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The Growth and Potential of Web3 in Hong Kong

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On April 12th, at the \”2023 Hong Kong Web3 Carnival\”, Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, stated in a welcoming speech that the Hong Kong gove

The Growth and Potential of Web3 in Hong Kong

On April 12th, at the “2023 Hong Kong Web3 Carnival”, Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, stated in a welcoming speech that the Hong Kong government issued a virtual asset policy declaration in October last year, and the Hong Kong budget bill in February this year also provided financial support for Web3. Yesterday, Hong Kong Chief Executive Li Jiachao attended the establishment ceremony of the Hong Kong Web3 Association and delivered a speech. Today is also the date for Shanghai’s upgrade, These are some of the recent “good rains” in the Web3 industry. The development of Web3 requires adherence to principles of innovation, steady progress, and appropriate regulation and promotion of dual wheel drive development. Only by moving forward steadily and cautiously can Web3 achieve stability and success in Hong Kong. We call on Web3 practitioners to tell the story of Web3 and Hong Kong well.

Xiao Feng: Only by moving forward steadily and cautiously can Web3 achieve stability and success in Hong Kong

The “2023 Hong Kong Web3 Carnival” held on April 12th saw Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, deliver a speech highlighting recent developments in Web3 in Hong Kong. This article provides an overview of Xiao Feng’s speech, discussing the recent policy and budget support for Web3, the establishment of the Hong Kong Web3 Association, and the future of Web3 in Hong Kong.

Policy and Budget Support for Web3

In his speech, Xiao Feng noted that the Hong Kong government had issued a virtual asset policy declaration in October last year, recognizing the importance of virtual assets and ensuring the protection of consumers and investors. The Hong Kong budget bill in February this year also provided financial support for Web3, allocating resources to promote the development of the industry.
This policy and budget support demonstrates the government’s commitment to fostering the growth of the Web3 industry in Hong Kong. It also reflects the increasing recognition of the role that Web3 can play in driving economic growth and innovation.

The Establishment of the Hong Kong Web3 Association

Chief Executive Li Jiachao attended the establishment ceremony of the Hong Kong Web3 Association on April 11th, where he delivered a speech highlighting the importance of Web3 to Hong Kong’s future. The association aims to bring together industry leaders and stakeholders to promote the development of Web3 in Hong Kong, providing a platform for collaboration, innovation, and advocacy.
The establishment of the Hong Kong Web3 Association is a significant development for the Web3 industry in Hong Kong, signaling a greater level of institutional support and engagement. It also provides opportunities for networking and knowledge-sharing, helping to accelerate the pace of development and adoption of Web3 technologies.

The Future of Web3 in Hong Kong

Xiao Feng emphasized the need for Web3 practitioners to adhere to principles of innovation, steady progress, and appropriate regulation and promotion. This “dual wheel drive” approach, combining innovation and regulation, is key to achieving stability and success in the industry.
While the Web3 industry in Hong Kong is still in its early stages, it has tremendous potential for growth and development. As more companies and organizations begin to adopt Web3 technologies, the industry is likely to grow rapidly, driving innovation and providing new opportunities for investment and entrepreneurship.
At the same time, it is important to ensure that the industry is properly regulated and governed, protecting consumers and investors and promoting responsible innovation. This will require collaboration between industry leaders, policymakers, and regulators, as well as ongoing engagement with stakeholders and the wider public.

Conclusion

The recent developments in Web3 in Hong Kong signal a growing recognition of the industry’s potential and importance. From policy and budget support to institutional initiatives such as the Hong Kong Web3 Association, there are many positive signs for the future of Web3 in the region.
However, it is important to approach the development of Web3 in Hong Kong with caution and care, balancing innovation with appropriate regulation and governance. With the right approach, Web3 has the potential to drive economic growth, innovation, and social progress in Hong Kong and beyond.

FAQs

1. What is Web3?
Web3, or the “decentralized web,” refers to a new generation of internet technologies that use blockchain and other decentralized systems to enable new forms of online interaction, value exchange, and community building.
2. How is Hong Kong supporting the development of Web3?
The Hong Kong government has issued a virtual asset policy declaration and provided financial support for Web3 through the budget bill. The establishment of the Hong Kong Web3 Association also provides a platform for collaboration and advocacy.
3. What are the challenges facing the development of Web3 in Hong Kong?
One of the main challenges is the need for appropriate regulation and governance to protect consumers and investors and promote responsible innovation. There is also a need for ongoing engagement with stakeholders and the wider public to build understanding and support for the industry.

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