The Financial Secretary of Hong Kong will allocate 50 million yuan to accelerate the ecological development of Web3

It is reported that on February 22, the Secretary for Finance of the Hong Kong Special Administrative Region Government, Chen Maobo, said that the Cyberport had established a Web3 base at the beginning of this year when he released the financial budget of the 2023-2024 Special Administrative Region Government. We will allocate 50 million yuan to accelerate the development of the Web3 ecosystem, including holding international large-scale seminars to enable the industry and enterprises to better grasp the frontier development, promote cross-border business cooperation, and hold more youth workshops. Virtual assets are an important part of the Web3 ecosystem. The virtual assets policy declaration issued last October clarifies the government’s policy stance and guidelines for related industries.

Interpretation of this information:

The Hong Kong government’s Secretary for Finance, Chen Maobo, announced on February 22 that Cyberport had established a Web3 base earlier this year. As a part of the 2023-2024 Special Administrative Region Government’s financial budget, 50 million yuan will be allocated to accelerate the development of the Web3 ecosystem. This allocation will enable the holding of international large-scale seminars to enable better industry and enterprise understanding of frontier development, promote cross-border business cooperation, and hold more youth workshops.

According to this announcement, virtual assets are an important part of the Web3 ecosystem, and the government has issued a virtual assets policy declaration last October to clarify its policy stance and guidelines for related industries.

This announcement signifies the Hong Kong government’s commitment to advancing the development of the Web3 ecosystem, which encompasses blockchain, decentralized finance, and other related technologies. With the establishment of the Web3 base at the Cyberport, Hong Kong joins other leading technology hubs worldwide that are working towards these goals.

By allocating funding for the development of the Web3 ecosystem, the government aims to enhance the understanding and awareness of these technologies across different industries and enterprises, thereby promoting greater cooperation and collaboration.

The focus on youth workshops is particularly noteworthy, as this indicates the Hong Kong government’s recognition of the importance of building a pipeline of skilled professionals who can contribute to the growth of the Web3 ecosystem in the future.

In summary, the three keywords from this message are:

1. Web3 ecosystem – Refers to the emerging suite of technologies that includes blockchain, decentralized finance, and other related developments.

2. Virtual assets – Refers to digital assets that are issued and traded on blockchain networks, such as cryptocurrencies.

3. Youth workshops – Refers to the government’s initiative to promote education and awareness of Web3 technologies among young people, in order to build a pipeline of skilled professionals for the industry’s future growth.