Part 2: State of Hong Kong Blockchain Regulation (Government Press Release)

By Matthew Lam   May 31, 2019 3 Min Read

This is Part 2 of the press release by the government of HKSAR.

Question 4
Will the Government inform this Council whether it will allocate more funding for scientific research projects relating to BCT, formulate measures to encourage the application of such technology by commercial organisations, and draw up in the near future strategies for training BCT-related talents; if so, of the details and the timetable?


Through various funding schemes of the Innovation and Technology Fund (ITF), the Innovation and Technology Commission has been supporting the research and development work of research institutions, universities and private companies in various technology areas. In the past three years, the ITF has supported 18 projects involving blockchain and Distributed Ledger Technology (DLT) with a total funding amount of about $67.2 million.

As regards talent, the Reindustrialisation and Technology Training Programme under the ITF subsidises the staff of local enterprises to receive technology training, including those relating to blockchain technology. As for government personnel, the OGCIO will provide structured training for all government IT staff in 2019-20 and 2020-21 so as to enhance their knowledge of and ability to apply various innovative technologies, including big data, artificial intelligence, blockchain, cloud computing, etc. In the long run, the OGCIO will continue to provide suitable training for relevant staff having regard to the demand and technological development.

Question 5
Will the Government inform this Council whether it has examined regulating the application of BCT; if so, of the details?


At present stage, relevant government departments will devise the plans to promote the adoption of blockchain technology in different public services with reference to the experience of the pilot projects and the new development of governments in other regions. Based on the demands of individual sectors in adopting related technologies in various areas (such as financial products, land registration, licence application, etc.), relevant government departments will also consider the need to introduce regulatory measures on such technological adoption in light of future development.

Question 6
Will the Government inform this Council of the respective details (including the numbers of participants) of the seminars, workshops, talks and training courses in relation to BCT organised last year by the Innovation and Technology Commission, the Office of the Government Chief Information Officer, the Hong Kong Cyberport Management Company Limited, the Hong Kong Science and Technology Parks Corporation, the Hong Kong Productivity Council as well as other relevant government departments and organisations?


In 2018-19, the OGCIO arranged a total of 13 seminars and courses on blockchain technology for government IT staff, with 270 participants in total.

Cyberport organised or supported the organisation of 11 workshops and talks related to blockchain in 2018-19, with over 450 participants. The concepts of blockchain technology, cryptocurrency, etc. were introduced to start-ups, students and industry participants. 

Since January 2018, the Hong Kong Science and Technology Parks Corporation has organised 13 seminars, workshops, talks and training courses related to blockchain and DLT, attracting over 700 participants. The Hong Kong Productivity Council has also organised blockchain technology-related activities during the same period, including the Blockchain for Industry Applications Summit in September 2018, as well as the Supply Chain Traceability and Authentication by Blockchain seminar in January 2019, which attracted nearly 300 participants in total.

In addition, Invest Hong Kong hosted the Hong Kong FinTech Week in October 2018, which featured panel discussions and new initiatives on blockchain applications, attracting around 2 000 participants.

About the author

Matthew Lam   
I believe the true value of cryptocurrencies is the underlying blockchain technology. The development of CBDC, DeFi, blockchain standardization are the key trends to watch in 2020!

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