Financial Secretary Paul Chan said that in planning Hong Kong's budget he identified Web3 technologies as one of three focus areas to target. camgthompson reports:
in a blog post that although crypto markets have been highly volatile, it’s the “right time” to push Web3 adoption in the Chinese administrative region.
Chan said that in planning Hong Kong's budget he identified Web3 technologies as one of three focus areas to target. The secretary said the cryptocurrency industry reminds him of the early days of the internet in the 2000s, with a large “bubble” that burst and weeded out players. As a result, the market was quieter and real-world use cases could be promoted.
“In order for Web3 to steadily take the road of innovative development, we will adopt a strategy that emphasizes both ‘proper regulation’ and ‘promoting development,’” said Chan. “In terms of proper supervision, in addition to ensuring financial security and preventing systemic risks, we will also do a good job in investor education and protection, and anti-money laundering.”this week, a two-day event with a focus on analyzing the adoption of Web3 technologies at a state and global level.
Hong Kong officials have been laying plans to accelerate the adoption of Web3 and cryptocurrency. In February, ChanEarly Monday morning, crypto exchange
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