Hk Financial Secretary: $50 million will be allocated to accelerate Web3 ecological development

BlockBeats news: On February 22, the Financial Secretary of the Hong Kong SAR Government, Paul Chan Mo-po, announced when he delivered the 2023-2024 budget of the SAR government that Cyberport had set up a Web3 base at the beginning of this year. $50 million will be allocated to accelerate the development of the Web3 ecosystem, including organizing major international seminars to better equip the industry and enterprises with cutting-edge developments, promoting cross-sector business collaboration, and organising more youth workshops. Virtual assets are an important part of the Web3 ecosystem. The Policy Declaration on virtual assets published last October clarifies the government's policy stance and guidelines for related industries. In the past few months, a number of promising new companies have been considering locating in Hong Kong. The next step will be to set up and lead a task force on virtual asset development, comprising relevant bureaux, financial regulators and market players, to make recommendations to the Government on sustainable and responsible development of the industry.