Hong Kong to allocate 50 mln HKD to speed up Web3 development
HONG KONG, Feb. 22 (Xinhua) -- A total of 50 million Hong Kong dollars (about 6.37 million U.S. dollars) will be allocated to expedite the third generation Internet (Web3) ecosystem development in Hong Kong, Financial Secretary of China's Hong Kong Special Administrative Region (HKSAR) government Paul Chan said on Wednesday.
Web3, currently in its start-up period, has huge potential and Hong Kong must keep up with the times and seize this golden opportunity to spearhead innovation development, Chan said when delivering the annual budget at the HKSAR's Legislative Council.
Cyberport, one of Hong Kong's key technology infrastructure, established the Web3 Hub@Cyberport early this year, Chan said, adding the 50 million Hong Kong dollars will be used to organize major international seminars to enable the industry and enterprises to better grasp frontier development and to promote cross-sectoral business co-operation, among other things.
Chan said that virtual assets (VA) are an integral part of a vibrant Web3 ecosystem. The policy statement on VA issued in October last year has set out the HKSAR government's policy stance and approach towards the relevant sector. The market has responded proactively.
Chan said, for the next step, he will establish and lead a task force on VA development, with members from relevant policy bureaux, financial regulators and market participants, to provide recommendations on the sustainable and responsible development of the sector.
Photos
Related Stories
- Finance chief expects Hong Kong economy to grow 3.5 pct to 5.5 pct in 2023
- Hong Kong to adopt "moderately liberal" fiscal stance in new budget
- HKMA says to continue to focus on asset quality in 2023
- Rescuers from Hong Kong dispatched to Türkiye
- Cross-boundary students resume face-to-face classes in Hong Kong
- West should immediately stop interfering in political manipulation of HK's judicial proceedings: Chinese FM commissioner
- ‘Good old days back,’ full border reopening between mainland and HK facilitates exchanges
- HKSAR gov't announces Hong Kong-mainland travel to fully resume starting Feb. 6.
- HK set to write new chapter of development in 2023
- HK will prosper from national rejuvenation
Copyright © 2023 People's Daily Online. All Rights Reserved.