Overview of Hong Kong’s Web3 industry

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

In recent years, Hong Kong has emerged as a hub for blockchain and Web3 development. The city’s government has been actively supporting the growth of this new digital economy, providing policy support and financial assistance to startups and companies in the industry. In this article, we will explore the recent developments in Hong Kong’s Web3 industry, and discuss the challenges and opportunities facing this exciting new sector.

Introduction

On April 12th, at the “2023 Hong Kong Web3 Carnival”, Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, delivered a welcoming speech. He spoke about the recent developments in Hong Kong’s Web3 industry and emphasized the importance of steady progress and appropriate regulation. This speech came after Hong Kong Chief Executive Li Jiachao attended the establishment ceremony of the Hong Kong Web3 Association and delivered a speech.

Hong Kong’s Support for Web3

The Hong Kong government issued a virtual asset policy declaration in October last year, providing clarity and guidance for startups and companies in the blockchain and Web3 industry. The policy declaration aims to enhance consumer protection while promoting innovation and development in the industry.
Moreover, the Hong Kong budget bill in February this year also provided financial support for Web3. The bill allocated HKD 500 million (approximately USD 64 million) for the development of innovation and technology in the city, including funds for blockchain and other emerging technologies.

Recent Developments in Web3

The establishment of the Hong Kong Web3 Association is a significant step for the industry. The association aims to promote the development and adoption of Web3 technologies in Hong Kong and globally. It will work closely with the government and industry stakeholders to create a thriving ecosystem for Web3 startups and companies.
Today is also the date for Shanghai’s upgrade, which is another positive development for Web3. The upgrade will improve the performance and security of the Ethereum network, one of the most important and widely used blockchain platforms.

Challenges and Opportunities

The development of Web3 faces many challenges, including regulatory uncertainty, technical barriers, and scalability issues. However, there are also many opportunities for startups and companies in the industry, such as the growing demand for decentralized applications (dapps), digital assets, and other Web3 services.
To succeed in this new digital economy, Web3 practitioners must balance innovation with appropriate regulation, and collaborate with government and industry stakeholders to create a sustainable and inclusive ecosystem for all.

Conclusion

Hong Kong’s Web3 industry is growing rapidly, driven by government support, technological innovation, and entrepreneurial spirit. The recent developments in the industry signify a “good rain” that will nurture and sustain the growth of Web3 in the city and beyond. We hope that Web3 practitioners will continue to tell the story of Web3 and Hong Kong well and work together to create a bright and prosperous future for all.

FAQs

Q1. What is Web3?
A1. Web3 (or “Web 3.0”) is the next generation of the World Wide Web, characterized by decentralized technologies such as blockchain and peer-to-peer networks. Web3 aims to create a more open, transparent, and secure digital infrastructure that empowers users and strengthens trust and privacy online.
Q2. What is the Hong Kong Web3 Association?
A2. The Hong Kong Web3 Association is a non-profit organization established to promote the development and adoption of Web3 technologies in Hong Kong and globally. The association will work closely with the government and industry stakeholders to create a thriving ecosystem for Web3 startups and companies.
Q3. What are some of the challenges facing the Web3 industry?
A3. The Web3 industry faces many challenges, including regulatory uncertainty, technical barriers, and scalability issues. However, there are also many opportunities for startups and companies in the industry, such as the growing demand for decentralized applications, digital assets, and other Web3 services.