2023 Hong Kong Web3 Carnival: Adherence to Innovation, Progress, and Regulation

On April 12th, at the “2023 Hong Kong Web3 Carnival”, Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, stated in a welcoming speech that the Hong Kong government issued a virtual asset policy declaration in October last year, and the Hong Kong budget bill in February this year also provided financial support for Web3. Yesterday, Hong Kong Chief Executive Li Jiachao attended the establishment ceremony of the Hong Kong Web3 Association and delivered a speech. Today is also the date for Shanghai’s upgrade, These are some of the recent “good rains” in the Web3 industry. The development of Web3 requires adherence to principles of innovation, steady progress, and appropriate regulation and promotion of dual wheel drive development. Only by moving forward steadily and cautiously can Web3 achieve stability and success in Hong Kong. We call on Web3 practitioners to tell the story of Web3 and Hong Kong well.

Xiao Feng: Only by moving forward steadily and cautiously can Web3 achieve stability and success in Hong Kong

On April 12th, at the “2023 Hong Kong Web3 Carnival,” Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, discussed the recent developments in the Web3 industry. He stated in a welcoming speech that the Hong Kong government issued a virtual asset policy declaration in October last year, and the Hong Kong budget bill in February this year provided financial support for Web3. Yesterday, Hong Kong Chief Executive Li Jiachao attended the establishment ceremony of the Hong Kong Web3 Association and delivered a speech. Today is also the date for Shanghai’s upgrade. These are some of the recent “good rains” in the Web3 industry.

Principles of Innovation, Progress, and Regulation

The development of Web3 requires adherence to principles of innovation, steady progress, and appropriate regulation and promotion of dual wheel drive development. This is to ensure that the sector moves forward steadily and cautiously to achieve stability and success in Hong Kong. Therefore, the Hong Kong government and practitioners in the Web3 industry should continue to work together to create a favorable business environment, implement suitable policies, and attract global talent.

Importance of Innovation

The Web3 industry is characterized by creativity, openness, and inclusivity. Innovation is a driving force that propels Web3 forward. Practitioners in the industry must continuously seek to improve and create new technologies that have real-world applications. The Hong Kong government should also provide support for Web3’s innovation and creativity by creating a conducive environment that attracts investment and incentivizes experimentation.

Steady Progress

Web3 is still in its infancy, and the path to success is far from certain. Practitioners in the industry must emphasize consistent, steady progress to achieve long-term success. The Hong Kong government should also create an environment that enables practitioners to learn from their experiences, adapt to changes quickly, and make informed decisions regarding their businesses.

Appropriate Regulation

The Web3 industry’s rapid growth and potential for abuse have made regulatory supervision necessary. Practitioners in the industry must coordinate with regulatory authorities to ensure compliance with industry standards and best practices that protect the public from fraud and other illicit activities. The Hong Kong government should provide appropriate regulation that protects consumers while providing enough flexibility to enable innovation and growth in the sector.

Web3 Practitioners: Telling the Story of Web3 and Hong Kong

Web3 practitioners in Hong Kong have an essential role to play in promoting the industry and attracting global talent. They must work together to tell the story of Web3 and Hong Kong and showcase the city’s strengths as an innovation hub.

Attracting Global Talent

Hong Kong’s location, business-friendly environment, and diverse culture make it an excellent place to attract global talent. Web3 practitioners should demonstrate the city’s strengths by showcasing their success stories and achievements.

Telling the Story of Web3 and Hong Kong

Web3 practitioners in Hong Kong should continue to promote the industry’s benefits and explain how it can contribute to Hong Kong’s development. They can do this by actively engaging with policymakers, participating in industry events, and leveraging social media platforms to promote the industry.

Diversifying the Sector

Web3 practitioners in Hong Kong should promote diversity in the sector by encouraging women and minority participation. By fostering a more inclusive environment, the Web3 industry will attract top talent from all backgrounds, driving innovation and growth in the sector.
# Conclusion
The recent developments in the Web3 industry have been promising, and Hong Kong is well-positioned to become a global leader in the sector. To achieve this, Web3 practitioners and the Hong Kong government must adhere to the principles of innovation, steady progress, and appropriate regulation. This will enable the sector to grow sustainably while maintaining the public’s trust.
# FAQs
1. What is Web3?
Web3 is a term used to describe the next generation of the internet, which will enable people to interact with blockchain-based applications such as cryptocurrency, decentralized finance, and non-fungible tokens.
2. Why is Hong Kong well-positioned for Web3’s development?
Hong Kong’s location, business-friendly environment, and diverse culture make it an excellent place to attract global talent. Additionally, the Hong Kong government has provided financial support for Web3, and there is an established Web3 association in the city.
3. How can Web3 practitioners promote diversity in the sector?
Web3 practitioners can promote diversity by actively seeking out and encouraging women and minority participation in the industry. Sponsorship programs, mentorship, and community outreach can also help to promote diversity in the sector.