Hong Kong Financial Secretary: Will allocate 50 million HKD to accelerate the development of the Web3 ecosystem and establish a dedicated task force for virtual asset development

ChainCatcher news, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated in his speech on the 2023-2024 Budget that: "Cyberport established a Web3 base earlier this year. I will allocate 50 million Hong Kong dollars to accelerate the development of the Web3 ecosystem, including hosting large international seminars to help the industry and enterprises better grasp cutting-edge developments, promote cross-sector business collaboration, and hold more youth workshops. Virtual assets are an important part of the Web3 ecosystem. The virtual asset policy declaration published last October clarifies the government's policy stance and guidelines on the relevant industry. The market has responded enthusiastically, and in recent months, a large number of potential new enterprises have considered setting up in Hong Kong. The next step is to establish and lead a dedicated task force on virtual asset development, with members including relevant decision-making bureaus, financial regulatory agencies, and market participants, to submit recommendations to the government on the sustainable and responsible development of the industry." (source link)