In a press release shared on Monday, March 20, the Hong Kong government announced that it allocated $50M to develop Web3 projects in the Asian country.
The funds raised from the government will be primarily used in developing cutting-edge crypto projects and a Web3 ecosystem. In addition, some of the funds will go to organizing major international Web3-related events.
According to the press release, Hong Kong believes in the potential of the new technology and plans to be a leading hub for Web3 in Asia and beyond as they attach great importance to virtual assets and Web3. More than 80 virtual asset-related Mainland and foreign companies have shown interest in establishing their presence in Hong Kong. Additionally, Hong Kong will implement new rules for web3 companies on June 1.
“The Hong Kong Monetary Authority is working on a regulatory regime for “stablecoins” with an aim to implementing the relevant regulation in 2024.”Secretary for Financial Services and the Treasury, Mr Christopher Hui.
With plans to promote a more decentralized future, the government of Hong Kong envisions a Web3 tomorrow that will enable users and creators to be more innovative and have a more significant social impact on society.