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Hong Kong's top financial official, Paul Chan Mo-po, recently voiced strong backing for the transformative potential of blockchain technology. In a recent blog entry, he described blockchain as a game-changing force in the digital tech sector.
Chan emphasized that the primary elements of Web3's blockchain - such as its transparency, security, low-cost operations, and unchangeable nature - have the capacity to revolutionize a vast array of sectors. This includes everything from commerce, finance, and trade to everyday tasks and supply chain management. He particularly pointed out the rise of innovations like NFTs, Play-to-Earn gaming, and GameFi as the forefront of a new digital entertainment era.
This endorsement follows Chan's participation in the Digital Entertainment Leaders Forum, a significant blockchain-centric event held at Hong Kong's Cyberport. Cyberport, sprawling over 25 hectares, serves as a cornerstone for the tech, finance, and digital entertainment industries by offering support through grants, financial backing, and office accommodations.
Chan revealed that he had set aside an additional $50 million for Cyberport from the year's financial plan. This allocation aims to spur the evolution of a robust Web3 framework. Impressively, Cyberport houses over 180 companies connected to Web3 technology. This comprises both emerging startups and well-established exchanges, with a fifth of these enterprises originating from international locations.
Even as mainland China continues to adopt a stringent stance against cryptocurrencies, Hong Kong takes a more welcoming approach. Recent legislative changes have bolstered its reputation as an international focal point for digital assets. As part of its commitment to this cutting-edge domain, Hong Kong initiated a Web3 task force. This entity is responsible for suggesting paths for the industry's ethical and sustainable progression.
Adding to this progressive environment, HashKey, a local crypto exchange, made headlines on Aug. 3. The exchange secured the essential permissions to extend its offerings of crypto assets to individual investors, marking a first for a Hong Kong-based exchange that previously catered exclusively to institutions.
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