Full text of the Hong Kong SAR Chief Executive's statement: The development of Web3.0 is currently at a golden starting point
TechFlow Selected TechFlow Selected
Full text of the Hong Kong SAR Chief Executive's statement: The development of Web3.0 is currently at a golden starting point
Web3 plays a crucial role in the development of financial technology.
Navigating Web3 tides with focused insightsRemarks by Chief Executive John Lee at the Inauguration Ceremony of the Hong Kong Web3.0 Association today (April 11):
Mr. Joseph Chan (Chairman of the Council of the Hong Kong Web3.0 Association), President Andrew Leung (President of the Legislative Council), distinguished guests, friends:
It gives me great pleasure to attend this significant event today and join pioneers from Hong Kong's innovation and technology sector and financial industry to witness the establishment of the Hong Kong Web3.0 Association.
In his important speech at the first session of the 14th National People's Congress, President Xi Jinping emphasized enhancing national self-reliance and strength in science and technology, continuously strengthening the country’s scientific and technological capabilities. The national 14th Five-Year Plan explicitly supports Hong Kong in building itself into an international innovation and technology center.
Innovation and technology is a key area for Hong Kong’s development. We are committed to driving economic growth through technological innovation. Web3.0 is now at a golden starting point. This disruptive technology has the power to transform many existing business models while creating numerous new opportunities. In the face of this major trend in Web3 development, we must have the courage to become leaders in this wave of innovation.
To seize the opportunities presented by Web3.0, the government’s latest Budget announced a grant of HK$50 million to Cyberport to accelerate the development of Hong Kong’s Web3.0 ecosystem, particularly by promoting cross-sector business collaboration. Cyberport has also established the “Cyberport Web3 Hub” earlier this year to better bring together global Web3.0 startups and talent.
Web3 plays a crucial role in the development of financial technology. At the end of last year, the SAR government issued a policy statement on the development of virtual assets in Hong Kong, demonstrating our open-minded attitude and firm determination toward innovation in virtual assets. I am pleased to see that the industry has responded very positively.
In recent months, many leading tech companies and high-potential startups have actively reached out to the SAR government, considering expanding their operations in Hong Kong. These companies include virtual asset exchanges, blockchain infrastructure providers, cryptocurrency wallet and payment service providers, and other projects related to Web3.0. They are expected to contribute significantly to the vibrant growth of the Web3 ecosystem.
To position Hong Kong as the preferred destination for virtual asset enterprises, we also need to provide appropriate regulation to unlock the potential of Web3 and related technologies. Our new licensing regime for virtual asset service providers will be implemented in June, offering a level of market recognition for virtual asset exchanges and ensuring orderly and robust market development while protecting investors’ interests.
The Hong Kong Web3.0 Association, officially launched today, brings together talents from the fields of innovation and finance. I look forward to the Association working hand-in-hand with the SAR government to accelerate Hong Kong’s development in innovation and finance, attract more global talent and enterprises, and enable more top-tier organizations to thrive in Hong Kong—seizing the tremendous opportunities brought by the development of Web3.0 and the virtual asset industry.
Finally, I extend my heartfelt congratulations on the official launch of the Hong Kong Web3.0 Association, and wish you all good health and success in your endeavors. Thank you all!
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
