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Good morning, ladies and gentlemen, distinguished guests, and fellow innovators. It is my pleasure to speak to you all at this iconic event for Web3.
Before I elaborate on the Securities and Futures Commission’s (SFC) initiatives in this regard, let me start with a quick story. Last week, while scrabbling through a dusty box of forgotten treasures in my room, I unearthed something curious. I held it up to my son and asked, “Do you know what this is?” Without hesitation, he said, “Of course, Mom. That’s the save button. Why did you 3D-print it?”
That’s right. To him, this little plastic square, a floppy disk, is just a digital symbol he clicks every day. But this mix-up is not just a laugh; it is a vivid reminder of how fast technology races forward. Thirty years ago, the floppy disk was a game-changer that zipped the world of data into something you could slip into your pocket. Today, it is just an icon the youths barely recognise.
This brings us to today’s topic: Web3 as the next technological frontier. Just as the floppy disk transformed how we stored information long before Web1.0 took hold, blockchain technology has the potential to rewrite the rules of finance and beyond, enabling new economic models notably through the creation of crypto or here we call them virtual assets (VA) and tokenisation of real-world assets.
Like many of you, I am very much inspired by all these transformative potentials. Aligned with our Government’s visionary plans in this area that the Financial Secretary has just shared, the SFC is committed to supporting Hong Kong’s Web3 journey. Yet, we all know Web3 is still evolving and its full benefits will unfold in time, likely with twists and turns. Take nonfungible tokens (NFTs) and metaverse as an example, their meteoric rise generated widespread excitement two to three years ago but that energy has since faded. Therefore, rather than chasing every new spark, we believe in a pragmatic approach — strengthening the fundamentals and fostering a supportive ecosystem where Web3 can thrive in a sustainable manner.
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