'Breakthrough growth' in the digital technology industry driven by Web3, says Hong Kong's Financial Secretary

Hong Kong's Financial Secretary, Paul Chan Mo-po, has expressed his support for blockchain technology, stating that it is the next wave of "breakthrough growth" in the digital technology industry. In a recent blog post, Chan highlighted emerging sectors within Web3, such as NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, which are expected to lead the next generation of digital entertainment.

"The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability, and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life."

Chan's endorsement comes after his attendance at the Digital Entertainment Leaders Forum, a three-day blockchain-focused event held at Cyberport in Hong Kong. Cyberport is a tech and multimedia hub that supports companies in the tech, digital entertainment, and finance sectors through grants, funding, and office space.

In his blog post, Chan mentioned that he had allocated an additional $50 million from this year's budget to Cyberport to accelerate the development of a thriving Web3 ecosystem. Cyberport already houses over 180 Web3-related tech companies, including startups and exchanges, with 20% of the companies originating from overseas.

While China has maintained a strict anti-crypto stance, Hong Kong has introduced crypto-friendly legislation to position itself as a global hub for digital assets.