coindesk.com
Hong Kong’s Financial Secretary Paul Chan said Sunday in a blog post that although crypto markets have been highly volatile, it’s the “right time” to push Web3 adoption in the state.
Chan said that in budget planning, he’s identified Web3 technologies as one of three focus areas for the state to target.
The secretary said he sees the cryptocurrency industry as parallel to the early days of the internet in the 2000s, with a large “bubble” that burst to help weed out players and as a result, make the market quieter and promote real-world use cases.
“In order for Web3 to steadily take the road of innovative development, we will adopt a strategy that emphasizes both ‘proper regulation’ and ‘promoting development,’” said Chan. “In terms of proper supervision, in addition to ensuring financial security and preventing systemic risks, we will also do a good job in investor education and protection, and anti-money laundering.”
Chan noted that Hong Kong will host the Digital Economy Summit this week, a two-day event with a focus on analyzing the adoption of Web3 technologies at a state and global level.
Hong Kong officials have been laying plans to accelerate the adoption of Web3 and cryptocurrency within the state. In February, Chan set aside $6.4 million of Hong Kong’s annual budget to be put towards investing in Web3 technologies.
Early Monday morning, crypto exchange Bitget created a $100 million fund to focus on Asian countries adopting Web3 technologies, as regulations in the U.S. have forced many companies to look overseas. Meanwhile, Hong Kong’s recent licensing changes for crypto exchanges have been looked as a possible positive sign for growth in Asia.
Read more: Yat Siu Says ‘Pro-Capitalist’ Asian Countries Are More Ready to Embrace Web3