Hong Kong Chief Executive: Web3.0 development is at a golden starting point, and Hong Kong should have the courage to become a leader in this wave of innovation.

On April 11, at the inauguration ceremony of the Web3.0 Association in Hong Kong, Chief Executive Carrie Lam expressed her hope for collaboration between the association and the government to accelerate the development of innovation and finance in Hong Kong, attract more talent and top-notch companies, and create more opportunities for the Web3.0 industry. The government has already demonstrated its openness and determination towards virtual assets by issuing a policy statement on the matter at the end of last year. Several leading technology companies and startups are considering expanding their businesses in Hong Kong, including virtual asset trading platforms, blockchain infrastructure companies, virtual currency wallets, and payment companies, which are believed to boost the development of Web3.0. At the same time, the government must establish appropriate regulation for the market and implement a new licensing system for virtual asset service providers in June to ensure a stable and orderly development of the market. Lam also noted that President Xi Jinping has emphasized the need to enhance the country's technological and self-reliance capabilities and strengthen its scientific and technological strength. The 14th Five-Year Plan has also explicitly supported the construction of an international innovation and technology center in Hong Kong. Innovation and technology are key areas of development in Hong Kong, and the development of Web3.0 is at a golden starting point. It can change the existing business operation models and create more opportunities. Hong Kong should dare to be a leader in this wave of innovation. The government has allocated HKD 50 million to Cyberport in its recent budget proposal to accelerate the development of the Web3.0 ecosystem, and Cyberport has already established a Web3 base.