PANews reported on April 9 that the Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, published an essay titled "Developing Web3—Adhering to the Right Principles and Innovating, Moving Forward Steadily and Cautiously" on the website of the Hong Kong Special Administrative Region Government, saying that the Budget proposed three major directions for promoting high-quality development in Hong Kong, and believed that the digital economy and the application of the third-generation Internet (Web3) have great development potential. This week alone, at least four large-scale seminars or carnivals related to Web3, digital economy, and financial technology were held in Hong Kong, and some of the events were expected to have more than 10,000 physical participants. Paul Chan said that the virtual asset market has fluctuated greatly in the past period of time, and some virtual asset exchanges have collapsed, which has made some people doubt the prospects of Web3, but this is the best time to promote the development of Web3. The government will adopt a strategy of "appropriate regulation" and "promoting development", including the introduction of a licensing system for virtual asset service providers in June this year, and is also studying the regulation of stablecoins to ensure the sustainable and responsible development of the virtual asset industry.