Foresight News: Hong Kong Special Administrative Region Chief Executive Lee Ka-chiu spoke at the Innovation, Technology, and Art Development Summit 2023 today, focusing on the theme of 'Web 3.0 Return: Building a Golden New Starting Point.' The summit aligns with Hong Kong's direction for developing innovation, technology, and cultural arts under the 14th Five-Year Plan. Web 3.0, a new direction for the internet, integrates widely-discussed technologies in recent years and has the potential to drive future financial and commercial development trends.
Lee Ka-chiu emphasized the importance of fintech and Web 3.0 development and issued a policy statement, clarifying Hong Kong's open and inclusive attitude towards global innovators engaged in virtual asset businesses. The government will cooperate with financial regulators to create a favorable environment and promote the sustainable and responsible development of Hong Kong's financial industry. In June this year, Hong Kong implemented a new licensing system for virtual asset trading platforms and is actively exploring regulatory arrangements for stablecoins. The government is also closely monitoring international developments to ensure that Hong Kong's regulatory requirements are prudent and facilitate market development.
