Hong Kong Budgets $50M For Crypto Projects Development
Hong Kong, a special administrative region of China has announced a $50M allocation for Web3 developments and events.
Hong Kong government has announced an allocation of $50M for the development of crypto and Web3 projects. This allocation will cover expenses for cutting-edge Web3 developmenet as well as other international Web3-related events. The Asian government believes in the potentials of this nascent technology and hopes to be a leading hub in Asia and beyond.
Companies Interest In Hong Kong Web3 Hub
Since Hong Kong declared interest in Web3, over 80 virtual asset-related Mainland and foreign companies have shown interest in establishing their presence in the Asian country. In addition to this, about twenty-three companies specializing in blockchain infrastructure, blockchain network security, and crypto wallet developers have declared interest. These companies have their base in countries like European Union, China, Canada, Singapore, the United Kingdom, and the United States. Most of these companies specialize in blockchain infrastructure, blockchain network security and crypto wallet development. Top cryptocurrency echanges like OKX and Huobi Global have declared their interest too.
However, Hong Kong plans to accommodate about 800 companies from different sectors on its platform. In line with this projection, Hong Kong plans to release rules guiding Web3 operation in the country by June 1. These guidelines will help interested organizations learn more about the regulatory requirements, targeted support measures, visa requirements for talent admission, and general implementation details.
In a statement by Christopher Hui, the Secretary for Financial Services and the Treasury of Hong Kong, he said:
“Through the establishment of a comprehensive and clear regulatory system, we are expecting more quality VA enterprises to set up businesses in Hong Kong or to seek development opportunities in Hong Kong,”
In the near future, the government of Hong Kong plans to provide a more decentralized platform where users and creators can be more innovative and make significant impact on the social community.