BTC
$103,602.85
-
0.50%
ETH
$2,597.16
-
3.08%
USDT
$1.0001
-
0.00%
XRP
$2.5526
-
1.08%
BNB
$651.52
-
1.92%
SOL
$176.17
-
4.11%
USDC
$0.9998
-
0.02%
DOGE
$0.2322
-
3.47%
ADA
$0.7977
-
3.85%
TRX
$0.2749
+
1.50%
SUI
$3.9113
-
3.77%
LINK
$16.92
-
2.82%
AVAX
$24.94
-
3.11%
XLM
$0.3036
-
3.30%
SHIB
$0.0₄1570
-
3.88%
HBAR
$0.2058
-
4.76%
HYPE
$25.17
-
2.39%
LEO
$8.8888
+
2.02%
TON
$3.2403
-
4.58%
BCH
$402.26
-
2.21%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Consensus
  • Sponsored
  • Sign In
  • Sign Up
Advertisement

Consensus 2025

Consensus 2025

Prices Increase This Friday

15:20:25:19

15

DAY

20

HOUR

25

MIN

19

SEC

Register Now
Policy
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Hong Kong Backs Web3 With $6.4M in Annual Budget

The city's financial secretary will lead a task force dedicated to development of virtual assets.

By Lavender Au
Updated Feb 22, 2023, 3:36 p.m. Published Feb 22, 2023, 8:35 a.m.
Hong Kong (anuchit kamsongmueang/Getty Images)
Hong Kong (anuchit kamsongmueang/Getty Images)

Hong Kong will earmark $6.4 million (HK$50 million) for developing its Web3 ecosystem, according to its 2023-2024 budget published on Wednesday.

The funds will go towards organizing major international seminars, cross-sectoral business co-operation and workshops for young people.

Story continues
Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Hong Kong's financial secretary, Paul Chan, also announced the start of a task force dedicated to development of virtual assets, composed of members from policy bureaux, regulatory bodies and industry.

Hong Kong's Securities and Futures Commission published its proposed rules for virtual asset platforms on Monday.

The city's chief executive, John Lee, announced in his policy address in October that the government would start a new investment company called Hong Kong Investment Corporation Limited.

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, according to Lee's policy address.

The city set out its ambitions to be a virtual asset hub again during Hong Kong FinTech Week in November.

Read more: How Hong Kong Is Gearing Up to Regulate Stablecoins

RegulationsHong KongHong Kong Monetary AuthorityWeb3
Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.

X icon
Lavender Au

Only 2 articles remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Consensus
        Back to menu
        Consensus
        • Consensus Toronto
        • Toronto Coverage
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk