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Hong Kong is actively concerned in Web3 and goals to turn into a worldwide heart for digital property. Lately, the Analysis Unit of the Legislative Council Secretariat of Hong Kong launched a abstract of the doc titled ‘Growth of Chosen Regional Net 3.0 Applied sciences.
In response to the abstract, the Hong Kong authorities is actively selling the event and software of Net 3.0. Within the 2023-2024 fiscal finances, the Monetary Secretary introduced accelerated efforts to construct Hong Kong’s Net 3.0 ecosystem and the institution of a devoted growth job drive for digital property.
Nonetheless, considerations have been raised about Hong Kong’s slower growth in comparison with different areas. Varied international areas, notably in Asia and the Gulf area, have applied measures to expedite the event of Net 3.0 and associated applied sciences and functions.
It’s prompt that Hong Kong shouldn’t restrict its focus to monetary providers and digital property however actively promote innovation in different Net 3.0 know-how areas, equivalent to blockchain and metaverse know-how.
Responding to a request from Councilor Wu Package Ching, the analysis group has studied main areas in Net 3.0 know-how and software growth and examined their methods.
The analysis primarily focuses on Japan, Singapore, South Korea, and the United Arab Emirates (UAE) as these areas have demonstrated proactive approaches in creating Net 3.0 applied sciences and have turn into international or regional innovation hubs. Japan has established high-level coverage steering and devoted places of work to coordinate Net 3.0 insurance policies throughout authorities departments.
Different areas lined within the examine think about creating particular areas of Net 3.0. For instance, Singapore and the UAE are exploring blockchain know-how by means of trade collaborations and establishing incubation facilities, whereas South Korea is actively launching metaverse methods to foster innovation throughout varied sectors.
The abstract additionally gives an summary of the principle traits, foundational applied sciences, and functions of Net 3.0. It outlines latest developments in Net 3.0 in Hong Kong and analyzes the event situations of chosen areas, together with Japan’s complete method and different areas’ application-focused initiatives.
It highlights that Net 3.0 represents a decentralized community that empowers customers with higher autonomy and management over their digital lives. Whereas Hong Kong’s authorities has launched measures to assist the event of the Net 3.0 ecosystem, notably within the digital asset market and associated monetary providers, considerations stay concerning Hong Kong’s slower growth in different areas of Net 3.0 know-how in comparison with its counterparts in Asia and the Gulf area. These areas are leveraging their benefits and exploring wider functions of Net 3.0.
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