Hong Kong Backs Web3 With $6.4M in Annual Budget

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 organising 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 last 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 last November.

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