Hong Kong’s Finance Chief Pushes for Web3 Adoption

Hong Kong’s financial chief said he has plans to boost Web3 industry adoption through proper regulation and development

article-image

adaptice photography/Shutterstock modified by Blockworks

share

Hong Kong’s top financial boss said that now is the time for the economy to push Web3 adoption, despite fluctuations and seeds of doubt in the virtual asset market.

Financial Secretary Paul Chan Mo-po said in a blog on April 9 that global competition in the development of Web3 is strengthening, and Hong Kong plans to adopt a strategy embracing proper regulation and promoting development.

He then outlined steps the economy will take to foster an innovative environment. First, virtual asset service providers will be introduced to a licensing system in June. 

The government will run its flagship tech event “2023 Digital Economy Summit” from April 13-14. Leaders from tech giants like Alibaba, Baidu, Tencent and Huawei are scheduled to speak at the event. Hong Kong Special Administrative Region Chief Executive John Lee and Hong Kong Monetary Authority Director Clara Chan are among the other speakers.

The financial secretary also pointed out that education and awareness around Web3 is growing in Hong Kong, with four large-scale related seminars being held in the last week.

“Of course, over the past period of time, the virtual asset market has fluctuated greatly, and some virtual asset exchanges have closed down recently, which makes some people in the society doubt the prospects of Web3. However, we believe this is the right time to push Web3 forward,” he said.

“Recalling the early 2000s, the world has also experienced the rise of the Internet and the bursting of the bubble. After this cycle, market participants have become calmer. After the tide of speculation ebbs, the remaining powerful players will focus more on competing in technological innovation, practical application and value creation, and contribute to improving the quality of the real economy. It is the course that the Internet technology industry has gone through.”

In February, Chan Mo-po allotted 50 million Hong Kong dollars (approximately $6.3 million) to Cyberport, a Silicon Valley-like hub for startups and tech firms run by Hong Kong’s government, to accelerate Web3 development.

Recent reports have emerged about Beijing officials keeping tabs on Hong Kong’s ambitions to become a digital asset hub. Bloomberg reported in February that representatives from China’s Liaison Office have regularly attended crypto meet-ups and exchanged contact information to stay in touch. These recent updates suggest that the Asian financial hub may be open to welcoming Web3 and blockchain technology, as long as entities are regulated.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

The L2 ecosystem has evolved into a complex landscape, with over $17B in market value and $50B in secured assets. While traditionally seen as high-beta plays on Ethereum, no L2 token achieved a beta higher than 1.0 relative to ETH in 2024. Furthermore, token dilution significantly impacted the sector, with a 1% increase in circulating supply corresponding to a 1.4% decrease in returns.

Key figures including Vitalik Buterin struggle to communicate the network’s core mission in an era of memecoin-minimized attention spans

article-image

World Liberty Financial has been busy buying crypto ahead of its launch

article-image

Trump’s token is setting the “tone” for crypto, Empire co-host Santiago Santos said

article-image

A pair of fundraises by Tapestry and Oh both came with expansive ideas about the future of AI and the role of humans in it

article-image

The Calamos Bitcoin Structured Alt Protection ETF — January is set to offer “systematic risk management” across its roughly one-year outcome period

article-image

Crypto industry elites (and a journalist or two) donned black tie at the Crypto Ball Friday night