In Brief:
- Hong Kong’s finance chief, Paul Chan Mo-po has announced his plans to boost the Web3 industry in the city through proper regulation and development.
- Web3 is a term that refers to the next generation of the internet, where users have more control over their data, identity, and assets.
- Web3 matters because it offers a more open, transparent, and fair internet that respects users’ privacy and sovereignty.
- Hong Kong plans to introduce a licensing system for virtual asset service providers, host a flagship tech event, support education and awareness programs, and allocate funds to Cyberport to foster an innovative environment for Web3.
What is Web3?
Web3 is a term that refers to the next generation of the internet, where users have more control over their data, identity, and assets. Web3 is powered by decentralized technologies such as blockchain, smart contracts, and peer-to-peer networks. Web3 enables new possibilities for innovation, collaboration, and value creation across various sectors and domains.
Why does Web3 matter?
Web3 matters because it offers a more open, transparent, and fair internet that respects users’ privacy and sovereignty. Web3 also enables new business models and social impact initiatives that can benefit society and the environment. Web3 can foster a more inclusive and diverse digital economy that empowers individuals and communities.
How does Hong Kong plan to push Web3 adoption?
Hong Kong’s financial secretary, Paul Chan Mo-po said in a blog post on April 9 that he believes this is the right time to push Web3 adoption, despite the recent volatility and uncertainty in the virtual asset market. He said that Hong Kong plans to adopt a strategy that embraces proper regulation and promotes the development of the Web3 industry. He outlined the following steps that the city will take to foster an innovative environment for Web3:
– Introduce a licensing system for virtual asset service providers in June 2023.
– Host the flagship tech event “2023 Digital Economy Summit” from April 13-14, featuring speakers from tech giants like Alibaba, Baidu, Tencent, and Huawei, as well as local authorities and experts.
– Support education and awareness programs around Web3, such as seminars, workshops, and courses.
– Allocate 50 million Hong Kong dollars (approximately $6.3 million) to Cyberport, a government-run hub for startups and tech firms, to accelerate Web3 development.
Chan Mo-po said that he expects these measures to help Hong Kong attract more talent, investment, and innovation in the Web3 space. He also said that he hopes Hong Kong can leverage its strengths as a global financial center and a gateway to China to become a leader in the Web3 era.
Photo by Andres Garcia on Unsplash
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
