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Hong Kong To Invest US$6.37 Million To Spur Web3 Growth

Hong Kong is allocating HK$50 million (US$6.37 million) to develop its Web3 sector, the special administrative region’s Financial Secretary Paul Chan announced Wednesday during his annual budget speech at the Legislative Council.

The investments put into Web3 growth will be used for organizing major international seminars, encouraging cross-sectoral business cooperation and workshops related to the field, Chan said in his speech.

“The third generation Internet [Web3], currently in its start-up period, has the same huge potential,” said Chan, who dubbed the wave as a “golden opportunity” to lead innovative development.

Chan will establish and lead a task force on virtual asset development, which is integral to the Web3 ecosystem, to provide guidance on responsible growth of the virtual asset sector.

(By DANNY PARK)

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