July 21, 2024
Hong Kong's Financial Secretary Paul Chan Embraces Blockchain as the Next Breakthrough in Growth
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Hong Kong’s Financial Secretary Paul Chan Embraces Blockchain as the Next Breakthrough in Growth

Paul Chan Mo-Po, the financial secretary for Hong Kong, has maintained his support for blockchain technology and referred to it as the sector’s “next wave of breakthrough growth.”

The next wave of digital entertainment will be led by developing industries within Web3, such as NFTs, GameFi, Play-to-Earn games, and immersive entertainment, according to a blog post by Chan on August 27.

“The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability, and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life.”

Paul Chan Mo-po ~ Financial secretary of Hong Kong

Chan’s comments followed his attendance at the three-day Digital Entertainment Leaders Forum, a blockchain-related conference held at Hong Kong’s Cyberport.

A 25-hectare mixed-use innovation and multimedia hub called Cyberport offers office space, grants, and funding to a wide range of businesses in the IT, digital entertainment, and financial sectors.

Chan specifically highlighted that he had earlier this year given Cyberport an additional $50 million from this year’s budget in order to hasten the creation of a “vigorous” Web3 economy.

Chan pointed out that over 180 Web3-related tech businesses, including startups and full-fledged exchanges, had already gathered under Cyberport’s roof, and that 20% of the enterprises were foreign-based.

Hong Kong recently unveiled new crypto-friendly legislation in an effort to establish itself as a major center for digital assets, in contrast to China, which has maintained a staunch anti-crypto stance for nearly five years.

Hong Kong established a Web3 task force to offer suggestions on the sustainable and responsible development of the industry as part of its continued commitment to invest in the megatrend of Web3 development.

The first exchange in Hong Kong to move beyond just serving institutional investors, local cryptocurrency exchange HashKey said on Aug. 3 that it has successfully received all required permits to start providing crypto assets to regular investors.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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