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.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | 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

tg trading bot report graphic.png

Research

Telegram trading bots have found their primary niche in highly speculative token launches and retail-dominated memecoin markets, with many features specifically tailored to token sniping and copy-trading strategies.

article-image

Ethereum is hoping that increased DA will grow user demand — and its profits through DA fees

article-image

11 years ago, Bitcoin contributors prevented a supply crisis… two centuries from now

article-image

Both samczsun and ZachXBT have issued warnings after the Bybit hack last month

article-image

The investor criticized Michael Saylor’s plan to render his personal bitcoin holdings inaccessible to anyone else forever

article-image

The exchange has structural defenses and protocols to limit manipulations

article-image

Upshift is being spun out of August, which raised $10 million earlier this month