Li Jiachao: The Hong Kong SAR government values the development of fintech and Web 3.0

ChainCatcher news, Hong Kong SAR Chief Executive John Lee delivered a speech at the Innovation, Technology and Arts Development Summit Forum 2023 held today, stating that this forum is themed "Web 3.0 Return: Building a New Golden Starting Point," closely aligning with Hong Kong's direction for developing new growth points in innovation technology and cultural arts under the "14th Five-Year Plan." Web 3.0 represents a new direction for the internet, integrating technologies that have gained significant attention in recent years, and has the potential to become a trend driving the future development of finance and commerce.

John Lee emphasized that the SAR government values the development of fintech and Web 3.0, and issued a policy declaration, clearly stating that Hong Kong holds an open and inclusive attitude towards global innovators engaged in virtual asset businesses. The government will collaborate with financial regulatory bodies to create a favorable environment that promotes the sustainable and responsible development of Hong Kong's financial industry. In June of this year, Hong Kong has already 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.