I wonder what's their stance is going to be against mining as that's an essential part of some crypto infrastructure. Or are they just now fully embracing and regulating any other then POW based cryptos?
I could definitely see them fighting against any permissionless systems and use environmental argument to drive POW away. Later on they can move to other arguments where they regulate away any unwanted people (criminals, opposition, etc)
Considering how crypto-friendly they show themselves to be, they should probably find some solution around that too, but as said in the post, the funds they are allocating are mostly for web-3-based projects and we all know that most of the projects these days prefer PoS over PoW, so the possibilities of having many projects requiring mining will be pretty low.
Overall, it's positive news for all cryptocurrency supporters living in Hong Kong and also other parts of the world, if I understood correctly, they will also fund or support projects from other regions too.