Speech by Chief Executive Lee Ka Chiu John at the Launch Ceremony of the Hong Kong Web 3.0 Association on April 11:

President Chan Tak-lam (Chairman of the Council of the Hong Kong Web 3.0 Association), Chairman Starry Lee (President of the Legislative Council), distinguished guests, and friends,

I am delighted to join you all at this momentous occasion, to witness the launch of the Hong Kong Web 3.0 Association together with the pioneers of Hong Kong's innovation and technology and financial sectors.

In his important speech at the first session of the 14th National People’s Congress, President Xi Jinping pointed out that we should strive to enhance our technological self-reliance and continuously strengthen our national technological power. The 14th Five-Year Plan of the country clearly supports Hong Kong in building an international innovation and technology center.

Innovation and technology is a key development area for Hong Kong, and we must persist in promoting economic growth through technological innovation. The development of Web3.0 presents a golden opportunity, as this disruptive technology has the potential to change many existing business models and create new opportunities. In the face of the trend towards Web3.0, we must be brave enough to become leaders in this wave of innovation.

To seize the opportunities presented by Web3.0, the government of the Hong Kong Special Administrative Region has announced in the latest Budget that HK$50 million will be allocated to Cyberport to accelerate the development of the Web3.0 ecosystem in Hong Kong, especially in promoting cross-sectoral business collaboration. Cyberport has also established the "Cyberport Web3.0 Base" earlier this year, to better gather start-ups and talents in the global Web3.0 community.

Web3.0 plays a crucial role in the development of financial technology. The government of the Hong Kong Special Administrative Region issued a policy statement on the development of virtual assets in Hong Kong at the end of last year, demonstrating our open attitude and firm determination towards innovation in virtual assets. I am pleased to see that the response from the industry has been very positive.

In recent months, many leading technology companies and high-tech start-ups have actively contacted the government of the Hong Kong Special Administrative Region to consider expanding their business in Hong Kong. These companies cover virtual asset exchanges, blockchain infrastructure companies, virtual currency wallets and payment companies, and other projects related to Web3.0. I believe that they will help to promote the thriving development of the Web3.0 ecosystem.

To make Hong Kong the best foothold for virtual asset companies, we also need to provide appropriate regulation for the market and unleash the potential of Web3 and related technologies. The new licensing regime we have set up for virtual asset service providers will be implemented in June, providing a certain degree of market recognition for virtual asset exchanges, ensuring the steady and orderly development of the market, and safeguarding the interests of investors.

The Hong Kong Web 3.0 Association, officially launched today, brings together talent from the innovation, technology, and finance sectors. I look forward to working hand in hand with the Association to accelerate the development of innovation, technology, and finance in Hong Kong, and to attract more global talents and businesses to Hong Kong to take advantage of the huge opportunities presented by the development of Web3.0 and virtual assets.

Finally, I congratulate the Hong Kong Web 3.0 Association on its official launch and wish everyone good health and success in their work. Thank you all!