LianGuai Observation | What Web3 highlights will be included in the 2023 Hong Kong Chief Executive’s Policy Address?

LianGuai Observation Web3 highlights in 2023 Hong Kong Chief Executive's Policy Address

Author: LianGuaiJason

According to the Hong Kong government’s news website, the new Chief Executive’s Policy Address will be released on October 25, 2023. There is still one month to go before the release date. Many people speculate that this year’s Policy Address will be very different from previous ones because Hong Kong is currently vigorously promoting the development of the Web 3.0 market. This has led many people to believe that there will be many Web 3.0 highlights in the latest Policy Address.

2023 Hong Kong Chief Executive’s Policy Address Web3 Recommendations Summary

At present, the Hong Kong SAR Government is conducting public consultation on the Chief Executive’s Policy Address for 2023. Therefore, industry organizations such as Legislative Council members and the Hong Kong Web 3.0 Association have submitted relevant recommendations and opinions to promote the development of the Web 3.0 market in Hong Kong. LianGuai has summarized the Web 3.0 industry recommendations for the Policy Address up to now as follows:

• How should the User Privacy Policy of the NFT digital collectibles platform be written?
• Exclusive Interview with Hong Kong Legislative Council Member Qiu Dagen Policy Gap with Singapore is Only One or Two Years, Users Should Only Trust Licensed Exchanges
• Exclusive Interview with Qiu Dagen Advocate of the ‘Three Arrows Three Circles’ Initiative Interprets the Latest Policies in the Hong Kong Virtual Asset Industry

Why should we pay attention to the Web3 highlights in the Policy Address?

In fact, the Policy Address is sometimes regarded as a “barometer” of the focus of the Hong Kong government’s future work. For example, Carrie Lam, the Chief Executive of Hong Kong, mentioned in her first Policy Address during her term in 2022 about the preparations for virtual assets and the digital Hong Kong dollar, as well as the comprehensive enhancement of Hong Kong’s competitiveness in the financial industry.

Subsequently, Web 3.0 began to enter Hong Kong.

For policymakers, the correct question to consider is: how to use new technologies to promote innovation and economic growth? Nowadays, the regulatory measures taken by regulatory agencies in the United States have become restrictive, and venture capital funds and projects have started to leave Silicon Valley and the United States and turn to other regions.

On the other hand, the pace of Hong Kong actively regulating the cryptocurrency market continues to accelerate. As part of Hong Kong’s embrace of cryptocurrencies, regulatory agencies in Hong Kong are formulating reference guidelines for stablecoin issuance, and it is clear that stablecoins based on the digital Hong Kong dollar are also under development. There is no doubt that the trend of the rise and fall of the cryptocurrency market has already formed.

Undoubtedly, after going through a long period of decline, the cryptocurrency and Web 3.0 markets have begun to exert their efforts. As a new piece of the “global digital financial center” puzzle, Hong Kong will inevitably utilize its new technological capabilities to export to the world, accelerating the development and transformation process of Web 3.0.

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