Carrie Lam, the Chief Executive of the Hong Kong Special Administrative Region, delivered a speech today at the Innovation, Technology, and Arts Development Forum 2023. She mentioned that the theme of this forum is “Web 3.0 Return: Constructing a New Golden Starting Point”. This aligns closely with Hong Kong’s direction under the “Fourteenth Five-Year Plan”, focusing on the development of innovative technology and cultural arts. Web 3.0 represents the next phase of internet evolution, incorporating widely-discussed technologies in recent years and has the potential to drive future trends in finance and trade.
Lam stated that the SAR government places great importance on the development of fintech and Web 3.0. She released a policy statement emphasizing Hong Kong’s open and inclusive stance towards global innovators engaged in virtual asset operations. The government will collaborate with financial regulators to foster a favorable environment, promoting the sustainable and responsible growth of Hong Kong’s financial sector. In June of this year, Hong Kong implemented a new licensing system for virtual asset trading platforms and is actively exploring regulatory arrangements for stablecoins. The government also closely monitors international developments, ensuring that Hong Kong’s regulatory requirements are prudent and facilitate market growth.