Hong Kong China

Hong Kong government has allocated more than $6 million in its 2023 -2024 annual budget to fund its future metaverse integration plans. The government plans to use the funds to lay out infrastructure needed for the web3 ecosystem.

Hong Kong Allocates $6.4M To Foster Metaverse

In an annual budget published on February 22, the Hong Kong government has set aside more than $6 million to fund its future metaverse plans. The government will use the fund to prepare international seminars, workshops, and other metaverse business corporations.

In a short statement, Paul Chan, the Hong Kong finance secretary, has revealed that the government has created a special task force to push virtual asset development. The newly set task force will feature members from the metaverse industry and regulatory bodies.

Hong Kong government announced its metaverse foray during annual Hong Kong Fintech week event in November 2022. The annual event brought together top industry experts to discuss the tech future of the country.

The fintech event attracted 20,000 physical attendees and more than 300 speakers, including Yat Siu, the CEO of Animoca Brands, Sam Blackman-Fried, the former CEO of FTX, and Daniel Pinto, the President and COO of JP Morgan Chase.

Hong Kong anticipated collecting public views that would enable it to lay out a regulatory framework. It aimed to raise Hong Kong’s financial status to an international standard. At the time, the local government adopted NFTs to offer entry tickets to set an example.

Other Nations Embracing Metaverse Investments

In recent years, many countries have embraced the rapidly evolving metaverse sector to boost their economies amid current inflation. Earlier this month, Saudi Arabia announced its partnership with The Sandbox to launch a metaverse project.

Last year, the Republic of Norway partnered with Decentraland to launch a tax office in the metaverse. The Norwegian government anticipated leveraging the metaverse functionality to reach its next generation of users.

Other countries that have invested in the nascent metaverse sector include South Korea, which recently created a replica of its Seoul City in the metaverse, and the United Arabs Emirates (UAE), which launched its metaverse city to boot tourism.

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