The Hong Kong Web3 Festival opened on Monday against a backdrop of plunging global markets and a sharp downturn in cryptocurrency prices, while local officials and industry leaders expressed optimism about the industry’s future given the recent policy pivot in the US.
The event, hosted by crypto exchange operator HashKey Group and blockchain research organisation Wanxiang Blockchain Labs, comes as newly imposed US tariffs have roiled stock and crypto markets.
“Hong Kong is pro-Web3,” Hong Kong Financial Secretary Paul Chan Mo-po said in his opening remarks on Monday, a day after the event’s official start date. The city’s approach is “not simply about regulations”, but also striking a balance without “stifling innovation”, he said.
“After all, innovation entails risks,” he added.
Securities and Futures Commission Executive Director Christina Choi Fung Yee urged businesses to “choose Hong Kong for your Web3 projects”.
