Hong Kong earmarks $6.4m for Web3 expansion

Beijing view / Photo credit: Pexels

The Hong Kong government has set aside HK$50 million (about US$6.4 million) for expanding its local Web3 ecosystem. The funds will be used to organize major international seminars and workshops for young people, among other initiatives.

The city-state aims to enable industry players and enterprises to better grasp the frontier development of the Web3 ecosystem and to promote business cooperation across sectors.

The government issued a policy statement on virtual assets in October 2022 that said it was “open and inclusive” toward becoming a hub for the nascent tech. Hong Kong said the market has responded positively, with many enterprises considering setting up businesses in the city over the past few months.

Recently, crypto exchange major Huobi said it would be moving its Asia headquarters to Hong Kong from Singapore. Hong Kong’s Securities and Futures Commission also recently proposed to allow trading of tokens like bitcoin and ether on licensed exchanges.

In response, the government said it plans to establish a task force on virtual-asset development, with members from relevant policy bureaus, financial regulators, and market participants. The task force will provide recommendations on the sustainable and responsible development of the sector.

See also: Grab, Microsoft alum look to combat crypto theft