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In a recent speech at the 2023 Caixin Summer Summit, the Financial Secretary of Hong Kong, Chen Mo-po, spoke about the city’s plans to promote the responsible development of Web 3.0 and virtual assets. Maobo stated that Hong Kong will leverage its strengths and align with the national development strategy to promote regional opening up and cooperation.
In February, Chan allocated HK$50 million to the Cyberport business park to accelerate the development of Web3. This is a clear indication of Hong Kong’s commitment to the future of blockchain technology, which is the basic technology of Web3. Mr. Chen expressed confidence in the Web3 digital economy, despite recent volatility. He believes that competent market players who survive a “burst bubble” can focus on innovation and make significant strides.
Mo-po’s commitment to Web3 is echoed by Beijing, which released a white paper promoting the innovation and development of the Web3 industry. Dubbed the “Web3 Innovation and Development White Paper (2023),” the document states that Web3 technology is an “inevitable trend for future Internet industry development.” Beijing’s commitment to Web3 is a major step towards building a strong ecosystem for this technology in the Asia-Pacific region.
With both Hong Kong and Beijing investing in the future of Web3, it is clear that this technology will only continue to grow in importance in the coming years. The potential applications of Web3 technology are vast, and it has the potential to transform industries ranging from finance to healthcare. By promoting the responsible development of Web3, Hong Kong and Beijing are positioning themselves as leaders in this space, and investors and entrepreneurs alike are taking notice.
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