Author: LianGuaiJason
According to the Hong Kong Government News website, a new Chief Executive’s Policy Address will be released on October 25, 2023. There is still one month until the release date. Many people speculate that this year’s Policy Address will be significantly different from previous ones because Hong Kong is currently vigorously promoting the development of the Web 3.0 market. This has led many people to believe that there will be many Web 3.0 highlights in the latest Policy Address.
Summary of Web3 Suggestions in the 2023 Hong Kong Chief Executive’s Policy Address
At present, the government of the Special Administrative Region is conducting public consultation on the Chief Executive’s Policy Address for 2023. Therefore, industry organizations such as Legislative Council members and the Hong Kong Web 3.0 Association have submitted relevant suggestions and opinions to promote the development of the Web 3.0 market in Hong Kong. LianGuai has summarized the Web 3.0 industry suggestions for the Policy Address up to now as follows:
Why are the Web3 highlights in the Policy Address worth paying attention to?
In fact, the Policy Address is sometimes regarded as a “barometer” of the Hong Kong government’s future work focus. For example, in the first Policy Address delivered by Hong Kong Chief Executive Li Ka-chung in 2022, preparations for virtual asset regulations and the digital Hong Kong dollar were mentioned, as well as the comprehensive enhancement of Hong Kong’s competitiveness in the financial industry.
Subsequently, Web 3.0 began to emerge in Hong Kong.
For policymakers, the correct question to consider is: How to use new technologies to promote innovation and economic growth? Currently, regulatory measures are being taken by U.S. regulatory agencies, and venture capital funds and projects are starting to leave Silicon Valley and the United States and turn to other regions.
On the other hand, the pace of Hong Kong actively regulating the cryptocurrency market is still accelerating. As part of Hong Kong’s embrace of cryptocurrency initiatives, regulatory agencies in Hong Kong are formulating reference guidelines for stablecoin issuance, and stablecoins based on the digital Hong Kong dollar are clearly in the works. Undoubtedly, the trend of the rise and fall of the cryptocurrency market has already formed.
There is no doubt that after experiencing a long downturn, the cryptocurrency and Web 3.0 markets have begun to gain momentum. As a new piece of the puzzle in the “global digital financial center,” Hong Kong will undoubtedly use its new technological capabilities to export to the world and accelerate the development and transformation of Web 3.0.
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