Web3 is the decentralized internet that may shortly be implemented globally. Despite the fact that the timeline is unspecified and the concept is largely speculative, several regions support it with the conviction that it will support the forthcoming infrastructure. Hong Kong is anticipated to be one of the regions to support Web3 digital economy investment in the coming years.
It has been strongly supported by the Financial Secretary, Paul Chen, who has even cited the dotcom bubble burst as an example. In his defense of the argument, Paul Chen has said that ventures that survived the bubble burst did so by innovating. He now sees Web3 going through the same phase, adding that the real economy has changed since 2000.
Hong Kong will host a two-day digital economy summit in the near future. It begins on Thursday, and several industry leaders are anticipated to attend. They would come from industry titans such as Huawei, Alibaba, and Baidu.
Chan has also expressed confidence in the industry despite the ongoing turmoil caused by the collapse of numerous cryptocurrency exchange platforms. He believes this to be the best time to promote Web3 digital economy investments.
Developments in this direction would be headed toward finding more significant implications to improve the existing business models. Thereby, passing benefits to their respective customers or users.
Another way in which Chan has come forward in support of the Web3 sphere is by allocating approximately $6.4 million to the Cyberport business park. The aim is to accelerate the development of the said digital industry through workshops for youth and international conferences.
A licensing regime is in the works in Hong Kong for Web3. It will be tasked with supervising the actions and ensuring that the risk has been minimized to promote development and innovation in the sector. Regulations for stablecoins and cryptocurrencies will soon be implemented on the grounds that their value is pegged to either a different currency or another commodity.
Local experts in Hong Kong agree with Chan’s thoughts, stating there is no reason to delay investments in the Web3 space. Witman Hung Wai-man, the Executive Chairman of the Chinese Big Data Society, for instance, has sought the region to step up its efforts in drafting regulatory frameworks that protect the interests of investors.
Hung has said that market sentiments can change with time since values rise and fall sharply, adding that investor education is important in this regard.
Joseph Leung Wai-fung has even said that every international smart city should explore the area of Web3 since it mostly covers technologies like blockchain, artificial intelligence, and the Internet of Things. The IT sector veteran has added that the government must work out a set of policies that bring investments from abroad along with developers who can set up offices in Hong Kong.