Hong Kong’s financial secretary pledged support to crypto by forming a task force to watch over effective development in the crypto and web 3.0 space, striving to establish a country as a ‘Crypto Hub’ for innovations in such emerging space.
Apart from this, Hong Kong is allocating $6.4 million (HK$50 million) to expedite the Web3 ecosystem development by, among other things, organizing major international seminars, to promote cross-sectoral business cooperation, as well as arranging workshops for young people.
While crypto’s speculation is hunted down by regulatory scrutiny in the other provinces, Hong Kong is taking commendable steps to embrace the potential of crypto-centric innovations.
The statement comes from Financial Secretary Paul Chan’s 2023-2024 fiscal year budget speech. He said, “Over the past few months, a large number of innovative enterprises with potential have been considering setting up business in Hong Kong,”
Further, he added, “For the next step, I will establish and lead a task force on virtual-asset development, with members from relevant policy bureaux, financial regulators, and market participants, to provide recommendations on the sustainable and responsible development of the sector.”
On Monday, the government revealed its plan to promote retail investors to trade in cryptocurrencies like Bitcoin, and Ethereum.
