In a recent meeting on February 6, 14 members of Hong Kong’s Legislative Council C15+ convened with Financial Secretary Paul Chan to deliberate on the upcoming fiscal budget. Among the various proposals put forth during the session, legislator Ng Kit Chuang advocated for the advancement of the Web3 industry. Ng outlined 22 recommendations spanning five crucial domains, with a particular emphasis on fostering the growth of Web3.
Empowering Web3 Initiatives
Ng Kit Chuang’s proposals included two key initiatives to bolster the Web3 sector within Hong Kong. The first proposition entails allocating HKD 50 million towards establishing a seed fund. This fund aims to leverage a 1:1 matching strategy to entice globally recognized corporations and large-scale industry gatherings to the region. The second initiative involves an additional HKD 50 million investment in a specialized Web3 matching fund.
🚀 Stimulating Web3 Growth Benefits
The focus on Web3 development within Hong Kong’s budget discussions signifies a proactive approach towards embracing decentralized technologies and blockchain innovations. By investing in Web3 initiatives, Hong Kong aims to position itself as a hub for cutting-edge technologies, fostering economic growth and technological advancement in the region.
💡 What’s Next for Web3 in Hong Kong?
As Hong Kong continues its dialogue on Web3 development, the outcome of these budget talks could shape the future landscape of blockchain technology within the region. With a growing emphasis on fostering innovation and attracting international players, the Web3 sector in Hong Kong is poised for significant expansion and investment.
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