Financial Secretary Discusses Web3 and AI Innovations
At the Hong Kong Web3 Festival 2025, Financial Secretary Paul Chan Mo-po addressed the transformative potential of Web3 and artificial intelligence in business and public services. He affirmed the government’s commitment to fostering innovation while ensuring a fair competitive landscape.
Chan remarked, ‘Web3 and AI are driving innovation and enhancing efficiency across various sectors.’ He emphasized the importance of responsible technology development, stating that while decentralized networks offer substantial benefits, collaboration is needed to tackle challenges associated with AI, such as algorithmic bias and cybersecurity threats.
The Vision of Web3
Web3, representing the third generation of the Internet, aims for greater decentralization and openness for users. It leverages advanced technologies like blockchain, smart contracts, and non-fungible tokens, offering transformative potentials across diverse applications.
Future Policy Directions
Chan indicated that a new policy statement on Virtual Assets (VA) will be released later this year, focusing on fortifying traditional financial services through Web3 and enhancing digital asset applications.
Notably, the government has been proactive since early 2022, aiming to cultivate a robust VA ecosystem in Hong Kong, adhering to the principle of ‘same activity, same risk, same regulation’ to maintain a level playing field.
Key Insights for the Future
Chan shared critical insights about the future of Web3, focusing on:
- Creating a fairer internet through technology-neutral regulations
- Expanding beyond digital assets to promote sustainability and inclusive finance
- Responsible technology development to address pressing challenges
This initiative underscores Hong Kong’s dedication to remaining a hub for innovation while addressing the complex landscape of emerging technologies.
