Table of Contents

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

| # | Heading |
|—|———————————————-|
| 1 | Introduction |
| 2 | Hong Kong’s Virtual Asset Policy Declaration |
| 3 | Hong Kong’s Budget Bill for Web3 |
| 4 | Establishment of Hong Kong Web3 Association |
| 5 | Shanghai’s Web3 Upgrade |
| 6 | Principles of Web3 Development in Hong Kong |
| 7 | Moving Forward Steadily and Cautiously |
| 8 | Call to Action |
| | Conclusion |
| | FAQs |
# On April 12th, at the “2023 Hong Kong Web3 Carnival”

On April 12th, 2023, at the “2023 Hong Kong Web3 Carnival”, Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, gave a welcoming speech. He stated that the Hong Kong government had 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.

Hong Kong’s Virtual Asset Policy Declaration

In October last year, the Hong Kong government issued a policy statement on the regulation of virtual assets. The policy statement laid down the regulatory framework for the issuance and trading of virtual assets. It also set out the regulatory requirements for virtual asset exchanges, custodians, and other intermediaries. The policy statement was a significant step forward in the development of the Web3 industry in Hong Kong. It provided the necessary regulatory clarity and certainty that was essential to attract investment and promote development in the industry.

Hong Kong’s Budget Bill for Web3

In February this year, Hong Kong’s budget bill included measures to support the development of Web3. The budget bill provided financial support for the development of the blockchain industry and other emerging technologies. It also set aside funds to support research and development in these areas. The budget bill was another important step forward in the development of the Web3 industry in Hong Kong. It demonstrated the government’s commitment to building a strong and vibrant Web3 ecosystem in Hong Kong and creating new opportunities for businesses and entrepreneurs in the industry.

Establishment of Hong Kong Web3 Association

The establishment of the Hong Kong Web3 Association is another important milestone in the development of the Web3 industry in Hong Kong. The association brings together industry players, government regulators, and other stakeholders to promote the development of the industry in Hong Kong. The association will provide a platform for collaboration, education, and advocacy on issues related to Web3 development in Hong Kong. It will also work to promote the adoption of Web3 technologies and applications by businesses and consumers in Hong Kong.

Shanghai’s Web3 Upgrade

Today is also the date for Shanghai’s upgrade, which is another important development in the Web3 industry. Shanghai is one of the leading cities in China when it comes to the development of blockchain technology and the Web3 industry. The upgrade is expected to bring new opportunities for businesses and entrepreneurs in the industry and promote the adoption of Web3 technologies and applications by consumers in China.

Principles of Web3 Development in Hong Kong

The development of Web3 in Hong Kong requires adherence to principles of innovation, steady progress, and appropriate regulation and promotion of dual-wheel drive development. Innovation is essential to the development of Web3 technologies and applications. Steady progress is needed to ensure that the industry grows in a sustainable and responsible manner. Regulation is necessary to protect consumers and ensure the integrity of the financial system. Dual-wheel drive development refers to the need for both government support and private sector investment to drive the development of the Web3 industry in Hong Kong.

Moving Forward Steadily and Cautiously

Moving forward steadily and cautiously is essential to the success of the Web3 industry in Hong Kong. While there are many opportunities and potential benefits associated with Web3, there are also risks and challenges that need to be addressed. These include issues related to consumer protection, financial stability, and cybersecurity. It is essential that all stakeholders work together to address these issues and promote the development of the industry.

Call to Action

We call on Web3 practitioners to tell the story of Web3 and Hong Kong well. We need to promote the benefits of Web3 and educate consumers and businesses on the potential applications and opportunities associated with this emerging technology. We also need to work together to address the challenges and risks associated with Web3 and promote the development of a strong and vibrant Web3 ecosystem in Hong Kong.
# Conclusion
The recent developments in the Web3 industry in Hong Kong, including the virtual asset policy declaration, the budget bill, the establishment of the Hong Kong Web3 Association, and Shanghai’s Web3 upgrade, are all positive signs for the industry. However, it is essential that we continue to move forward steadily and cautiously, adhering to principles of innovation, steady progress, and appropriate regulation and promotion of dual-wheel drive development. With the right approach and collaboration between all stakeholders, we can build a strong and vibrant Web3 ecosystem in Hong Kong that benefits consumers, businesses, and society as a whole.
# FAQs
Q1. What is Web3?
A1. Web3 is an emerging technology that uses blockchain technology to create a decentralized and secure internet for the exchange of data and value.
Q2. How does the development of Web3 benefit Hong Kong?
A2. The development of Web3 brings new opportunities for businesses and entrepreneurs in Hong Kong and creates a more diverse and innovative economy.
Q3. What are the risks and challenges associated with Web3?
A3. Risks and challenges associated with Web3 include issues related to consumer protection, financial stability, and cybersecurity. These issues need to be addressed to ensure the sustainable development of the industry.