Hong Kong Intends to Continue Development of Web3 Ecosystem
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Paul Chan, the Financial Secretary of Hong Kong, has declared that the present is the “right time” to progress and bolster the Web3 ecosystem within the state, regardless of the cryptocurrency market’s volatility.
He has included that one of the three main directions he presented for the city budget was the further integration of Web3 technologies.
Additionally, Hong Kong plans to emphasis on financial security and systemic risk prevention, as well as investor education and anti-money laundering.
Chan has compared the modern digital asset industry to the internet in the early 2000s, and pointed out that the “bubble” that burst then made market participants much calmer.
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