TechFlow News, Hong Kong SAR Government Financial Secretary Paul Chan delivered his 2023-2024 Budget Address, stating: "Cyberport established a Web3 hub earlier this year. I will allocate HK$50 million to accelerate the development of the Web3 ecosystem, including hosting major international seminars to help industries better understand frontier developments, promote cross-sector business collaborations, and organize more youth workshops. Virtual assets are a key component of the Web3 ecosystem. The Policy Statement on Virtual Assets issued in October last year clarified the government’s policy stance and direction for the industry. The market has responded positively, and over recent months, a significant number of promising new enterprises have considered establishing themselves in Hong Kong. Going forward, I will establish and lead a dedicated task force on virtual asset development, comprising relevant policy bureaus, financial regulators, and market participants, to advise the government on the sustainable and responsible growth of the sector." Source link
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