Hong Kong’s Financial Secretary Declares Now Is the 'Right Time' for Web3 Adoption
Finance chief Paul Chan said in a blog post that despite recent volatility in crypto, now is the time to push forward Web3 technologies.
Hong Kong Financial Secretary Paul Chan said Sunday 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.”
Chan noted that Hong Kong will host the Digital Economy Summit 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, Chan set aside $6.4 million of Hong Kong’s annual budget to be put towards investing in Web3 technologies.
Early Monday morning, crypto exchange Bitget created a $100 million fund to focus on Asian countries adopting Web3 technologies because, it said, regulations in the U.S. have forced many companies to look overseas. Meanwhile, Hong Kong’s recent licensing changes for crypto exchanges are considered a possible positive sign for growth in Asia.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.