Hong Kong Quietly Emerging As a Web3 Powerhouse |

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Hong Kong city view from The Peak at dusk

Hong Kong’s Financial Secretary, Paul Chan, recently said in a blog post that despite the volatility of the crypto market, now is the “right time” to advance Web3 adoption in the region. He identified Web3 technologies as one of three key areas to focus on in Hong Kong’s budget plan.

Chan compared the current crypto industry to the early days of the internet in the 2000s, when a huge “bubble” burst, allowing real-world use cases to proliferate in a quiet market. He emphasized a strategy that balances “reasonable regulation” and “promoting growth” for the innovative progress of Web3.

Hong Kong’s hosting of a two-day Digital Economy Summit signals widespread interest in the adoption of Web3 technologies at both the state and global levels. The Hong Kong government has allocated $6.4 million for Web3 development, primarily to organize international seminars and workshops with the aim of fostering a thriving ecosystem. Continue reading full article Here