Hong Kong Takes Lead in Promoting Web3 Development

As the Easter holidays wind down in Hong Kong, the city is gearing up for a series of large-scale seminars and carnival events centered around Web3, digital economy, financial technology, and other related fields. The goal is to promote the high-quality development of Hong Kong’s economy by exploring the potential of the third-generation Internet and the digital economy.

Web3 and the Third-Generation Internet: Unlocking New Opportunities for Hong Kong

In the recent budget proposal, Hong Kong’s leaders outlined three major directions for promoting the high-quality development of the city. Among these, the digital economy and the application of the third-generation Internet, also known as Web3, were highlighted as having great potential for growth.

This week alone, Hong Kong will host at least four large-scale seminars and carnival events related to Web3, digital economy, financial technology, and other related fields. These events are expected to involve more than 10,000 entities, including founders and senior managers of leading Web3 companies and startups.

2023 Digital Economy Summit: Moving Forward to Create a Smart Future

One of the key events taking place this week is the 2023 Digital Economy Summit, which is being jointly organized by the SAR Government and Digital Port. The two-day summit will focus on six special forums that deconstruct future trends such as smart cities, data innovation, financial technology, artificial intelligence and big data, Web3, smart travel, and new industrialization.

Web3 Carnival: Building a Platform for Global Exchange and Progress

Another key event taking place this week is the Web3 Carnival, which is being hosted by industry insiders. This is the first time the carnival has been held in Hong Kong, reflecting the city’s growing interest in Web3 and its potential for growth. The event will focus on topics such as Web3 and blockchain technology development, Web3’s popular application, and global regulations, and build a platform for exchanges and progress for the global Web3 cutting-edge development.

Web3 Development in the Global Context

The competition for Web3 development is deepening globally, with the focus on creating the largest space for applications and innovation while controlling risks. The ultimate goal is to solve real-life problems in the real economy, improve efficiency, and promote more inclusive and sustainable development. For example, Web3 technology can be used to solve the long-standing pain of transaction transparency in the bond market and explore the use of blockchain technology to simplify the supply chain and trade transaction process, reduce costs, and promote green finance.

The Virtual Asset Market and Web3 Development

Despite recent fluctuations in the virtual asset market and the closure of some virtual asset exchanges, Hong Kong’s leaders remain optimistic about the potential of Web3. They believe that the current cycle of speculation will eventually give way to a focus on technological innovation, practical application, and value creation, contributing to the improvement of the quality of the real economy.

Hong Kong’s Strategy for Promoting Web3 Development

To promote Web3 development while minimizing risks, Hong Kong’s leaders have adopted a strategy of “proper supervision” and “promoting development.” This includes ensuring financial security and preventing system risks, as well as investor education and protection, and anti-money laundering measures. The city will introduce a virtual asset service provider licensing system in June this year and is studying the supervision of “stable coins” to ensure the virtual asset industry is sustainable and responsible.

Web3 Holds Great Promise for Hong Kong’s Future

As Hong Kong takes the lead in promoting Web3 development, the city is well-positioned to unlock new opportunities for growth and innovation. The large-scale seminars and carnival events taking place this

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