Last year, more than 150 Web3 firms set up operations at Hong Kong’s Cyberport, a digital hub set up by the Hong Kong government to promote innovation, Finance Minister Paul Chan Mo-po said in a statement.

The influx came after the Hong Kong government invested 50 million yuan ($7 million) to help Cyberport accelerate the development of Web3 with blockchain as the supporting technology, Chan Mo-po he said.

Chan Mo-po detailed the Hong Kong government’s investment in the sector, saying Cyberport had been allocated around HK$500 million ($64 million) to fund the “Digital Transformation Promotion Pilot Programme”, an initiative aimed at helping small and medium-sized enterprises. -large enterprises for the implementation of digital solutions.

Cyberport, which is managed by a wholly-owned branch of the Hong Kong Special Administrative Region government, hosts a total of 1,900 businesses, the statement said.

Related: Hong Kong’s regulatory leader sees it as a major crypto hub

Hong Kong recently introduced its own crypto legislation it allows retail investors to invest directly in crypto assets and present themselves as strongly pro-crypto.

Since then, the country has continued to support the industry. In January, as the crypto industry grappled with the FTX crisis, the finance secretary said local government and regulators were looking forward to to build a cryptocurrency and fintech ecosystem in 2023.

On January 13, Korean tech giant Samsung announced the launch of the Bitcoin Futures Active fund on the Hong Kong Stock Exchange.

In mid-February, sources claimed that some Chinese officials were said to be giving tacit approval to Hong Kong’s pro-crypto efforts. Local business operators said the Chinese government might even be open to using Hong Kong as a testing ground for cryptocurrencies as long as it does not threaten the country’s financial stability.

By March more than 80 crypto firms showed interest when opening an office in Hong Kong.

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