Hong Kong Web3.0 Association: Accelerating Innovation and Finance Development

On April 11th, Hong Kong Chief Executive Li Jiachao delivered a speech at the establishment ceremony of the Hong Kong Web3.0 Association, expressing the hope that the association will cooperate with the government to accelerate the development of innovation and finance in Hong Kong, increase the volume of attracting talents and enterprises, and more top units will come to Hong Kong to showcase their skills. Web3.0 plays a crucial role in the development of financial technology. At the end of last year, a virtual asset policy declaration was issued, indicating that the government has an open attitude and firm determination. Recently, some leading technology companies and high-tech startups have considered expanding their business in Hong Kong, including virtual asset trading platforms, blockchain infrastructure enterprises, virtual currency wallets, payment enterprises, and other related projects. We believe it can help the development of Web3.0. The government should also establish appropriate regulations for the market, implement a new licensing system for virtual asset service providers in June, and ensure the stable and orderly development of the market.

Hong Kong Chief Executive: The development of Web3.0 is at a golden starting point, and Cyberport has also established a Web3 base

The establishment ceremony of the Hong Kong Web3.0 Association took place on April 11th, with Chief Executive Li Jiachao delivering a speech. He expressed his hope that the association, in cooperation with the government, would accelerate the development of innovation and finance in Hong Kong by attracting more top talents and enterprises to showcase their skills. The role of Web3.0 in the development of financial technology is crucial. The government’s open attitude and firm determination, as shown in last year’s virtual asset policy declaration, is an important step to support this development.

The Relationship between Web3.0 and Financial Technology

Web3.0, also known as the decentralized web, is an extension of Web2.0. It enables the creation of trustless, peer-to-peer networks that enable users to interact without intermediaries. Financial technology, on the other hand, is the use of technology to provide financial services to customers. Web3.0 plays a crucial role in the development of financial technology by providing a trustless environment that removes the need for intermediaries and enables secure, fast, and low-cost transactions.

Hong Kong’s Open Attitude and Firm Determination

The Hong Kong government’s virtual asset policy declaration, issued at the end of last year, is a reflection of its open attitude towards innovation in the financial sector. The policy states that virtual assets are not equivalent to legal tender, but they do have value and should be regulated. The government recognizes the potential of virtual assets and is determined to create a regulatory framework that will promote innovation while ensuring the protection of investors.

Expansion of Business in Hong Kong

Recently, some leading technology companies and high-tech startups have considered expanding their business in Hong Kong’s Web3.0 industry. These expansion plans include virtual asset trading platforms, blockchain infrastructure enterprises, virtual currency wallets, payment enterprises, and other related projects. This expansion is an excellent opportunity for Hong Kong to showcase its technical prowess and attract more top talents and enterprises to the city.

Appropriate Regulations for the Market

The government should establish appropriate regulations for the Web3.0 market to ensure stable and orderly development. The new licensing system that the government plans to implement in June for virtual asset service providers is an important step towards this goal. The licensing system will ensure that virtual asset service providers meet specific requirements, including anti-money laundering and combatting terrorist financing. This move will promote investor protection and build investor confidence, leading to the long-term sustainability of the market.

Conclusion

The establishment of the Hong Kong Web3.0 Association is a crucial step towards the development of the Web3.0 industry in Hong Kong. The government’s open attitude and firm determination to create a regulatory framework that promotes innovation while ensuring investor protection is commendable. The expansion of business in Hong Kong’s Web3.0 industry is an excellent opportunity to showcase the city’s technical prowess and attract more top talents and enterprises. The appropriate regulations for the Web3.0 market, including the licensing system for virtual asset service providers, will ensure stable and orderly development.

FAQs

1. What is Web3.0, and how does it relate to financial technology?
Web3.0 is an extension of Web2.0 that enables the creation of trustless, peer-to-peer networks that enable users to interact without intermediaries. It plays a crucial role in the development of financial technology by providing a trustless environment that removes the need for intermediaries and enables secure, fast, and low-cost transactions.
2. What is Hong Kong’s virtual asset policy declaration?
The Hong Kong government’s virtual asset policy declaration, issued at the end of last year, is a reflection of its open attitude towards innovation in the financial sector. The policy states that virtual assets are not equivalent to legal tender, but they do have value and should be regulated.
3. What is the new licensing system for virtual asset service providers that the government plans to implement in June?
The licensing system will ensure that virtual asset service providers meet specific requirements, including anti-money laundering and combatting terrorist financing. This move will promote investor protection and build investor confidence, leading to the long-term sustainability of the market.