Hong Kong is interested in developing the crypto-industry and Web3.
In 2023, the authorities of the city-state are ready to spend $50 million to develop regulations for stablcoins, study the possible issue of the digital Hong Kong dollar, and create a working group on the development of virtual assets.
There are also plans to organise international Web3 events and educational programmes for young people.
Hong Kong is already working with China to test cross-border payments in the digital national currency and is working with a number of central banks on a digital currency bridge project.
These actions have certain results: more than 80 companies from China and a number of foreign countries are interested in cooperating with Hong Kong. These include companies related to blockchain infrastructure, cybersecurity and cryptocurrency wallets, as well as cryptocurrency exchanges.
