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Hong Kong is taking significant steps towards embracing blockchain and Web3 technologies as it enters a new digital era. Over the past year, the government-led digital enclave, Cyberport, has become home to more than 150 Web3 companies, marking a surge in tech migration.
This growth follows the Hong Kong government's strategic investment of $7 million into Cyberport, aimed at accelerating the adoption of Web3 technology. Financial Secretary Paul Chan Mo-po emphasized that this investment reflects a deliberate choice to foster innovation and push the boundaries of digital transformation.
In addition to this initiative, the government has allocated approximately $64 million to Cyberport for the "Digital Transformation Support Pilot Programme." This program aims to assist small and medium-sized businesses in navigating the transition to digital operations, thereby strengthening Hong Kong's technological ecosystem.
Currently, Cyberport, which operates as a wholly-owned subsidiary of the Hong Kong Special Administrative Region government, hosts an impressive portfolio of 1,900 enterprises, showcasing its diversity in the digital realm.
Demonstrating its progressive approach, the Hong Kong government recently introduced comprehensive crypto legislation, enabling retail investors to directly participate in the crypto market and solidifying Hong Kong's reputation as a crypto-friendly jurisdiction.
The city-state's crypto-centric drive gained momentum following the FTX crisis in January. The government expressed its intention to cultivate a thriving crypto and fintech landscape in 2023.
To further enhance its position, Korean tech giant Samsung launched a Bitcoin Futures Active exchange-traded fund on the Stock Exchange of Hong Kong in mid-January.
By mid-February, Chinese officials subtly endorsed Hong Kong's crypto initiatives, suggesting the city-state could become a testing ground for blockchain technologies. By March, more than 80 crypto firms had expressed their intent to establish offices in Hong Kong, signaling a promising trajectory for the city's digital future.
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