Hong Kong Finance Minister “Now is the perfect time to promote Web3”

survive the bubble burst

Hong Kong’s Finance Secretary Paul Chan said on his official blog on the 9th that “Now is the perfect time to promote Web3 development,” and expressed his strong desire to promote support for the development of Web3.

Some have questioned Web3’s future prospects due to the volatile cryptocurrency market and the collapse of several major cryptocurrency (virtual currency) exchanges. claims that it will greatly contribute to the substantial development of this area in the future. He referred to the rise of the Internet industry after the dot-com boom and bubble burst in the early 2000s.

Zhang said that Web3, the next-generation Internet technology, is following the same process as the Internet industry. He points out that the following efforts are required as the next stage in which Web3 will bring a “leap forward” to the real economy.

• Further development and advancement of blockchain technology
• Leverage benefits such as transparency, efficiency, security, low cost, and no middlemen
• Apply to more use cases
• Solve existing business model issues and eliminate monopolies

For steady development

To provide a stable environment for the development of Web3, Zhang said, “We will adopt a strategy that places equal emphasis on both ‘appropriate regulation’ and ‘promoting development.'” In addition to ensuring financial safety and avoiding systemic risk, the bank will take measures to protect and educate investors and prevent money laundering.

As specific measures, he cited the licensing system for virtual currency service providers that will be introduced in June this year, and the government’s consideration of stablecoin regulations.

In addition, a new budget of about 844 million yen (HK$50 million) has been allocated to Cyberport, a startup support business for technology-related companies wholly owned by the Hong Kong government. This budget will support the development of the Web3 ecosystem in Hong Kong through holding large-scale international conferences to disseminate cutting-edge trends, promoting business collaboration across sectors, and expanding workshops for young people. used for promotion.

connection:Hong Kong government’s 2023 budget proposal, 6.8 billion yen for Web3 ecosystem development

Hosting a series of large-scale events

More than four seminars, conferences and other major events related to the digital economy and fintech will be held in Hong Kong this week, each expected to attract more than 10,000 attendees.

Among them, Mr. Chan is paying attention to the “Digital Economy Summit (DES) 2023” jointly held by the Hong Kong government and Cyberport. At the DES, Minister of Finance Mr. Chan and other government officials gave lectures, and more than 4,000 celebrities in related industries, entrepreneurs and investors from 40 countries and regions attended. Industry giants such as Alibaba, Baidu and Huawei headline the event.

DES will be held on April 13th and 14th with the theme of “Transformation for a Smarter Future”. We will share the latest information on future trends and global development prospects in six fields: smart cities, smart mobility, data innovation, fintech, AI and big data, and Web3.

As for Web3, the industry-sponsored “Hong Kong Web3 Festival 2023” will be held for the first time from April 12th to 15th. The event will bring together leading Web3 companies, startup founders and executives, and will focus on the development of Web3 and blockchain technology, popular Web3 apps, and the global regulatory landscape.

connection:Large-scale Asian event “HongKong Web3 Festival 2023” to be held in Hong Kong from April 12-15

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