Foresight News reported on the spot that at the main venue of the "2023 Hong Kong Web3 Carnival", Chen Maobo, Financial Secretary of the Hong Kong Special Administrative Region Government, said in his opening speech that the development of Web3 should be viewed from the historical perspective of technological change, which leads business Innovation, and business behavior will also drive the transformation of better technology. The Internet belongs to this type of transformation force. The rise of blockchain technology has brought the Internet into the Web3 era. Hong Kong will promote the sustainable and responsible development of the virtual asset market. Appropriate regulation is a must, so as to create a sustainable development space. Now is a golden opportunity for the development of Web3, and it is also a thrilling moment. Looking back at history, the development of Web3 will develop rapidly again after experiencing shocks. "Web3 Festival" (Web3 Festival) is a Web3 event brand jointly launched by Wanxiang Blockchain Lab and HashKey Group, and hosted by W3ME. This year's "Web3 Carnival" will last from April 12 to April 15, and will focus on the core issues of various Web3 tracks such as regulatory policies, Web3 infrastructure, and Metaverse.