The Hong Kong government has released a study that highlighted the need for the region to catch up with its East Asian and Gulf counterparts in terms of web3 development. The study, titled “Development of Web 3.0 Technologies in Selected Places,” also suggested using the insights gained to shape Hong Kong’s own strategies and policies.
The study raised concerns about Hong Kong’s competitiveness compared to its Asian and Gulf counterparts in the advancement of web3 technology domains. It stated that these regions are effectively utilizing their unique strengths to develop web3 and explore its potential across a wider range of applications.
The study highlighted the specific areas of focus for different regions. Singapore, for example, is dedicated to investigating the applications of distributed ledger technology (DLT) and blockchain in the financial sector. The UAE prioritizes blockchain initiatives to enhance government efficiency, foster industrial growth, and establish international leadership in Web 3.0.
However, the study suggested that Hong Kong can learn from the experience of these early movers as policy guides when developing web3 technologies and applications. It emphasized the need for a robust framework to support web3 growth and startup establishment, including clear legal guidelines to address concerns related to DAOs, intellectual property rights, and NFTs.
The study also advised Hong Kong’s Legislative Council to catch up with metaverse development in other regions and explore its applications in public services, tourism, and various industries.
According to the study, Hong Kong is in the early stages of establishing policies to facilitate the advancement of Web 3.0, similar to many other regions around the world. The study emphasized the importance of seizing the “golden opportunity” presented by Web 3.0, as highlighted in the 2023-2024 Budget.
In February 2023, Hong Kong allocated HK$50 million towards catalyzing the growth of the Web 3.0 ecosystem. This investment will be utilized for various initiatives, including hosting international seminars to foster cross-sector business collaboration and organizing workshops targeted at young individuals.
Meanwhile, Paul Chan Mo-po, the Financial Secretary of Hong Kong, in a statement on June 18, 2023, reiterated the government’s dedication to promoting innovation and technology, especially ones related to digital assets. He revealed that over the past year, Hong Kong’s Cyberport had attracted the establishment of more than 150 Web3 companies, reflecting the city’s thriving ecosystem for these enterprises.
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