The Financial Secretary of Hong Kong expressed his bullish stance on multiple blockchain sectors and their applications through a recent blog post.
Senior Hong Kong official Paul Chan Mo-po, the Financial Secretary of the region, has published a blog post recently. He has provided direct insights into his bullish stance for the crypto industry through the post. He has written on various blockchain sectors, highlighting the potential of their applications.
“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,” said the official.
He also reiterated his support for the crypto industry at an event at Cyberport in Hong Kong. A unique center for technology, finance, and entertainment firms, Cyberport has received millions in grants this year. The Financial Secretary was behind the recent allocation of funds to the hub.
Financial Secretary Chan has informed that over 180 crypto firms have set up bases in Cyberport. The development doesn’t come as a surprise with Hong Kong’s crypto-friendly stance, though.
A few days back, the Hong Kong Monetary Authority listed the benefits of bond tokenization. The regulator has been behind several pro-crypto initiatives in the region. Moreover, crypto firms have seen Hong Kong as an attractive destination for all their activities. They have also received extensive support and clarity from the Hong Kong government.