Hong Kong Invests in Web3: Allocates $6.4M in Annual Budget

Hong Kong has earmarked $6.4 million (HK$50 million) in its 2023–2024 budget for developing its Web3 ecosystem. The budget, published on Wednesday, will focus on organising major international seminars, cross-sectoral business cooperation, and workshops for young people.

Paul Chan, Hong Kong’s financial secretary, also announced the launch of a task force dedicated to virtual asset development. Composed of members from policy bureaux, regulatory bodies, and industry, the task force will focus on driving growth in the virtual asset industry.

Hong Kong’s Securities and Futures Commission published its proposed rules for virtual asset platforms on Monday, in line with its ambition to become a virtual asset hub.

Hong Kong’s chief executive, John Lee, announced the establishment of the Hong Kong Investment Corporation Limited in his policy address last October.

The government has allocated $3.8 billion (HK$30 billion) for a co-investment fund to attract non-local businesses to Hong Kong.

Hong Kong is doubling down on its ambition to become a hub for the virtual asset industry, following the success of Hong Kong Fintech Week in November last year.

With this latest funding announcement, Hong Kong is hoping to attract more businesses to the city, foster cross-sectoral cooperation, and encourage young people to explore opportunities in Web3 technology.