“Hong Kong Web 3.0 Association” is officially established!

The Hong Kong government has been actively promoting the development of the Web3 ecosystem recently, and the “Hong Kong Web3.0 Association”, which is composed of a number of Chinese and Hong Kong financial technology companies, industry leaders, and legislators from the innovation and technology industry, was officially established today (11th), aiming to fully develop Web3 and virtual currencies. At the opening ceremony, Hong Kong Chief Executive Li Jiachao pointed out that Web3 plays a key role in the development of financial technology, and he looks forward to the association and the SAR government working together to meet the huge opportunities brought about by the development of Web3 and the virtual asset industry.

Li Jiachao: Hong Kong should dare to become the leader of the wave of Web3 innovation
In order to demonstrate the support of the Beijing central government and the Hong Kong Special Administrative Region government for the development of the Web3 industry, Hong Kong Chief Executive Li Jiachao attended the inauguration ceremony of the association today. He said in his speech:

Web3 plays a key role in the development of financial technology. At the end of last year, it issued a virtual asset policy declaration, which shows the open attitude and firm determination of the Hong Kong government. Recently, some leading technology companies and technology startups have considered developing business in Hong Kong, including virtual asset exchanges, Blockchain infrastructure companies, virtual currency wallets, payment companies and other related projects are believed to help the development of Web3.

Li Jiachao said that the Hong Kong government will also have appropriate supervision of the market, and a new licensing system for virtual asset service providers will be implemented in June this year to ensure the steady and orderly development of the market. He said that the development of Web3 is at the golden starting point, which can change the original business operation model and create more new opportunities. Hong Kong must dare to become the leader of this wave of innovation. He concluded by mentioning:

I look forward to the association and the SAR government working together to accelerate the development of innovation, technology and finance in Hong Kong, as well as to attract global talents and enterprises, so that more top companies will come to Hong Kong to show their strengths and welcome the development of Web3 and the virtual asset industry together. huge opportunities for development.

Hong Kong Web 3.0 Association – a cross-industry, non-profit platform
The “Hong Kong Web3.0 Association” is chaired by Norman Chan, former chief executive of the Hong Kong Monetary Authority, and Chan Ka-keung, former secretary of the Financial Services and the Treasury Bureau, as chief financial advisor.

In his speech, Norman Chan stated that the “Hong Kong Web 3.0 Association” is a truly cross-industry, non-profit platform, and its members include companies, professionals, scholars, technical experts, and representatives of industry organizations related to the Web 3.0 industry chain.

He said that everyone joining the association has a common goal, which is to contribute to the development of the digital economy in Hong Kong, the Greater Bay Area and the country, to promote relevant technological changes and industrial upgrading, and to create industry standards for the industry. Through research and consulting, making suggestions for the SAR government, promoting the awareness and professional training of the public on Web3, and promoting Hong Kong to become the world’s leading Web 3.0 smart city and digital financial center. He added:

Web3 will become the new enabler of the digital world in the future. This is not just a technological innovation, but a question of life and death in the new digital world of all walks of life in the analog world.

He pointed out that in the world of Web3, massive innovation and creativity will be activated, because the innovation and creation of personal information, data and content in Web3 will have better protection and more reasonable incentives than the centralized large-scale platforms of Web 2.0 , therefore, the business opportunities brought by Web 3.0 are almost unlimited.

Norman Chan believes that Hong Kong is absolutely qualified to take a leading position in the digital economy and digital finance, especially in the three major areas of the Web3 generation:

digital and data industrialization;
industrial digitization;
Asset digitization: In addition to the well-known cryptocurrencies and pure digital artworks, there are actually countless more tangible or traditional assets in the real world that can be digitized, especially in the form of NFT to prove ownership and online Trading property rights, a crucial development, will be key to Hong Kong’s ability to become the world’s leading digital asset and digital financial center.
According to the information on the official website, the “Hong Kong Web3.0 Association” has opened membership applications. The types of membership that can be applied are divided into senior members, senior members and ordinary members. The association will provide members with the latest Web3 information and hold regular meetings, Activities such as seminars and field observations will promote the development of Web3 and cross-border cooperation.