Paul Chan: Web3 as the Future of Digital Tech in Hong Kong
Hong Kong’s Financial Secretary, Paul Chan Mo-po, brings to light his fervent belief in blockchain technology, dubbing it as the upcoming tide of “breakthrough growth” in the digital tech realm.
The Rise of Web3 in Digital Entertainment
In a blog post dated Aug. 27, Chan brought attention to the evolving sectors within Web3, highlighting entities like NFTs, GameFi, Play-to-Earn gaming, and augmented entertainment arenas, which he believes will set the tone for the next generation of digital leisure.
He elaborates, “The fundamental blockchain tech of Web3, marked by its unique traits of disintermediation, security, transparency, and cost-effectiveness, has myriad applications ranging from finance and trade to even daily routines.”
Cyberport: The Epicenter of Blockchain Innovation
Paul Chan’s comments follow his recent participation in the Digital Entertainment Leaders Forum, a 3-day blockchain-centric gathering housed in Cyberport, Hong Kong. This technological and multimedia enclave spans 25 hectares and plays host to an array of companies operating within the tech, digital amusement, and finance sectors.
Significantly, Chan disclosed that he earmarked an added $50 million for Cyberport from the current year’s fiscal plan, aiming to bolster the establishment of a thriving Web3 milieu.
With more than 180 Web3-linked tech entities already making Cyberport their home, Chan draws attention to the fact that a notable 20% of these firms hail from international origins.
Positioning Hong Kong as the Web3 Vanguards
Contrary to China’s stringent stance on cryptocurrencies, Hong Kong strides ahead by introducing progressive crypto regulations, solidifying its global stature as a dominant nexus for digital assets.
This dedication has culminated in Hong Kong’s ambitious move to institute a Web3 task force. The task force’s main goal? To proffer insights on fostering a sustainable and ethically sound development path for the sector.
In another remarkable step on Aug. 3, the HashKey local crypto exchange proclaimed that they have procured the requisite licenses to offer cryptocurrency assets to the general public. With this achievement, HashKey has now pivoted from exclusively catering to institutional clientele to accommodating retail investors too.