HK Financial Chief Bets on Web3 Despite Volatility: Is Hong Kong Crypto Hub’s Future?

• The Hong Kong government is pushing for Web3 and crypto adoption, with Financial Secretary Paul Chan confirming their commitment to an investment of HK$ 50 million (US$ 6.4 million) in the sector.
• The city has hosted multiple events last week related to Web3 and fintech, with 10,000 entities attending individual events.
• An upcoming two-day Digital Economy Summit will be held this week to discuss global Web3 adoption at both state and global levels.

Hong Kong’s Push for Web3 Adoption

The city of Hong Kong is continuing its push for Web3 and crypto adoption, despite volatility in the market and regulatory crackdowns elsewhere, Hong Kong’s Financial Secretary Paul Chan has confirmed. In a blog post published on the Financial Secretary’s official website, Chan said that Web3 – referred to as “the digital economy and the third-generation Internet” – had been identified as one of three major focus areas for promoting high-quality development in Hong Kong.

Government Investment in Web3 Development

To ensure the crypto industry develops in a sustainable and responsible manner, Hong Kong plans to adopt a strategy of “proper supervision” and “promoting development.” These two strategies will be aimed at preventing systemic risks, strengthening anti-money laundering (AML) efforts, and providing investor education. In addition to this strategy, Chan also reiterated a commitment from the government to spend HK$ 50 million (US$ 6.4 million) to accelerate the development of the Web3 ecosystem in Hong Kong through a government-run incubator known as Cyberport.

Recent Events Promoting Development

Chan said that last week alone saw at least four major seminars related to Web3 and fintech in Hong Kong, with an estimated 10,000 entities participating in individual events. Among these was a conference hosted by industry insiders which reflected Hong Kong’s vision and development strategy for Web3; it was attended by founders and senior managers of leading web 3 companies with discussions focused on web 3 infrastructure, trading platforms digital assets wallets payment tools network security innovation etc..

Upcoming 2023 Digital Economy Summit

The article also mentioned that this week will see the 2023 Digital Economy Summit: A two day event focused on web 3 adoption at both state level & global levels taking place within hong kong itself .This summit will bring attention & further support towards web 3 adoption within hong kong itself .


It is clear from these recent developments that Hong Kong is serious about becoming an international hub for cryptocurrency & blockchain technology . With continuous investment from the government , along with various events being held within hong kong revolving around blockchain technology , it seems like we can expect even more positive news coming out from this region soon enough !