The Hong Kong Financial Secretary will allocate 50 million yuan to develop the Web3 ecosystem and establish a virtual asset development task force

In his speech on the 2023-2024 SAR Government Budget, Chan Mao-po, Financial Secretary of the Hong Kong Special Administrative Region Government, said, "Cyberport has established a Web3 base earlier this year. I will allocate 50 million yuan to accelerate the development of the Web3 ecosystem, including hosting Large-scale international seminars allow the industry and enterprises to better grasp cutting-edge developments, promote cross-sector business cooperation, and hold more youth workshops. Virtual assets are an important part of the Web3 ecosystem. The virtual asset policy declaration issued in October last year, Clarify the government's policy stance and guidelines for related industries. The market has responded enthusiastically to this. In the past few months, a large number of potential new companies have considered settling in Hong Kong. Next, I will set up and lead a virtual asset development task force, with members including Relevant policy bureaux, financial regulators, and market participants submit recommendations to the government on the sustainable and responsible development of the industry."