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In the past year, more than 150 Web3 firms have set up operations in Hong Kong’s Cyberport — a digital hub set up by the country’s government to promote innovation — Financial Secretary 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 speed up the development of Web3 with blockchain as the supporting technology, Chan Mo-po said.