Hong Kong Government backed initiative, Cyberport has attracted over 150 web3 and crypto innovators to the digital industry.
The financial secretary of Hong Kong Paul Chan Mo-Po confirmed that Cyberport, the digital initiative of the country has lured over 150 web3 innovators to the crypto hub. Cyberport is entirely managed by the subsidiary of the Hong Kong SAR government to promote innovation.
According to Chang Mo-Po, the mainstream adoption started after the Hong Kong government invested $7 million (50 million Yuan) to help Cyberport accelerate the development of blockchain-backed web3. He further shared information regarding the investments of government in the web3 sector and that 500 million Hong Kong dollars have been allocated to the ‘Digital Transformation Support Pilot Programme’ funding. The government initiative aims to help SMEs and medium-sized businesses to implement web3 services and solutions.
The statement of the finance secretary revealed that Cyberport is entirely managed by a subsidiary of the Hong Kong government’s Special Administrative Region (SAR). It hosts around 1900 firms.
Hong Kong recently revealed its very own crypto laws that allow retail investors to directly invest in crypto assets and promote themselves as a crypto supporter. Ever since the country has continued its support to the industry. As the crypto industry was recovering from the FTX crisis, the government and regulators of Hong Kong were looking forward to building a fintech and crypto ecosystem in 2023.
On Jan 13th, 2023, Samsung, the Korean tech giant declared the launch of a Bitcoin Futures Active ETF on the Stock Exchange of Hong Kong. In the middle of February, the sources revealed that some Chinese officials were providing tactical approval to the pro-crypto efforts of Hong Kong. According to local business owners, the Chinese government might even use Hong Kong as a crypto experimental zone as long as it doesn’t put the country’s economy in danger.
By the month of March, more than 80 crypto firms have shown interest in setting up their office in the country. With substantial investments and favorable legislation, Hong Kong aims to promote a booming ecosystem for blockchain and cryptocurrency innovation.