Hong Kong Chief Executive: Hong Kong should become a leader in Web3.0 technology

Speaking at the establishment ceremony of the Hong Kong Web3.0 Association, Hong Kong Chief Executive John Lee expressed his hope that the association would cooperate with the government to accelerate Hong Kong's development in innovation and finance, attract more talent and businesses, and promote top enterprises to come to Hong Kong.

Web3.0 technology is crucial for the development of financial technology. The government issued a virtual asset policy statement at the end of last year, indicating an open attitude and firm determination. Recently, some leading technology companies and high-tech startups have considered doing business in Hong Kong, including virtual asset trading platforms, blockchain infrastructure companies, virtual currency wallets, and payment companies, which will help the development of Web3.0 technology. The government also needs to establish appropriate regulatory policies for the market. The new virtual asset service provider licensing system will be implemented in June to ensure the market's stable and orderly development.

John Lee stated that the 14th Five-Year Plan explicitly supports Hong Kong in building an international innovation and technology center. Innovation and technology are a key development area for Hong Kong, and the development of Web3.0 technology is currently at a golden period. This technology can change business operation models and create more opportunities. Hong Kong should dare to become a leader in this wave of innovation. The government's previously announced budget allocated HKD 50 million to Cyberport to accelerate the development of the Hong Kong Web3.0 ecosystem, and Cyberport has also established a Web3 base.

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