• Chan predicted that new forms of Web3-based entertainment will dominate.
• Hong Kong’s special administrative area established a Web3 task group earlier.

Paul Chan Mo-po, the finance secretary of Hong Kong, has stated his continued belief in blockchain technology, which he predicts will usher in a period of remarkable growth for the digital technology sector. Chan predicted that new forms of Web3-based entertainment will dominate the next generation of digital media in a blog post published on August 27.

The Finance Secretary stated:

“The core blockchain technology of Web3, with its characteristics of disintermediation, security, transparency, immutability and low cost, can be applied in many fields such as finance, commerce, trade, supply chain management, and even daily life.”

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Chan made these comments after attending the Digital Entertainment Leaders Forum, a blockchain-focused event held at Hong Kong’s Cyberport.

Cyberport is a 25-hectare, multi-use technology and media hub that supports a diverse variety of businesses in the IT, media, and financial industries via grants, financing, and office space.

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The establishment of a “vigorous” Web3 ecosystem is a priority for the government, and earlier this year, Chan discussed allocating an extra $50M from this year’s budget to Cyberport to assist speed up the process.

So far, Cyberport has attracted approximately 180 Web3-related IT enterprises, from startups to established exchanges, according to Chan. Also, Hong Kong has announced new crypto-friendly laws to establish itself as a global crypto hub.

In order to provide informed suggestions on how to best invest in the industry’s further growth, Hong Kong’s special administrative area established a Web3 task group.

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