Hong Kong Financial Secretary: The time is right for us to invest in Web3

This was made known through an official statement made through the Hong Kong Financial Secretary’s website.

As the days go by, we can see how the upward trend continues with respect to several companies at global level and artists for their incorporation to the Web3 and NFTs field. But on the other hand, we have seen that not only private companies have decided to get involved in these new technologies, but also different governments and countries.

An example of this has been South Korea, having carried out a series of activities in this regard. First of all, when in September 2022 they made the decision to to recreate a city in the metaverseThe first is Seongnam, whereby they will provide services to citizens through the identification of citizens by means of NFTs.

Then, in March 2023, the South Korean Ministry of Science and ICT announced investments with the aim of initiatives in the metaverse, as well asand the acquisition of companies in the ecosystem.

As for the Hong Kong government’s stance, it has been noted that to date they have already taken several steps to boost the Web3 ecosystem. On this occasion, the Financial Secretary has expressly stated that the time is right to invest and continue betting on the Web3 field.

This communication was made public through the publication of a blog in the blog on April 9, in which Paul Chan Mo-po, Hong Kong’s Financial Secretary, said that the time is right for the city of Hong Kong to invest in Web3 technologies.

In this sense, he stated that in order to achieve a sustained growth of the Web3 field, Hong Kong will adopt a scheme that will prioritize adequate regulation and contribute to the promotion of development.

He also remarked that the region intends to prioritize financial security, to prevent risks and give importance to investor education, in addition to issues related to regulatory compliance and anti-money laundering regulations.

One of the issues highlighted by the secretary was his mention that the integration of Web3 solutions can improve current business models, as well as result in benefits for users in the real economy.

It is important to mention one of Hong Kong’s track records in this ecosystem, when on February 20, the Securities and Futures Commission (SFC) published a proposal for the regulation of exchanges.

Among the topics covered by the official communiqué of April 9, are the plans established by the city of Hong Kong as of June 2023 to start granting licenses to exchanges interested in operating legally in the territory, while complying with the requirements established by the city.

On the other hand, Chan stated that the strongest companies that will survive are those that make an effort to compete on technological issues, in addition to real-world application.

Written by Luciano Garriga (Tw: luchogarriga) for NFT Express.

IMPORTANT: NFTEXPRESS only publishes articles for informational purposes. Nothing herein contains the character of recommendation or promotion of any type of investment for the reader. Before making any kind of investment, it is recommended to consult with a specialist in the matter.