Hong Kong Lawmakers Discuss Web3 Development In Budget Talks

According to BlockBeats, on February 7, 14 members of Hong Kong's Legislative Council C15+ met with Financial Secretary Paul Chan and other officials on February 6 to discuss the new fiscal budget. During the meeting, legislator Ng Kit Chuang proposed 22 recommendations across five key areas, including the development of the Web3 industry. In support of the Web3 sector, Ng suggested continuing the direction set by the 2023/24 fiscal budget with two major initiatives. The first is to allocate HKD 50 million to establish a seed fund, using a 1:1 matching approach to attract renowned international companies and large-scale industry events to Hong Kong. The second initiative involves an additional HKD 50 million to create a dedicated Web3 investment matching fund.