TechFlow news: Hong Kong Cyberport CEO Richard Yuen said in a media interview that the Hong Kong government's promotion of Web3 and virtual assets clearly reflects its recognition of the disruptive technological transformation brought by the third-generation internet, demonstrating strong foresight.
He stated that Cyberport has become Hong Kong's hub for Web3, with the majority of its companies coming from overseas. More than 200 companies at Cyberport are now engaged in Web3-related businesses. There are already two virtual banks within Cyberport, which have helped Web3 companies open bank accounts.
In response to former HKMA chief Joseph Yam calling "virtual assets casinos," Yuen said Yam mistakenly equated the government's support for Web3 with encouraging speculation in cryptocurrencies, whereas many Web3 applications are not about cryptocurrency at all, let alone speculative trading.
