Hong Kong Backs Web3 With $6.4M in Annual Budget

The city's financial secretary will lead a task force dedicated to development of virtual assets.

AccessTimeIconFeb 22, 2023 at 8:35 a.m. UTC
Updated Feb 22, 2023 at 3:36 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Hong Kong will earmark $6.4 million (HK$50 million) for developing its Web3 ecosystem, according to its 2023-2024 budget published on Wednesday.

The funds will go towards organizing major international seminars, cross-sectoral business co-operation and workshops for young people.

Hong Kong's financial secretary, Paul Chan, also announced the start of a task force dedicated to development of virtual assets, composed of members from policy bureaux, regulatory bodies and industry.

Hong Kong's Securities and Futures Commission published its proposed rules for virtual asset platforms on Monday.

The city's chief executive, John Lee, announced in his policy address in October that the government would start a new investment company called Hong Kong Investment Corporation Limited.

The government has set aside $3.8 billion (HK$30 billion) for a co-investment fund focused on attracting non-local businesses to Hong Kong, according to Lee's policy address.

The city set out its ambitions to be a virtual asset hub again during Hong Kong FinTech Week in November.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.