Hong Kong Chief Executive Champions Web3.0 Virtual Asset Development

Key Points:

• Hong Kong Chief Executive Li Jiachao attended the inauguration ceremony of the Web3.0 Association to show his support for the development of virtual assets.
• The Hong Kong government’s determined development of Web 3.0 involves the development of virtual assets, which has attracted more than 200 virtual asset trading companies to move their headquarters from Singapore to Hong Kong.

Hong Kong Chief Executive Li Jiachao and the Office of the Central Government in Hong Kong attended the inauguration ceremony of the Web3.0 Association, which was held at the Hong Kong Stock Exchange.

The association is chaired by Norman Chan, former president of the Hong Kong Monetary Authority, and aims to develop the third-generation Internet. With the support of Beijing and Hong Kong authorities, financial technology companies, industry leaders, and members of the Legislative Council of the innovation and technology circles in mainland China and Hong Kong will form the Web3.0 Association.

The ultimate goal is to develop virtual assets. The Monetary Authority believes that the establishment of Web3.0 can play a leading role in deploying and developing the virtual asset market in Hong Kong. According to reports, Hong Kong Web3.0 Association members are heavyweights in the industry.

The honorary presidents include Li Feng, chairman of China Mobile Hong Kong, Chen Chun, academician of the Chinese Academy of Engineering, and Chen Shaojie, founder and president of the Global Xiamen University Finance Alumni Association.

Members of the honorary advisory committee include Xian Handi, co-founder of China Mobile Games, Tian Xiaoan, vice president of Douyin Group, Hong Minghui, academician of the Singapore Academy of Engineering, Yan Gang, vice chairman of the board of directors of China Merchants Port, who is also a member of the Legislative Council, and Qiu Dagen, a member of the technology innovation circle.

The Hong Kong government’s determined development of Web3.0 involves the development of virtual assets. The report quoted sources as saying that the Hong Kong Web 3.0 Association members are heavyweights in the industry, and the association will focus on developing virtual assets.

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