Hong Kong is confident of becoming a hub for the virtual asset sphere in the coming years. What brings this confidence is the role that the government of Hong Kong has assumed over the recent months amid the rise in the adoption of Web3 technologies and applications. This is evident from the speech delivered by Christopher Hui, the Secretary for Financial Services & the Treasury.

Hui was present at the Aspen Digital Web3 Investment Summit that was held on March 20, 2023. He has clearly highlighted in the speech that Hong Kong is leaving no stone unturned to embrace Web3, adding that it is a paradigm shift that will change the way one interacts over the internet.

Moreover, the metaverse relies on the success of Web3. A situation where Hong Kong successfully implements all its policies for Web3 technologies and applications will place the region better for metaverse too. The overall support from the government is in terms of developing the sector and providing comprehensive support to fintech companies.