Hong Kong Legislative Council member Wu Jiezhuang proposed to set up a HK$100 million fund to support the Web3 industry

on the afternoon of February 6, 14 members of the C15+ of the Hong Kong Legislative Council met with officials including Financial Secretary Paul Chan Mo-po to discuss the new budget proposal. Among them, Legislative Council member Wu Chi-wai proposed 22 suggestions in five categories, including the development of the Web3 industry.

Regarding the support for the Web3 industry, Wu Chi-wai suggested continuing the development direction of the 2023/24 budget proposal and proposed two key measures: one is to invest HKD 50 million to establish a seed fund, using a 1:1 matching ratio to support well-known overseas companies and large-scale industry activities to settle in Hong Kong; the other is to allocate an additional HKD 50 million to establish a dedicated Web3 investment matching fund.