The fresh funding this year will go towards activities including organising workshops and international seminars, Financial Secretary Paul Chan said.
Hong Kong has ramped up efforts to bolster the digital economy, including new virtual asset regulations and support for artificial intelligence.
“We’re happy to see that the government will be establishing a task force on Web3,” said Marco Lim, managing partner at MaiCapital, a Hong Kong-based blockchain-focused hedge fund that was licensed last year to manage portfolios consisting only of virtual assets. “We hope the task force can coordinate with the two regulators on Web3-related matters, attract global Web3 companies to set up in Hong Kong and promote Hong Kong’s Web3 companies.”