Partnered With:

Speech by Mr Lee Ka-chiu at the Inauguration Ceremony of the Hong Kong Web 3.0 Association

Read this article in 5 Minutes

Web3 plays a key role in the development of fintech.

Source: Hong Kong Web 3.0 Association

Following is the speech by the Chief Executive, Mr Lee Ka-chiu, at the launching ceremony of the Hong Kong Web 3.0 Association today (April 11) :

President Norman Chan (Chairman of the Council of the Hong Kong Web 3.0 Association), President Leung Kwon-yan (President of the Legislative Council), Distinguished Guests, Dear Friends,

It gives me great pleasure to join you today to mark the launch of the Hong Kong Web 3.0 Association with all of Hong Kong's pioneers in innovation, technology and finance.

The 14th Five-Year Plan explicitly supports Hong Kong's development as an international center of innovation and technology.

Innovation and technology is a key area of development for Hong Kong. We must continue to drive economic growth through technological innovation. Web3.0 is a golden starting point. This disruptive technology can change many existing business models and create many new opportunities. Facing the development trend of Web3, we must dare to be the leader of this wave of innovation.

To seize the opportunity of Web3.0, the HKSAR Government announced in its new Budget that $50 million would be allocated to the Cyberport to accelerate the development of the Web3.0 ecosystem in Hong Kong, in particular to promote cross-sector business collaboration. Cyberport also established the "Cyberport Web3 Base" at the beginning of this year to better gather global Web3.0 startups and talents.

Web3 plays a key role in the development of fintech. At the end of last year, the HKSAR Government issued a policy statement on the development of virtual assets in Hong Kong, demonstrating our open attitude and firm determination to virtual asset innovation. We are pleased to see that the industry has responded positively.

In recent months, a number of leading tech companies and high-tech startups have been actively contacting the SAR government to consider setting up business in Hong Kong. These enterprises include virtual asset exchanges, blockchain infrastructure enterprises, virtual currency wallet and payment enterprises, as well as other Web3.0 related projects, which will help the Web3 ecosystem to flourish.

In order for Hong Kong to become the best foothold for virtual asset companies, we also need to provide appropriate regulation to the market and unlock the potential of Web3 and related technologies. The new licensing system for virtual asset service providers will be implemented in June to provide a degree of market recognition for virtual asset exchanges, ensure a healthy and orderly development of the market and protect the interests of investors.

Today, the Hong Kong Web 3.0 Association is officially launched, bringing together talent from innovation and finance. I look forward to the association working with the HKSAR Government to accelerate the development of innovation and finance in Hong Kong, and to increase the number of talents and enterprises from around the world, so that more leading companies can come to Hong Kong. Together with the development of Web3.0 and virtual assets industry brought huge opportunities.

Finally, I would like to congratulate you on the establishment of the Hong Kong Web 3.0 Association and wish you good health and success in your work. Thank you very much!