At the main venue of the “2023 Hong Kong Web3 Carnival,” Hong Kong’s Financial Secretary, Paul Chan Mo-po, stated during his opening speech that Web3’s development should be viewed from the perspective of technological revolution. Chan noted that technological changes lead to business innovation, and business behavior can drive better technological changes. The internet belongs to this category of powerful changes, and the rise of blockchain technology has already brought the internet into the era of Web3. Hong Kong will promote sustainable and responsible development of the virtual asset market, and appropriate regulation is necessary to create a sustainable development space. Chan believes that now is a golden opportunity for Web3’s development, which is an exciting and pivotal moment. Looking back at history, the development of Web3 may experience turbulence, but it will rapidly develop again.