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Paul Chan Mo-po, Hong Kong’s Financial Secretary, has highlighted the transformative potential of web3 and blockchain technologies, predicting them as pivotal for the city’s upcoming technological evolution.

The past decade saw digital innovations such as music streaming, online videos, social media platforms, and mobile gaming surge in popularity. Chan anticipates the next wave of digital transformation will be driven by web3 and blockchain innovations.

At the 2023 Digital Entertainment Leadership Forum, Chan spoke about significant investments by global giants in the entertainment sector, spotlighting the growth of NFTs, Play-to-Earn (P2E) gaming, and immersive digital experiences. He emphasized that the appeal of blockchain and web3 isn’t restricted solely to entertainment and digital currencies but has broader implications due to its inherent features of security, transparency, cost-efficiency, and unchangeability.

He emphasized that blockchain’s potential transcends the entertainment domain, with applications that span financial services, retail, global trade, supply chain management, and everyday transactions.

Hong Kong Pushes for web3 Expansion

In line with its ambition to pioneer in web3, the Hong Kong government has earmarked $50 million to Cyberport, aiming to stimulate the growth of a dynamic web3 community.

Cyberport now houses over 180 firms specializing in web3, counting among them high-value startups and regulated digital asset trading platforms.

To further its commitment to web3, Hong Kong recently established a dedicated web3 task force to guide and nurture the sector’s consistent growth within the territory.

Chan’s statements reflect Hong Kong’s strategy to harness technological advancements for its economic progression while upholding its commitment to sound governance and oversight.

Poised as both a global financial epicenter and a tech-savvy city, Hong Kong is eager to embrace the opportunities offered by this tech evolution, aiming to spur economic progress for the betterment of its inhabitants.

Notably, recent reports indicate that the Hong Kong Monetary Authority has been encouraging leading banks, such as Standard Chartered and HSBC, to engage with clients in the cryptocurrency sector.