Hong Kong Embraces Web3 Revolution

Hong Kong’s Financial Secretary, Paul Chan Mo-po, has spotlighted the transformative potential of web3 and blockchain technologies, envisioning them as pivotal drivers for the city’s next phase of tech-enabled growth. Speaking at the 2023 Digital Entertainment Leadership Forum, Chan emphasized the forthcoming decade’s potential to witness a paradigm shift akin to the past ten years of growth in music streaming, videos, social media, and mobile gaming. He sees web3 and blockchain as the catalysts for this evolution.

Investment Magnet Sectors

In his address, Chan underscored various avenues within the entertainment industry that have attracted substantial global investments. Notably, he highlighted Non-Fungible Tokens (NFTs), Play-to-Earn (P2E) models, and immersive entertainment experiences as areas poised for substantial growth. The city’s interest in harnessing these technologies for economic advancement has motivated the exploration of their diverse applications.

Crucially, Chan emphasized that the impact of web3 extends beyond the entertainment sector. He detailed how blockchain’s foundational attributes—immutability, security, transparency, and cost-effectiveness—transcend entertainment, finding application in domains ranging from finance and commerce to trade, supply chain management, and daily life.

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Cyberport’s Web3 Hub

Hong Kong has already demonstrated its commitment to nurturing web3 development. The government allocated $50 million to Cyberport, aimed at accelerating the establishment of a dynamic web3 ecosystem. Over 180 web3-related companies, including unicorns and licensed virtual asset trading platforms, have gathered at Cyberport, marking the city’s dedication to fostering this burgeoning industry.

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The creation of a dedicated task force on web3 development, just a month ago, reflects Hong Kong’s strategic approach to ensuring sustained and well-managed growth within this sector. Paul Chan’s forward-looking perspective mirrors Hong Kong’s ambition to capitalize on technological innovation for economic advancement while maintaining vigilant supervision. As an international financial hub and technology-oriented metropolis, Hong Kong seeks to harness the opportunities inherent in this tech-driven era, ultimately fostering economic growth to benefit its populace. Recent reports have also hinted at the Hong Kong Monetary Authority’s efforts to encourage prominent banks, including Standard Chartered and HSBC, to embrace clients focused on the crypto landscape, highlighting the city’s responsiveness to the evolving financial landscape.