Hong Kong Chief Executive John Lee's Speech at the Inauguration Ceremony of the Hong Kong Web 3.0 Association (Full Text)

Source: Hong Kong Web 3.0 Association

Here is the speech by Chief Executive John Lee today (April 11) at the inauguration ceremony of the Hong Kong Web 3.0 Association:

President Chen Delin (Chairman of the Hong Kong Web 3.0 Association Council), Chairman Leung Kwan-yin (Chairman of the Legislative Council), distinguished guests, and friends:

I am very pleased to attend this grand event and witness the establishment of the Hong Kong Web 3.0 Association together with pioneers from Hong Kong's innovation technology and financial sectors.

President Xi Jinping, in his important speech at the first session of the 14th National People's Congress, pointed out the need to enhance the ability of technological self-reliance and self-improvement, continuously strengthening the country's technological capabilities. The national "14th Five-Year Plan" clearly supports Hong Kong in building an international innovation and technology center.

Innovation and technology are key areas for Hong Kong's development, and we must insist on driving economic growth through technological innovation. The development of Web 3.0 is currently at a golden starting point; this disruptive technology can change many existing business operation models while creating more new opportunities. In the face of the trend of Web 3.0 development, we must dare to be the leaders of this wave of innovation.

To seize the opportunities of Web 3.0, the SAR government has announced a new "Budget" allocating 50 million Hong Kong dollars to Cyberport to accelerate the development of Hong Kong's Web 3.0 ecosystem, particularly promoting cross-sector business collaboration. Cyberport has also established the "Cyberport Web 3 Base" earlier this year to better gather global Web 3.0 startups and talents.

Web 3.0 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, demonstrating our open attitude towards virtual asset innovation and our firm determination. I am pleased to see that the industry's response has been very positive.

In recent months, many leading tech companies and high-tech startups have actively contacted the SAR government, considering expanding their businesses in Hong Kong. These companies include virtual asset exchanges, blockchain infrastructure companies, virtual currency wallet and payment companies, as well as other projects related to Web 3.0, which I believe will contribute to the vigorous development of the Web 3.0 ecosystem.

To make Hong Kong the best foothold for virtual asset companies, we also need to provide appropriate regulation for the market, unleashing the potential of Web 3.0 and related technologies. The new licensing system we 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 market develops steadily and orderly, and protecting investors' interests.

The Hong Kong Web 3.0 Association, officially established today, brings together talents from innovation and technology finance. I look forward to the association working hand in hand with the SAR government to accelerate Hong Kong's innovation and technology and financial development, and to increase the attraction of global talents and enterprises, allowing more top-tier organizations to come to Hong Kong to showcase their strengths and embrace the vast opportunities brought by the development of Web 3.0 and virtual assets.

Finally, I congratulate the official establishment of the Hong Kong Web 3.0 Association and wish everyone good health and success in your work. Thank you all!