CDS Metaverse P2E Hong Kong and Beijing Embrace Web3 Technology for Responsible Development
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Hong Kong and Beijing Embrace Web3 Technology for Responsible Development

The Financial Secretary of Hong Kong, Chan Mo-po, firmly believes that blockchain technology serves as the fundamental building block for Web 3.0 and will continue to evolve in the future. In line with this vision, Hong Kong is actively working towards implementing a robust regulatory framework to foster the responsible development of Web 3.0 and virtual assets, leveraging the power of blockchain technology.

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Hong Kong and Beijing Embrace Web3 Technology for Responsible Development

Hong Kong and Beijing Embrace Web3 Technology for Responsible Development

The Financial Secretary of Hong Kong, Chan Mo-po, firmly believes that blockchain technology serves as the fundamental building block for Web 3.0 and will continue to evolve in the future. In line with this vision, Hong Kong is actively working towards implementing a robust regulatory framework to foster the responsible development of Web 3.0 and virtual assets, leveraging the power of blockchain technology.

During the 2023 Caixin Summer Summit, Chan Mo-po delivered a compelling speech outlining Hong Kong’s strategic plans to promote the responsible advancement of Web 3.0 and virtual assets. He emphasized the city’s commitment to harnessing its strengths and aligning with the national development strategy, aiming to facilitate regional collaboration and open up new opportunities.

Hong Kong and Beijing Embrace Web3 Technology for Responsible Development

Hong Kong’s dedication to the future of blockchain technology is exemplified by the allocation of HK$50 million to the Cyberport business park in February. This significant investment clearly demonstrates Hong Kong’s unwavering commitment to fostering the growth and development of Web3. Despite recent market volatility, Chan Mo-po expressed his confidence in the Web3 digital economy, highlighting the potential for innovative players to persevere through any “bubble bursts” and make significant strides in the industry.

Beijing, echoing Hong Kong’s stance, released a white paper named “Web3 Innovation and Development White Paper (2023),” which serves to promote the innovation and growth of the Web3 industry. The document emphatically states that Web3 technology is an “inevitable trend for the future development of the Internet industry.” This solidifies Beijing’s commitment to building a robust ecosystem for Web3 technology within the Asia-Pacific region.

Hong Kong and Beijing Embrace Web3 Technology for Responsible Development

With both Hong Kong and Beijing investing heavily in the future of Web3, it is evident that this technology will only continue to gain prominence in the years to come. The potential applications of Web3 are vast, with the power to revolutionize industries spanning from finance to healthcare. By prioritizing the responsible development of Web3, both Hong Kong and Beijing are positioning themselves as global leaders in this space, attracting the attention of investors and entrepreneurs alike.

Hong Kong and Beijing Embrace Web3 Technology for Responsible Development
Sources:Coincu

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