55. The Internet has been undergoing continuous development and evolution. Every generation of technological reform brings about new applications and fresh opportunities, and even disrupts the mode of business operation. The third generation Internet (Web3), currently in its start-up period, has the same huge potential. We must keep up with the times and seize this golden opportunity to spearhead innovation development.
56. Cyberport established the Web3 Hub@Cyberport early this year. I will allocate $50 million to expedite the Web3 ecosystem development by, among other things, organising major international seminars, to enable the industry and enterprises to better grasp frontier development and to promote cross-sectoral business co-operation, as well as arranging a wide array of workshops for young people.
57. Virtual assets (VA) are an integral part of a vibrant Web3 ecosystem. The policy statement on VA issued in October last year has set out the Government's policy stance and approach towards the relevant sector. The market has responded proactively. Over the past few months, a large number of innovative enterprises with potential have been considering setting up business in Hong Kong. For the next step, I will establish and lead a task force on VA development, with members from relevant policy bureaux, financial regulators and market participants, to provide recommendations on the sustainable and responsible development of the sector.
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