Chan predicted that new forms of Web3-based entertainment would dominate. The Hong Kong Special Administrative Region established the Web3 Working Group earlier. Hong Kong’s Economic Minister Paul Chan Mo-po has expressed his belief in the continued use of blockchain technology, which he believes will lead to significant growth in the digital technology industry. In a blog post published on August 27, Chan predicted that new forms of Web3-based entertainment will dominate the next generation of digital media. The Finance Minister said:
“Web3’s core blockchain technology, with fast transmission, security, transparency, immutability and low cost, can be applied to many fields such as finance, business, commerce, supply chain management and even daily life.”
Chan made the comments after attending the Digital Entertainment Leaders Forum, a blockchain-focused event held at Hong Kong’s Cyberport. Cyberport is a 25-hectare multipurpose technology and media center that supports a wide range of IT, media and financial companies through grants, funding and office space.
Global Crypto Hub
Building an “effective” Web3 ecosystem is a priority for the government, and earlier this year Chan discussed allocating an additional $50 million in this year’s budget to Cyberport to speed up the process.
According to Chan, Cyberport has so far attracted about 180 Web3-related IT companies, from startups to established exchanges. Additionally, Hong Kong has announced new crypto laws to establish itself as a global crypto hub. The Hong Kong Special Administration established the Web3 Task Force to provide informed recommendations on how best to invest in the continued growth of the industry.
