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Hong Kong Financial Secretary Says Now is the "Right Time" for Web3 Push, Despite Crypto Market Fluctuations

The financial secretary of Hong Kong, Paul Chan, has stated that now is the "right time" for the city to push forward with Web3, despite the fluctuations in the crypto market. According to Chan, one of the three major directions proposed in the city's budget is the further development and application of Web3. Hong Kong plans to adopt a strategy that emphasizes both proper regulation and promoting development, with a focus on financial security, preventing systemic risks, and investor education and protection.

Hong Kong's approach to crypto regulation greatly contrasts with that of the United States, which has adopted a more hardline response. Cryptocurrency exchange Gate. io has already announced plans to launch a presence in Hong Kong following the local government's planned cash injection of 50 million Hong Kong dollars into Web3 in the city's 2023-24 budget. According to Chan, the industry is going through the same process as the early days of the Internet, and after the "bursting of the bubble," market participants become calmer and focus on competing in technological innovation, practical application, and value creation.

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