Hong Kong Plans To Promote Responsible Development Of Web 3.0 With Blockchain

Key Points:

  • The Financial Secretary of Hong Kong, Chan Mo-po, believes that blockchain is the basic technology of Web 3.0 and will continue to develop in the future.
  • Hong Kong aims to introduce a regulatory system to promote responsible development of Web 3.0 and virtual assets with blockchain technology.
Hong Kong plans to introduce a suitable regulatory system to promote responsible development of Web 3.0 and virtual assets with blockchain as its basic technology.

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

1 hour ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

2 hours ago

BlockDAG X1 App Receives Huge Response From Community, Hiting Over 200K Users! Latest on Bitcoin & Chainlink Prices

Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…

2 hours ago

Bitcoin Mining Difficulty Tops 100T Hash for the First Time

New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…

3 hours ago

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

4 hours ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.