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Finance Chief Backs Hong Kong’s Investment in Web3 Digital Economy

Hong Kong is expected to support Web3 digital economy investment in the coming years, with the Financial Secretary, Paul Chen, citing the dotcom bubble burst as an example of how innovations can help ventures survive. Hong Kong will host a two-day digital economy summit, with industry leaders from companies such as Huawei, Alibaba, and Baidu expected to attend. Chen has allocated approximately $6.4 million to the Cyberport business park to accelerate the development of the digital industry through workshops for youth and international conferences. A licensing regime is in the works in Hong Kong for Web3 to supervise actions and minimize risk, and regulations for stablecoins and cryptocurrencies will soon be implemented. Local experts agree that there is no reason to delay investments in the Web3 space and call for the government to work out policies that bring investments from abroad and developers who can set up offices in Hong Kong.

(By Trevor Holman)

Hong Kong Web3
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