Hong Kong, a special administrative region of China, has announced an allocation of $50 million for Web3 development and events.
The Hong Kong government has announced that it will allocate $50 million to develop crypto and Web3 projects. This allocation covers the cost of cutting-edge Web3 development and other international Web3-related events. Asian governments believe in the potential of this nascent technology and want it to become a major hub for Asia and beyond.
Companies Interest In Hong Kong Web3 Hub
Since Hong Kong announced its interest in Web3, more than 80 mainland and foreign crypto-related companies have expressed interest in establishing a presence in the Asian country. In addition to this, about 23 companies specializing in blockchain infrastructure, blockchain network security and crypto wallet developers have expressed interest. These companies are based in countries such as the European Union, China, Canada, Singapore, the United Kingdom, and the United States. Most of these companies specialize in developing blockchain infrastructure, blockchain network security and crypto wallets. Major cryptocurrency exchanges such as OKX and Huobi Global have also expressed interest.
However, Hong Kong plans to serve around 800 companies from various sectors on its platform. In line with this forecast, Hong Kong plans to release regulations to guide his Web3 operations in the country by June 1st. These guidelines will help interested organizations learn more about regulatory requirements, targeted support measures, visa requirements for talent admission, and general implementation details.
In a statement from Hong Kong’s Financial Services and Finance Minister Christopher Hui, he said:
“Through the establishment of a comprehensive and clear regulatory system, we hope to attract more quality VA companies to set up operations in Hong Kong or explore development opportunities in Hong Kong,”
In the near future, the Hong Kong government plans to provide a more decentralized platform that allows users and creators to be more innovative and have a greater impact on the social community.
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