Despite market volatility, Hong Kong’s Financial Secretary Paul Chan champions Web3 adoption in a recent blog post. Chan identifies Web3 as one of three focus areas in Hong Kong’s budget planning, emphasizing the need for a strategy combining “proper regulation” and “promoting development.”
Hong Kong’s Push for Web3 and Crypto Adoption
Hong Kong continues to promote Web3 and cryptocurrency adoption despite market volatility and regulatory crackdowns in other regions. In a blog post, Financial Secretary Paul Chan confirmed that Web3, or “the digital economy and the third-generation Internet,” is one of three major focus areas for Hong Kong’s high-quality development.
To ensure the crypto industry’s sustainable and responsible growth, Hong Kong plans to adopt a strategy centered around “proper supervision” and “promoting development.” This approach aims to prevent systemic risks, strengthen anti-money laundering efforts, and provide investor education.
Upcoming Events Highlight Web3 Commitment
Hong Kong has recently hosted numerous Web3 and fintech conferences, with an estimated 10,000 entities participating in individual events. Among these was a Web3-themed conference attended by founders and senior managers of leading Web3 companies, where discussions focused on Web3 infrastructure, trading platforms, digital assets, wallets, payment tools, network security, and innovation.
The Hong Kong government will also host the 2023 Digital Economy Summit, a two-day event centered on Web3 adoption at both state and global levels.
Hong Kong Aims to Become a Crypto Hub
Hong Kong’s efforts to become a global hub for crypto have been bolstered by the ongoing crackdown on crypto in the U.S. The city now competes with Dubai and Singapore as the most attractive location for crypto companies.
DefiLabs, a leading Decentralized Finance platform, is co-hosting a conference with Oort in Hong Kong on April 11, 2023. The conference, titled “Decentralizing the Future with Web3 Data,” will feature a diverse lineup of speakers and cover a range of topics related to Web3 and decentralized data.
Crypto Exchange Bitget Establishes $100 Million Web3 Fund
On Monday, crypto exchange Bitget established a $100 million fund focusing on Asian countries adopting Web3 technologies. This decision comes as U.S. regulations have compelled many companies to seek opportunities overseas. Meanwhile, Hong Kong’s recent licensing changes for crypto exchanges may signal potential growth in Asia.