Amid the surge in blockchain technology’s prominence, Hong Kong is firmly in support. The financial secretary of Hong Kong, Paul Chan Mo-po, has raised his support for blockchain technology, emphasizing it as the forthcoming catalyst for “breakthrough growth” in digital technology.
As highlighted in the Financial Secretary’s blog post on August 27th, the focus was on the burgeoning realms of Web3. This includes dynamic sectors like NFTs, GameFi, Play-to-earn gaming, and capitating immersive entertainment. These domains are poised to spearhead the evolution of digital entertainment in the upcoming era.
Chan underscores the intrinsic potential of Web3’s foundational blockchain technology. This technology’s attributes like disintermediation, security, transparency, immutability, and cost-effectiveness make it versatile across finance, commerce, trade, supply chain management, and everyday life.
Chan’s remarks gained traction within the crypto community following his participation in the three-day Digital Entertainment Leaders Forum, a blockchain-centric event held at Hong Kong’s Cyberport.
It’s worth noting that, earlier this year, Chan disclosed that he channeled an extra $50 million from this year’s budget into Cyberport. Moreover, he pointed out that Cyberport has successfully attracted a substantial pool of over 180 Web3-related tech enterprises, spanning startups to established exchanges.