Hong Kong’s Financial Secretary, Paul Chan, has suggested that despite the volatility of the cryptocurrency market, it is the “perfect time” for the city to advance Web3.
In his blog post on April 9, 2023, Chan stated that third-generation internet applications have immense growth potential and have received positive feedback from society.
He expressed confidence in pushing forward with Web3 advancement, citing a similar pattern observed during the emergence of the internet in the early 2000s after the dot-com bubble burst.
Hong Kong has, in recent times, outlined plans to prioritize appropriate regulation and developmental support to ensure that Web3 advances steadily along the path of innovative growth.
The prominent Asian region intends to primarily focus on financial security, reducing systemic risks, and placing significant emphasis on investor education, protection, and anti-money laundering measures.
The city has already hosted four significant seminars or carnivals related to Web3, digital economy, financial technology, and other relevant topics, with an expected attendance of over 10,000.
This week, the SAR government and Cyberport will host the “2023 Digital Economy Summit,” which will feature six topic forums to explore linked global and regional growth prospects and analyze future trends such as smart cities, data innovation, financial technology, artificial intelligence, big data, Web3, smart mobility, and new industrialization.
Industry stakeholders in the city have also organized another Web3-themed carnival to cover the advancement of Web3 and blockchain technology, prominent Web3 applications, and related global regulations. This conference, hosted for the first time in Hong Kong, aims to provide a platform for discussions and mutual advancement for the cutting-edge development of Web3 worldwide.
According to Chan, numerous founders and senior managers from top Web3 start-ups and established businesses will gather in Hong Kong this week to attend the conference, covering topics such as Web3 infrastructure, trading platforms, virtual assets, wallets and payment tools, network security audits, and innovation.
Meanwhile, the Bank of Communications Co., the Shanghai Pudong Development Bank, and the Bank of China Ltd. have reportedly provided financial services to Bitcoin businesses based in Hong Kong. These moves by the banks are strategic efforts to provide a safe and secure banking environment for virtual asset businesses.
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