Chief Executive of Hong Kong Affirms Backing for Web3 Initiatives and Innovative Tech

The event, titled “Web 3.0 Revisited: Constructing a Golden New Starting Point,” was orchestrated by Bauhinia Magazine. Lee’s stance was conveyed through a video message.

During his speech, Lee Ka-chiu said that the government will continue to support the fusion of art and innovative technology and encourage artists and art organizations to leverage technology. To aid the initiative, the East Kowloon Cultural Center’s Art Technology Academy will facilitate exchanges and collaborations between artists and technological experts. 

Hong Kong’s 14th five-year plan focuses on the development of new growth points in innovative technology and the cultural arts.

The University of Hong Kong recently unveiled its strategy to integrate AI tools within its educational framework. This initiative is set to commence during the upcoming 2023-24 academic year, granting teachers and students unrestricted access to these AI resources.

Moreover, Hong Kong aims to establish a supportive environment for innovators operating virtual asset enterprises by maintaining an open and accepting attitude toward them. The region strives to become an international hub for innovative technology and a center for cultural and artistic exchange between China and other countries.

In April this year, metaverse platform The Sandbox partnered with Hong Kong University of Science and Technology and the Hong Kong Design Institute. The institutions acquired virtual land in order to launch a spectrum of virtual experiences within the metaverse.

Hong Kong has also implemented a new licensing regime for virtual asset trading platforms and is actively discussing regulatory arrangements for stablecoins. Lee Ka-chiu’s said that the government is closely monitoring international developments to ensure that Hong Kong’s regulatory requirements are prudent and conducive to market development.

Additionally, the government announced the establishment of a Web3 Development Task Force in July. The initiative, which focuses on ethical development, aims to foster web3 growth.

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