‘Right time’ for Hong Kong’s Web3 push despite market flux

Now is the “right time” for Hong Kong to push forward with Web3 despite the crypto market fluctuations, according to the Financial Secretary of Hong Kong, Paul Chan.

In an April 9

Cryptocurrency exchange Gate.io has already announced plans to launch a presence in Hong Kong following the local government’s planned 50 million Hong Kong dollar ($6.4 million) cash injection into Web3 in the city’s 2023-24 budget.

In a March 20 speech in Hong Kong, the Secretary for Financial Services and the Treasury, Christian Hui, stated that Hong Kong has been attracting “interest” from various crypto firms worldwide since October 2022.

“The road of innovation and technological change has never been smooth sailing,” Chan said in his latest post.

“Even if the development direction is locked, the actual path has to be worked out step by step; only by persisting in trying can we find new solutions and new ways out,” he added.

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