Xu Zhengyu: Hong Kong promotes the development of Web 3.0 market from multiple aspects such as legislation and product innovation

Hong Kong Financial Secretary Paul Chan Mo-po released a blog post, in which he mentioned that he had introduced Hong Kong as a pioneer in embracing Web3.0 development to local regulators and the financial industry in Europe, and how to promote market development from various aspects such as regulatory formulation, product innovation, and government financing. In terms of regulatory formulation, Hong Kong implemented a virtual asset trading platform licensing system in June last year and is formulating other licensing regulations related to virtual asset businesses; in terms of product innovation, the first six virtual asset ETFs in Asia have been listed and pioneered a physical subscription and redemption mechanism; in terms of government bond financing, the SAR government has issued two batches of tokenized green bonds, with the second batch of multi-currency (Hong Kong dollars, RMB, euros, and US dollars) bonds totaling US$770 million, which is the world's first multi-currency government green bond issued in digital native form. Chan also said that he will further expand cooperation space with important stakeholders in the financial technology industry at the Hong Kong Web3 flagship event in October this year on an international level.