Hong Kong Chief Executive Lee Ka-chao attended the inauguration ceremony of the Hong Kong Web 3.0 Association today and delivered a speech. He hoped that the association will cooperate with the government to accelerate the development of innovation, technology and finance in Hong Kong, and to attract more talents and enterprises. More top companies will come to Hong Kong to show their strengths.
The following is the full text of the speech delivered by the Chief Executive, Kar-chiu Lee, at the inauguration ceremony of the Hong Kong Web 3.0 Association today:
President Norman Chan (Chairman of the Council of the Hong Kong Web 3.0 Association), Chairman Liang Junyan (Chairman of the Legislative Council), distinguished guests and friends:
It is a great pleasure to attend today's grand event and to witness the establishment of the Hong Kong Web 3.0 Association together with pioneers in Hong Kong's innovative technology and financial circles.
In an important speech delivered by President Xi Jinping at the first session of the 14th National People's Congress, he pointed out that efforts should be made to improve the ability of self-reliance and self-improvement in science and technology, and continuously strengthen the country's scientific and technological strength. The national "14th Five-Year Plan" clearly supports Hong Kong's development as an international innovation and technology center.
Innovation and technology is a key area of development for Hong Kong, and we must persist in promoting economic growth through technological innovation. The development of Web3.0 is now at a golden starting point. This disruptive technology can change many original business operation models and create more new opportunities at the same time. Facing the development trend of Web3, we must dare to be the leader of this wave of innovation.
In order to seize the opportunity of Web3.0, the SAR government announced a new "Financial Budget" to allocate 50 million yuan to Cyberport to accelerate the development of Hong Kong's Web3.0 ecosystem, especially to promote cross-sector business cooperation. Cyberport has also established the "Cyberport Web3 Base" earlier this year to better gather global Web3.0 start-ups and talents.
Web3 plays a key role in the development of fintech. The SAR government issued a policy declaration on the development of virtual assets in Hong Kong at the end of last year, showing that we are open to virtual asset innovation and have firm determination. I am very happy to see that the industry has responded very positively.
In recent months, many leading innovation and technology companies and high-tech start-up companies have actively contacted the SAR government and considered developing business in Hong Kong. These companies cover virtual asset exchanges, blockchain infrastructure companies, virtual currency wallets and payment companies, and other Web3.0-related projects, which are believed to help the vigorous development of the Web3 ecosystem.
In order for Hong Kong to be the best foothold for virtual asset businesses, we also need to provide the market with appropriate regulation to unleash the potential of Web3 and related technologies. Our new licensing system for virtual asset service providers will be implemented in June to provide a certain degree of market recognition for virtual asset exchanges, ensure the steady and orderly development of the market, and protect the interests of investors.
The Hong Kong Web 3.0 Association, which was officially established today, brings together innovation and technology financial talents. I look forward to the association and the SAR government working together to accelerate the development of innovation, technology and finance in Hong Kong, and to increase the number of talents and companies from around the world. Come to Hong Kong to flex your muscles and welcome the huge opportunities brought about by the development of Web3.0 and the virtual asset industry.
Finally, I would like to congratulate the official establishment of the Hong Kong Web 3.0 Association and wish you good health and success in your work. Thank you all!
