The annual budget plan 2023-2024 recently took place in Hong Kong on Wednesday. There were various plans and their shares discussed among the meeting and let’s discuss the points shared on the Web 3.0.
Web 3.0 refers to the next evolution of the internet, where the focus is on creating a more decentralized and intelligent web.This is achieved through the use of new technologies such as blockchain, artificial intelligence, and semantic web.
Web 3.0 aims to create a more open and fair internet, where users have more control over their data and are not dependent on centralized organizations.
It also aims to make it easier for machines to understand and interpret web content, making the web more accessible to a wider range of devices.
Hong Kong’s diligence
In recent years we have seen a lot of development by the HKMA on the crypto regulations and rules which are about to be effected through the regimes soon.
As the budget plan promised abundant opportunities for the city, Financial secretary Paul Chan outlined a need for Hong Kong to seize the golden opportunities of web 3.
“For the next step, I will establish and lead a task force on VA (virtual assets) development, with members from relevant policy bureaux, financial regulators, and market participants, to provide recommendations on the sustainable and responsible development of the sector,” said Paul Chan in a speech.
Hong Kong will earmark $6.4 million (HK$50 million) for developing its Web3 ecosystem, according to its budget plan.
The city set out its ambitions to be a virtual asset hub again . 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.
Hong Kong also allocated 50 million Hong Kong dollars ($6.37 million) to support the Web3 hub at Hong Kong’s creative digital community Cyberport. The hub was started in January, and aims to both support local enterprises and attract international companies to set up shop in the city.
Let’s see how Hong Kong will play in the market with all these planned budgets and the new regimes with the environment to adopt.