Hong Kong Financial Secretary Says #Web3 Will Drive 'Breakthrough Growth' đ„
- Hong Kong's Financial Secretary, Paul Chan Mo-po, has shown support for #blockchain and Web3 technology, predicting they will drive significant growth in the digital #technology sector.
- Chan highlighted the potential of emerging Web3 sectors like NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, attributing their rise to core properties of blockchain tech: disintermediation, security, transparency, immutability, and low cost.
- Chan's comments followed his attendance at the Digital #Entertainment Leaders Forum, a blockchain-focused event in Hong Kong's Cyberport.
- He had previously allocated an additional $50 million from the budget to boost the development of a strong Web3 ecosystem at Cyberport.
- Hong Kong has positioned itself as a #crypto-friendly hub with favorable legislation, in contrast to China's strict stance on cryptocurrencies.
- The region hosts over 180 Web3-related tech companies, with 20% coming from overseas.
- A task force has been established to guide responsible industry development in support of Web3 growth in Hong Kong.
