Hong Kong Embraces Web3 Innovation With Proper Regulation And Promotion

Hong Kong is set to experience a flurry of activity this week as the Easter long weekend coincides with a series of high-profile events focused on Web3, digital economy, and fintech. The events are expected to attract thousands of participants, including senior executives and founders of leading Web3 companies and start-ups.

Promoting Web3 and Digital Economy

The events are part of a wider push by Hong Kong’s government to promote high-quality development and consolidate the momentum of economic recovery. In the Budget, the government outlined three major directions to promote Hong Kong’s development, including the digital economy and the application of the third-generation Internet (Web3), which have generated positive responses from the society.

The Digital Economy Summit 2023, jointly hosted by the HKSAR Government and Cyberport, is the most significant event of the week. The two-day summit will bring together representatives from I&T, Web3, finance, professional services, environmental protection, commerce, industry, and academia to deconstruct future trends and analyze related global and regional development prospects.


First Web3 Carnival

Another Web3-themed carnival, organized by industry insiders, will also be held in Hong Kong for the first time this year. The event will focus on topics such as the development of Web3 and blockchain technology, popular applications of Web3, and relevant regulatory situations around the world.

Despite the recent collapse of virtual asset exchanges, the government remains committed to promoting the development of Web3. It plans to adopt a strategy of “proper regulation” and “promotion of development” to ensure the sustainable and responsible development of the virtual asset industry.


Path to Innovation and Advancement

To accelerate the development of Hong Kong’s Web3 ecosystem, the government has allocated $5 million to Cyberport in the new budget. The funding will be used to organize international large-scale seminars, promote cross-sector business collaboration, and organize more youth workshops.

The road to innovation and technological change is never smooth, but the government believes that by promoting Web3 and the digital economy, Hong Kong can open up new tracks and create new advantages for its economic development. The events this week will bring more in-depth exchanges and collisions of ideas to the development of the digital economy and Web3, making more forward-looking and specific explorations for the future practical path.