Financial Secretary Paul Chan Highlights Hong Kong's Web3 Commitment at Consensus 2025
Financial Secretary Paul Chan spoke at Consensus Hong Kong 2025, emphasizing Hong Kong's dedication to fostering a vibrant Web3 ecosystem and its position as a global hub for Web3 and crypto innovation.
Web3 and AI's Potential
Chan highlighted Hong Kong's growing prominence in the Web3 space, noting the intersection of AI and blockchain as a key area of development. He pointed out that AI can assist blockchain platforms in conducting more accurate credit assessments, enhancing smart contract audits, and providing tailored investment advice. The World Economic Forum estimates that financial institutions could free up approximately US$100 billion per year by leveraging distributed ledger technology for collateral management.
Hong Kong's Regulatory Approach
Chan emphasized Hong Kong's balanced regulatory framework, which supports sustainable and responsible development of financial innovation. The city has established a licensing regime for digital asset trading platforms and is advancing the regulation of stable coins. Regulatory sandboxes have been set up to allow innovators to test and refine their ideas and obtain early regulatory feedback.
Investment in Infrastructure and Talent
Hong Kong is heavily investing in related infrastructure and talent development. Cyberport and Science Park have become vibrant hubs for Web3 innovation and fintech. Universities and industry partnerships are nurturing generations of blockchain experts. Through talent admission schemes, Hong Kong is attracting top-notch professionals from around the world.
Looking Ahead
Chan expressed his confidence that as the Web3 ecosystem continues to evolve, Hong Kong will remain a stable, open, and vibrant market for digital assets. He invited global companies and institutions to join forces with Hong Kong to lead its development.
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