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The Financial Secretary of Hong Kong will allocate 50 million yuan to accelerate the ecological development of Web3

Chen Maobo, the Financial Secretary of the Hong Kong SAR Government, said that the Cyberport had set up a Web3 base at the beginning of this year when announcing the 2023-2024 fiscal budget of the SAR Government. We will allocate 50 million yuan to accelerate the development of the Web3 ecosystem, including holding international large-scale seminars to enable the industry and enterprises to better grasp the frontier development, promote cross-border business cooperation, and hold more youth workshops. Virtual assets are an important part of the Web3 ecosystem. The virtual assets policy declaration issued last October clarifies the government's policy stance and guidelines for related industries. The market has responded positively to this. In the past few months, a large number of potential new enterprises have considered settling in Hong Kong. Next, I will set up and lead a task force on the development of virtual assets, including relevant policy bureaus, financial regulators, and market participants, to submit suggestions to the government on the sustainable and responsible development of the industry.