Hong Kong’s Financial Secretary Envisions Exciting Future for Crypto and Web3
Hong Kong’s Financial Secretary, Paul Chan Mo-po, envisions a vibrant future for digital technologies in the region, emphasizing the pivotal role of blockchain and Web3 in defying China’s cautious stance on cryptocurrencies.
Hong Kong’s Financial Secretary, Paul Chan Mo-po, has unveiled a forecast for the future of digital technologies in the Asian region. He asserts that the growth trajectory of Hong Kong’s digital landscape will hinge on the advancements in blockchain technology and Web3, defying China’s conservative approach towards cryptocurrencies.
Chan believes that the future growth of digital areas in Hong Kong will rely heavily on new blockchain ideas and the core principles of Web3, showing a significant change in how the financial sector sees things.
According to Chan, the digital entertainment sector is showcasing immense potential predicted to escalate the global online entertainment market from $184.2 billion in 2021 to $653.4 billion by 2027, boasting a 21% annual growth rate.
He recently participated in a three-day blockchain event at Hong Kong’s significant Cyberport, a hub for technology and media that supports digital creativity. Cyberport hosts more than 180 companies centered on Web3, with 20% originating from different countries.
Cyberport drew more than 3,500 participants, both in-person and online. The forum revealed how digital entertainment could reshape art, education, sports, and daily life in the Web3 era. It also showcased the potential uses and prospects of Web3 across various facets of life.
Hong Kong Leads the Way in Web3 and Crypto Innovation
He emphasized that enhanced entertainment experiences can drive consumption and contribute to economic development. With more than 170 digital companies functioning in Cyberport, substantial potential exists in Web3 and associated technologies.
Cyberport distinguishes Hong Kong from China, which has held reservations regarding cryptocurrencies. Hong Kong has enacted regulations that promote cryptocurrencies, positioning itself as a worldwide digital hub. The city has even established a dedicated Web3 group to facilitate the steady expansion of this sector.
HashKey, a local crypto exchange, reportedly became the first exchange approved by the Hong Kong Securities and Futures Commission, backed by China, due to a license upgrade that would allow it to cater to retail traders.
In March, the Hong Kong government designated $50 million to support the advancement of crypto projects, focusing on expediting the development of the Web3 ecosystem and organizing international events. The initiative aims to encourage cross-sector collaboration among businesses and offer educational workshops for youth.
Over 80 crypto-related companies are already interested in establishing a presence in Hong Kong, including blockchain developers, crypto wallet providers, and major cryptocurrency exchanges from various countries.
Hong Kong’s investments and support for Web3 and related tech show how the metropolis is determined to be a leader in digital innovation.
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