” Web3 ecosystem.

Chan famous that Cyberport had already gathered over 180 Web3-related tech firms together with startups and fully-fledged exchanges underneath its roof, highlighting that 20% of the businesses have come from abroad.

Related: Hong Kong and Saudi Arabia collaborate on tokens and payments

While China has maintained a hardline anti-crypto stance for practically half a decade — Hong Kong has released new crypto-friendly legislation to position itself as a global hub for digital assets.

Part of Hong Kong’s ongoing dedication to spend money on the megatrend of Web3 improvement noticed the particular administrative area create a Web3 task force — to offer suggestions on the sustainable and accountable improvement of the trade.

On Aug. 3, native crypto alternate HashKey announced that it successfully obtained all the essential licenses to start providing crypto belongings to retail traders — turning into the primary alternate in Hong Kong soil to develop its enterprise from solely serving institutional traders.

Collect this article as an NFT to protect this second in historical past and present your assist for impartial journalism within the crypto house.

AI Eye: Apple developing pocket AI, deep fake music deal, hypnotizing GPT-4