Hong Kong Financial Secretary: Will adopt a strategy that balances "appropriate regulation" and "promoting development" for Web3

ChainCatcher news, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, published a blog post titled "Developing Web3 - Upholding Integrity and Innovating with Caution" on the Hong Kong SAR government website. He stated that just this week, there have been at least four large seminars or carnival events related to Web3, digital economy, and fintech held in Hong Kong, with some events expecting over ten thousand participants. To ensure that Web3 progresses cautiously and innovatively, a strategy of balancing "appropriate regulation" and "promoting development" will be adopted.

In addition, he mentioned, "Recently, the virtual asset market has experienced significant volatility, and there have been closures of virtual asset exchanges, leading some in society to doubt the prospects of Web3. However, we believe this is the best time to promote the development of Web3. In the next phase, market participants need to further develop blockchain technology, allowing its characteristics and advantages of transparency, efficiency, security, disintermediation, platform independence, and low cost to find broader application scenarios, address more pain points of existing business models, and even break monopolies, enabling users to share the economic value of data more widely and bring transformative progress to the real economy." (Source link)