Hong Kong Financial Chief Pushes for Web3 Adoption Despite Market Volatility – Next Crypto Hub?

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June 26, 2023 06:55 EDT

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The city of Hong Kong is continuing its push for Web3 and crypto adoption, despite volatility in the market and regulatory crackdowns elsewhere, Hong Kong’s Financial Secretary Paul Chan has confirmed.

In a blog post published on the Financial Secretary’s official website, Chan said that Web3 – referred to as “the digital economy and the third-generation Internet” – had been identified as one of three major focus areas for promoting high-quality development in Hong Kong.

Despite recent market volatility, Hong Kong’s financial chief said he remains optimistic about the future of Web3. 

He added that now is a good time to promote the development of Web3 and compared it to the rise of the internet in the early 2000s.

The blog post also reiterated a commitment from the government to spend HK$ 50 million (US$ 6.4 million) to accelerate the development of the Web3 ecosystem in Hong Kong through a government-run incubator known as Cyberport.

To ensure the crypto industry develops in a sustainable and responsible manner, Hong Kong plans to adopt a strategy of “proper supervision” and “promoting development.” 

These two strategies will be aimed at preventing systemic risks, strengthening anti-money laundering (AML) efforts, and providing investor education, Chan explained.

Large number of Web3 conferences in Hong Kong

Chan said that last week alone saw at least four major seminars related to Web3 and fintech in Hong Kong, and that an estimated 10,000 entities have participated in individual events.

Among the events was a Web3-themed conference hosted by industry insiders that Chan said reflected Hong Kong’s vision and development strategy for Web3. 

The event was attended by founders and senior managers of leading Web3 companies, with discussions focused on Web3 infrastructure, trading platforms, digital assets, wallets and payment tools, network security, and innovation.

Chan added that the Hong Kong government this week will host the 2023 Digital Economy Summit, which will be a two-day event focused on Web3 adoption at both state and global levels.

Hong Kong is serious about becoming a crypto hub

The article is the latest sign that the Hong Kong government is serious in its efforts to make the Chinese Special Administrative Region (SAR) a global hub for crypto.

The city’s plans to attract crypto companies has gotten a boost from the ongoing crackdown on crypto in the US, and Hong Kong now competes with the likes of Dubai and Singapore on being the most attractive place for crypto companies.