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Hong Kong Allocates $6.4M to Web3, Seeks to Unlock Potential of ‘Third Generation Internet’ – Darlinez News.

<p> &lbrack;ad&lowbar;1&rsqb;<br &sol;>&NewLine;<&sol;p>&NewLine;<div>&NewLine;<div class&equals;"entry-content column content primary is-two-thirds">&NewLine;<div class&equals;"" style&equals;"padding-bottom&colon; 10px&semi;">&NewLine;<div class&equals;"">&NewLine;<p>&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<span class&equals;"tag is-dark is-uppercase">Technology<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;p>&NewLine;<div class&equals;"byline-container">&NewLine;<div class&equals;"post-date is-italic has-text-grey is-size-7 has-text-weight-medium ">&NewLine;<p>February 22&comma; 2023 10&colon;08 pm<&sol;p>&NewLine;<&sol;p><&sol;div>&NewLine;<&sol;p><&sol;div>&NewLine;<&sol;p><&sol;div>&NewLine;<&sol;p><&sol;div>&NewLine;<&sol;p><&sol;div>&NewLine;<p>Hong Kong’s financial chief Paul Chan said he would allocate &dollar;6&period;4 million to speed up the development of the Web3 ecosystem and to unlock the potential of what he referred to as the &OpenCurlyDoubleQuote;third generation internet” in the 2023 Hong Kong Budget speech&period; Additionally&comma; he said that the city would establish a virtual asset &lpar;VA&rpar; task force to offer guidance on responsible growth of the VA sector&period;<&sol;p>&NewLine;<h3>Hong Kong Financial Head to Establish and Lead Virtual Asset Task Force<&sol;h3>&NewLine;<p>Hong Kong said it would invest HK&dollar;50 million &lpar;&dollar;6&period;4m&rpar; to facilitate the development of the Web3 sector&comma; the city’s Financial Secretary Paul Chan said during the annual budget speech&period; Chan said the &OpenCurlyDoubleQuote;third generation internet” is in &OpenCurlyDoubleQuote;its start-up period” at the moment&comma; adding that Hong Kong must keep pace with the times and grasp the opportunity to lead innovation&period;<&sol;p>&NewLine;<p>Chan said the new funding would be used to arrange major international seminars and &OpenCurlyDoubleQuote;workshops for young people” to accelerate Web3 growth in the special administrative region&period; In addition&comma; the money will help &OpenCurlyDoubleQuote;enable the industry and enterprises to grasp frontier development better and to promote cross-sectoral business co-operation&period;”<&sol;p>&NewLine;<p>The financing will go through the government-operated business park Cyberport&comma; which established the Web3 Hub&commat;Cyberport accelerator earlier this year&period; The accelerator aims to back 1&comma;000 startups developing Web3 technologies&comma; the South China Morning Post reported last year&period;<&sol;p>&NewLine;<p>In addition to funding&comma; Chan said he would set up and lead a task force on VA development with the members of relevant policy bureaux&comma; financial regulators&comma; and market participants&period; VA remains &OpenCurlyDoubleQuote;an integral part of a vibrant Web3 ecosystem&comma;” Chan said&comma; adding that numerous innovative enterprises have expressed interest in starting a business in Hong Kong&period;<&sol;p>&NewLine;<h3>Hong Kong Looks to Web3 Technologies to Become a Crypto Hub<&sol;h3>&NewLine;<p>Web3 is a vaguely defined term often referred to as &OpenCurlyDoubleQuote;the future of the internet” or&comma; as Chan put it&comma; &OpenCurlyDoubleQuote;the third generation internet&comma;” referring to the development cycle of technology&period; It incorporates concepts like decentralization and blockchain technologies&comma; with its most commonly used applications being cryptocurrencies and non-fungible tokens &lpar;NFTs&rpar;&period;<&sol;p>&NewLine;<p>In a bid to become a leading crypto and fintech hub&comma; the Hong Kong government has started to embrace these technologies&period; The city recently raised &dollar;102 million from its debut sale of tokenized green bonds&period; Meanwhile&comma; Singapore’s largest bank DBS said it plans to apply for a license to offer crypto trading services in Hong Kong&period;<&sol;p>&NewLine;<p>To achieve its goal of becoming a crypto hub&comma; Hong Kong has also been ramping up efforts to develop a robust regulatory framework&period; Earlier this week&comma; the region’s securities regulator published a consultation document asking the public for feedback on the new regulatory regime&period;<&sol;p>&NewLine;<p><i>This article originally appeared on The Tokenist<&sol;i><&sol;p>&NewLine;<p>&Tab;&Tab;&Tab;&Tab;<&excl;-- &num;post-footer--><&sol;p><&sol;div>&NewLine;

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