Li Jiachao: The Hong Kong Special Administrative Region Government attaches great importance to the development of financial technology and Web 3.0

Odaily Planet Daily News Hong Kong Special Administrative Region Chief Executive Li Jiachao delivered a speech at the Innovation Technology and Art Development Summit Forum 2023 held today, saying that the theme of this forum is "Web3. The direction of developing new growth points such as innovative technology, culture and art under the 14th Five-Year Plan. Web3.0 is a new development direction of the Internet. It integrates technologies that have attracted wide attention in recent years and has the potential to become a trend that will promote the future development of finance and commerce. Li Jiachao said that the SAR government attaches great importance to the development of financial technology and Web3.0, and issued a policy declaration, clearly stating that Hong Kong has an open and inclusive attitude towards global innovators engaged in virtual asset business. The Government will work with financial regulators to create an enabling environment for the sustainable and responsible development of Hong Kong's financial industry. In June this year, Hong Kong has implemented a new licensing system for virtual asset trading platforms, and is also fully exploring the regulatory arrangements for stablecoins. The government also pays close attention to international developments to ensure that Hong Kong's regulatory requirements are sound and facilitate market development.