Hong Kong Backs Web3 With $6.4M in Annual Budget

The city's financial secretary will lead a task force dedicated to development of virtual assets.

Hong Kong will earmark $6.4 million (HK$50 million) for developing its Web3 ecosystem, according to its 2023-2024 budget published on Wednesday.
The funds will go towards organizing major international seminars, cross-sectoral business co-operation and workshops for young people.

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The government has set aside $3.8 billion (HK$30 billion) for a co-investment fund focused on attracting non-local businesses to Hong Kong, according to Lee's policy address.
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The city set out its ambitions to be a virtual asset hub again during Hong Kong FinTech Week in November.


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