On April 12th, at the “2023 Hong Kong Web3 Carnival”

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

Web3, the latest iteration of the internet, is quickly gaining traction as an essential tool for the future. On April 12th, 2023, Hong Kong hosted its Web3 Carnival, where Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, delivered a welcoming speech. Feng mentioned the Hong Kong government’s policy declaration on virtual assets from October 2022 and the Hong Kong budget bill from February 2023, which showed the government’s focus on financial support for Web3.

The Recent Good Rains in the Web3 Industry

The establishment ceremony of the Hong Kong Web3 Association, attended by Hong Kong Chief Executive Li Jiachao, is one of the recent “good rains” in the Web3 industry. Meanwhile, on the same day, Shanghai’s latest upgrade showed the forward momentum in Web3 development. The Web3 industry is still in its infancy, and maintaining principles of innovation, steady progress, and appropriate regulation and promotion is essential for its dual-wheel drive development. Steady and cautious advancement is necessary for Web3 to achieve the stability and success it needs to reach its full potential in Hong Kong.

Adherence to Principles of Innovation

Innovation is at the core of Web3, and it is essential to maintain that spirit of creativity and experimentation as the industry develops. In Hong Kong, fostering an environment that supports innovation is crucial to growing the industry. The government’s policy declaration and financial support for Web3 show a commitment to this goal.

Steady Progress

The rapid advances of Web3 can sometimes result in overly optimistic projections and a lack of consideration for the challenges that still exist. It is essential to make consistent progress without falling into the trap of unrealistic expectations. The Hong Kong Web3 Association and Chief Executive Li Jiachao provide the necessary leadership to ensure that steady progress continues.

Appropriate Regulation and Promotion

Balancing innovation with appropriate regulation is a challenge that Web3 practitioners and governments face. Regulation must encourage innovation while preventing harmful practices such as fraud, money laundering, and terrorist financing. The Hong Kong government’s declaration and budget bill show that they are committed to balancing innovation and regulation effectively.

The Call to Action for Web3 Practitioners

Web3 practitioners must tell the story of Web3 and Hong Kong to ensure that the industry continues to grow and thrive. This includes emphasizing the industry’s potential and the government’s support while also acknowledging the challenges that come with innovation. It is only through effective communication and collaboration that the Web3 industry can achieve success.
# Conclusion
The Hong Kong Web3 Carnival provided valuable insight into the current state of the industry in Hong Kong. The establishment of the Hong Kong Web3 Association and Chief Executive Li Jiachao’s speech highlight the importance of continued progress and appropriate regulation in the Web3 industry. Web3 practitioners must work together to ensure that the industry realizes its full potential in Hong Kong.
# FAQs
1. What is Web3?
Web3 is the latest iteration of the internet that emphasizes decentralization, privacy, and user control.
2. How important is innovation in the Web3 industry?
Innovation is crucial to the Web3 industry’s success, as it is a rapidly evolving field that requires creative solutions to complex problems.
3. What role does regulation play in the Web3 industry?
Regulation plays a critical role in ensuring the industry’s success while protecting consumers from fraudulent practices. Appropriate regulation is crucial to the industry’s growth and development.