Hong Kong Financial Secretary: Will adopt a strategy of "appropriate regulation" and "promoting development" for Web3.

On April 9th, the Financial Secretary of the Hong Kong SAR Government, Paul Chan Mo-po, published an essay titled "Developing Web3 - Upholding Tradition, Innovating Prudently, and Moving Steadily" on the government's website. He stated that this week alone, there will be at least four large-scale seminars or carnivals related to Web3, digital economy, fintech, and other topics held in Hong Kong, with some events expected to attract over 10,000 physical participants. In order to promote the innovative development of Web3 in a prudent manner, a strategy of "appropriate regulation" and "promoting development" will be adopted. Furthermore, he stated that "in the past, the virtual asset market has fluctuated significantly, and there have been recent incidents of virtual asset exchanges collapsing, which has made some people skeptical about the prospects of Web3. However, we believe that this is the best opportunity to promote the development of Web3. In the next phase, market participants need to develop blockchain technology more deeply, so that its characteristics and advantages of transparency, efficiency, security, decentralization, platformization, and low cost can be applied to a wider range of scenarios, solve more pain points of existing business models, and even break monopolies, allowing users to share the economic value of data more widely and bringing about a leap forward for the real economy."