In recent years, affected by many factors such as geopolitical crises and international trade situations, the world economy has been stumbling. How to activate the country's economic momentum and improve social productivity has become a top priority for governments of all countries. The development of digitalization is undoubtedly one of the common directions of all countries in the world.
With the rise of artificial intelligence, blockchain, virtual assets and other technologies, the third generation of the Internet (web3.0) is becoming an important driving force for the development of the digital economy. Lu Tingjie, executive vice chairman of the China Information Economics Society, recently predicted that "a huge revolution will occur on the Internet within 5 to 8 years, and this is web3.0."
web3.0 is an important driving force of the Internet revolution.
web3.0 is currently popular around the world. There is no generally accepted standard definition, and Brian Brooks of Bitfuryceo, a blockchain technology company, positions it as "an Internet where users can have property rights."
Regarding the relationship between web3.0, blockchain and the Metaverse, Li Ming, an associate researcher at the Hong Kong Polytechnic University and a consultant at the Hong Kong Top 100 Research Center, believes that blockchain is a kind of infrastructure and the Metaverse is a brand-new information Consumption ecology, and web3.0 is the mechanism that runs within it.
As a new generation of Internet, web3.0 is supported by cutting-edge technologies such as blockchain and artificial intelligence. The biggest difference from web2.0 is that it has the three major advantages of "decentralization, security, and privacy protection". Users You can create and control your own independent environment, realizing "readable, writable, and ownable". This also breaks the monopoly model of web2.0 and solves the problem of platform value distribution.
Zheng Zhiming, an academician of the Chinese Academy of Sciences, pointed out that web3.0 allows users to independently control data, data identity, and data assets. It is expected to solve the trust and security issues in cyberspace, promote the transformation of the Internet from transmitting information to transmitting value, and bring benefits to the development of the digital economy. Large-scale innovation in business models, production methods, and industrial organizations.
At present, common applications in the web3.0 industry include virtual assets, digital identity verification, decentralized exchanges, decentralized financial services (defi), blockchain games, nft, etc. There may be more new ones in the future Applications are emerging.
Based on the huge development prospects, web3.0 has become a popular industry in the investment and financing circles in 2023. it Orange data shows that in 2023, a total of 199 investment events occurred in the global web3.0 field, among which blockchain infrastructure financing amounted to the highest.
Hong Kong has launched the first shot of web3.0
Hong Kong Chief Executive Li Jiachao once said that web3.0, a disruptive technology, can change many original business operation models and create more new opportunities. Web3.0 represents the third The third generation of Internet has great development potential.
2023 is the first year that Hong Kong kicks off the development of the web3.0 industry. The Hong Kong government has demonstrated its determination and courage to develop the next generation of Internet with actions.
In order to grasp the development trend of web3.0 and seize the highland of web3.0 industry, Hong Kong has actively embraced web3.0 from various aspects such as industry, talent, and finance since this year. Hong Kong's goal in developing web 3.0 is very clear, which is to lead and drive innovative exploration and development, bring together more top companies and talents, and develop Hong Kong into a hub for web 3.0.
In October last year, the Financial Secretary of Hong Kong issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong", clarifying the government's policy stance and guidelines on the development of the booming virtual asset industry and ecosystem in Hong Kong. Since then, the Hong Kong government has successively introduced a series of supportive and normative policies.
On April 14 this year, the Hong Kong web3.0 Association was established. The members of the association are all heavyweights in the industry.
In addition to relevant associations, Hong Kong will also set up a web3hub fund, which will be chaired by Hong Kong Financial Secretary Paul Chan and a management committee composed of experts from financial technology, blockchain, cryptocurrency and other fields to support more overseas web3 .0 companies settled in Hong Kong.
In order to further promote the development of the web3.0 industry, the Hong Kong government announced the establishment of a third-generation Internet (web3.0) development task force in July this year. Financial Secretary Paul Chan Mo-po serves as the chairman. The task force will discuss and recommend how to promote Hong Kong's development in web3. .0 development strategies and measures in the field.
Previously, the Hong Kong government allocated 62 billion Hong Kong dollars to invest in tracks that will contribute to Hong Kong's future economy. The four identified tracks cover financial technology (including virtual assets, web3), biotechnology, and artificial intelligence big data. , high-end manufacturing industry.
In addition to Hong Kong, many domestic cities have also adopted web3.0 as one of the driving forces for future innovation and development.
Since this year, the mainland government has mentioned that it will proactively deploy future industries such as artificial intelligence, web3.0, and advanced computing to form new competitiveness on the new track.
Recently, my country's Ministry of Industry and Information Technology stated that it will improve the top-level design, formulate a web3.0 development strategy document that is in line with my country's national conditions, and has already carried out work in promoting the development of web3.0, including continuous optimization of the policy environment, continuous deepening of technology exploration, and application cultivation. Accelerate the advancement and steady advancement of standard development.
Against this background, governments across the mainland are also actively developing web 3.0. During the year, many provinces and cities issued supporting policies, with Beijing, Shanghai, Guangzhou, Hangzhou and other places being particularly active. Among them, Beijing released the "Beijing Internet 3.0 Innovation and Development White Paper (2023)" in June this year, proposing to strengthen policy support and organizational guarantees, accelerate technological research and the construction of common platforms, promote the construction of "Internet 3.0+" application scenarios, and do We will do a good job in risk supervision and create a good ecological environment for the innovative development of Beijing Internet 3.0.
Hong Kong's web3.0 industry is booming
As an international financial center, Hong Kong has unique advantages in developing web3.0 in terms of legal system and talents. With the strong support of the government, the development of Hong Kong's web3.0 industry is very prosperous.
virtual assets are closely related to applications and innovations related to the web3.0 industry and the real economy. In web3.0, users create, own and exchange virtual assets in a decentralized storage model, and the user's identity is stored in digital wallets and other tools. In 2023, Hong Kong will frequently make efforts in the field of virtual assets.
Following the launch of the first batch of virtual asset futures ETFs in December last year, in June this year, the Hong Kong Securities and Futures Commission officially implemented the new licensing system for virtual asset service providers and is willing to invite relevant exchanges to explore business opportunities in Hong Kong.
The official website of the Hong Kong Stock Exchange shows that as of December 7 this year, two virtual asset platforms, osl Digital Securities Co., Ltd. and hash blockchain limited, have been officially licensed by the Hong Kong Securities Regulatory Commission. In addition, as of December 22, the total assets under management of the three virtual asset futures ETFs traded on the Hong Kong Stock Exchange were approximately HK$574 million, an increase of over 160% from approximately HK$220 million in early October this year.
In the web3.0 era, stable coins will play an important role in cross-border payments, currency exchange, investment and other financial services. During the year, Hong Kong policies vigorously promoted the digital Hong Kong dollar to form the "backbone" and pillar role in connecting legal tender and virtual assets. As a digital currency focused on the retail sector, the Hong Kong Treasury Bureau is considering building the digital Hong Kong dollar into a "stable currency" for virtual asset transactions.
Hong Kong Legislative Council member Wu Kit-chuang said in August this year that if the Hong Kong government can successfully build the digital Hong Kong dollar into the world's first officially issued stable currency, and use cash support to improve stability, it can avoid bankruptcy and at the same time, the Hong Kong dollar can be lifted. Enter the web3.0 market and firmly occupy the leading position in the industry.
Hong Kong's digital technology flagship and entrepreneurial incubation base - Cyberport, is also driven by the web3.0 industry to the forefront. During the year, Cyberport received funding from the Hong Kong government to accelerate the construction of a web 3.0 base, and the measures proposed in the Budget at the beginning of this year have been implemented and advanced.
Cyberport has made positive progress this year. Paul Chan recently said that Cyberport has gathered more than 210 companies engaged in web 3.0. Their founders come from more than 20 countries and regions around the world, and they actively apply related technologies in different aspects of life and business, from payment systems, Blockchain network security, to digital entertainment business, covering a wide range of businesses.
In addition, according to the official website of Cyberport, as of the end of November this year, the number of Cyberport community enterprises exceeded 2,000. Cyberport has so far cultivated and supported 7 unicorn enterprises, with businesses covering financial technology, smart life and smart cities, digital entertainment, Third-generation Internet and other fields.
Supervision is tightened under the chaos
However, it is undeniable that in 2023, which is about to pass, we have witnessed the rapid development of the third generation of the Internet, and we are also facing some challenges.
In the field of web3.0, which is in its infancy, regulatory authorities need to deal with new challenges and issues, including supervision, law, data security, large-scale applications, etc., which all need to be continuously explored and solved in practice.
Currently, the implementation of Hong Kong’s web3.0 industry is mainly in the field of virtual assets. During the year, Hong Kong’s virtual asset market experienced twists and turns. On the one hand, it was affected by the collapse of large overseas trading platforms and on the other hand, local fraud cases in Hong Kong also affected investor confidence.
In terms of overseas markets, in November this year, ftx, one of the world's largest cryptocurrency exchanges, announced the launch of bankruptcy reorganization procedures, and its founder Sam Bankman-Fried was found guilty in his criminal fraud case. In the same month, cryptocurrency platform bittrex announced that it would shut down all operations. In addition, since last year, many overseas virtual currency trading platforms have announced their closure.
The collapse of many virtual currency trading platforms around the world has caused a "big earthquake" in the industry and has also brought challenges to the development of the web3.0 industry.
Hong Kong's virtual asset market is also prone to chaos. In October this year, the unlicensed and unlicensed virtual asset trading platform jpex exploded, causing the victim to lose more than HK1.5 billion. Therefore, it is regarded as "the first criminal case in Hong Kong's currency circle" ".
In November, a virtual asset trading platform called "hounax" was reported by investors. The police said that the case involved more than 110 million Hong Kong dollars.
The Hong Kong Securities and Futures Commission disclosed 11 suspicious virtual asset trading platforms on its official website, of which 7 virtual asset trading platforms were included in the suspicious list in 2023. Among them, a platform named "Hong Kong Digital Research Institute" claimed to have obtained a license from the Securities and Futures Commission, but this was not the case. In November this year, it was included in the warning list of suspicious virtual asset trading platforms by the Hong Kong Securities Regulatory Commission.
In addition, according to the official website of the Hong Kong Securities Regulatory Commission, since August 2021, the Hong Kong Securities Regulatory Commission has disclosed 7 suspicious investment products related to digital tokens, including 5 in the whole of 2023.
The above reflects that during the period when Hong Kong was vigorously developing the web3.0 industry, criminals took advantage of the market development and supervision to take risks for profit, disrupting the market order and sounding the alarm for the development of the web3.0 industry.
In order to monitor market changes and developments, ensure the interests of investors are protected, and prevent investment funds from being abused by the platform, in June this year, Hong Kong officially implemented a new licensing system for virtual asset service providers, showing that Hong Kong and the global virtual asset industry are exploring together Commitment and determination for financial innovation.
Chen Maobo recently said: "The road to innovation and change is never smooth sailing. We need to work together to create a stable and encouraging environment for innovation. This requires everyone to be more vigilant, work together, and work hard together."
Author: Yuanyuan
