At a Digital Economy Summit, Chinese Officials Express Support for Hong Kong’s Ambitions in the Technology and Web3 Sector

Hong Kong has set its sights on becoming a Web3 hub, as officials endorse the city’s ambitions for innovation and technology. The aim is part of the metropolis’s ‘smart city’ initiative, which seeks to improve the quality of life and create new business opportunities for residents.

At an event attended by city officials, Chinese officials reaffirmed Hong Kong’s ambitions to become a leading hub for Web3 innovation, stating that the city’s high-quality global talent and open business environment make it an ideal location for digital economy development.

Deputy director of China’s internet watchdog commented that Hong Kong should pursue advanced technologies, including semiconductors, artificial intelligence, and blockchain. The Liaison Office also praised Hong Kong for its high-quality global talent and open business environment suitable for digital economy development.

With its unique position as an international financial hub, Hong Kong is seen to be well positioned to take a leadership role in the emerging Web3 industry. As a prominent international business hub, the city promises an attractive environment for startups, with a wealth of business opportunities, talent, and resources.

Hong Kong has been making significant investments in recent years to promote new technologies, and central to these efforts is the establishment of the Institute of Web3.0, which was founded this week. The association has various founding members, including crypto exchanges, investment firms, and related service providers, and will promote research and development in blockchain and related Web3 technologies.

While the finance chief of Hong Kong, Paul Chan Mo-po, puts the figure at HK$10 billion for tech development, HK$50 million has been specifically earmarked for boosting the Web3 sector, indicating the government’s commitment to these initiatives.

A Digital Economy Development Committee has been set up to promote industries such as AI and Web3. The committee will provide a strategic plan that will guide the growth of the city’s digital economy.

City officials at the event affirmed their commitment to growing the Web3 sector, but with more oversight on decentralized finance platforms. The need for oversight comes amid concerns over the unregulated nature of DeFi protocols, as well as the potential for fraud and other malicious activity.

Overall, the establishment of the Institute of Web3.0 in Hong Kong represents a significant step forward in the development of the city’s Web3 sector. Combining the city’s strengths in innovation, finance, and technology with a government that is committed to supporting the development of these industries, Hong Kong is poised to become a leading destination for Web3 innovation and tech development in the region.