The Future of Hong Kong’s Digital Tech Sector: Blockchain and Web3 Technology
Hong Kong’s Financial Secretary, Paul Chan Mo-po, believes that blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More and Web3 technology will drive the next wave of growth in the digital tech sector in Hong Kong. He highlights the potential of emerging sectors within Web3, such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, to lead the next generation of digital entertainment. Chan emphasizes the various applications of blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More technology in finance, commerce, trade, supply chain management, and daily life.
Chan’s support for blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More technology and Web3 is evidenced by the additional $50 million allocated to Cyberport, a tech and multimedia hub, to accelerate the development of a vibrant Web3 ecosystem. Cyberport already houses over 180 Web3-related tech companies, including startups and exchanges. Notably, 20% of these companies are from overseas.
Hong Kong’s commitment to Web3 development is further demonstrated by the creation of a Web3 task force, composed of government officials and industry participants, to drive sustainable and responsible industry development. The government has also released crypto-friendly legislation to position Hong Kong as a global hub for digital assets.
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