Hong Kong's financial secretary predicts breakthrough growth in the digital realm with Web3
In a blog post, Chan highlights blockchain as a technology that can be integrated in virtually any industry for overall advancement
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Hong Kong, one of the Chinese special administrative regions, is one of the governments taking a proactive role in positively regulating their crypto sector- a move greatly applauded by crypto enthusiasts around the world. So far, the Hong Kong administration has established a specific task force for ethically promoting web3 development in the region; the task force is said to contain 11 key government officials and 15 web3 industry participants. Further, the Securities and Futures Commission (SFC) in Hong Kong has implemented a crypto licensing regime to protect all market participants.
As part of the latest web3 developments in Hong Kong, now the financial secretary Paul Chan Mo-po emphasises his support for blockchains. Notably, he calls it the next wave of immense growth for the host of emerging digital technologies.
This statement comes from an August 27 blog post from Chan. He names blockchain the core technology of web3, with its features of “disintermediation, security, transparency, immutability and low cost”. Further, speaking of blockhain’s use cases, he states, “... [blockchains] can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life.”
Chan goes on to highlight the NFT, GameFi, P2E (Play-to-Earn) gaming, and immersive entertainment sectors as the ones to lead digital entertainment in the upcoming times.
The blog post came right in the heels of Chan’s attendance in the Digital Entertainment Leaders Forum, which was a three-day, blockchain-centred event hosted in Cyberport in Hong Kong.
