Hong Kong’s financial secretary, Paul Chan, said it is the right time for the city to push for Web3 despite market fluctuations.

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Fast facts

  • He said that Hong Kong has the potential to become a key player in the emerging digital economy and is well-positioned to tap into the opportunities presented by Web3. He made these remarks in a blog post published Sunday on the Financial Secretary’s Office website.
  • Despite the volatility in the cryptocurrency market, Hong Kong should not miss the opportunity to invest in Web3, Chan said.
  • Web3 technologies such as blockchain, smart contracts, and decentralized finance can potentially transform various sectors, including finance, supply chain management, and social governance. 
  • Chan said the next development stage would be on real-world blockchain applications and related technologies that can benefit the economy and existing business models. 
  • China banned cryptocurrency transactions in 2021, but Hong Kong has set up a new licensing regime to take effect in June. The regime may eventually extend to retail crypto trading, which has been limited in the special administrative region.
  • The financial secretary said in January that the city will continue pushing ahead with the development of Web3 technologies to become a regional hub for the industry. 
  • Chan’s blog post precedes a busy week for the Web3 industry in the region. Hong Kong Web3 Festival, an industry gathering, is scheduled to kick off on Wednesday, and the Hong Kong Government will be hosting its two-day Digital Economy Summit from Thursday.

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