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Hong Kong Financial Secretary: Allocate 50 million yuan to accelerate the development of Web3 ecosystem

      The Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated in his 2023-2024 budget speech that the Cyberport has established a Web3 base at the beginning of this year. I will allocate 50 million yuan to accelerate the development of the Web3 ecosystem, including hosting international large-scale seminars to enable the industry and enterprises to better grasp cutting-edge developments, promoting cross sector business cooperation, and organizing more youth workshops. Virtual assets are an important part of the Web3 ecosystem. The virtual asset policy declaration released in October last year clarified the government's policy stance and guidelines for related industries. The market has responded enthusiastically to this, and in the past few months, a large number of promising new enterprises have considered settling in Hong Kong. Next, I will establish and lead a task force for the development of virtual assets, consisting of relevant decision-making bureaus, financial regulatory agencies, and market professionals, to submit recommendations to the government on the sustainable and responsible development of the industry.