On October 25, 2023, the Hong Kong Special Administrative Region (HKSAR) government released its annual policy address for the year 2023, which includes a range of policies and measures related to talent development and attraction. The primary objective of these policies is to enhance Hong Kong's competitiveness and innovation capacity. This series of policies and measures is designed to provide greater financial and resource support to the Web3 industry, along with incentives and rewards for innovation. These initiatives are intended to attract more renowned overseas and mainland tech companies to establish or expand their research and development institutions in Hong Kong, while also supporting the innovation and growth of local tech enterprises.
The policy address highlights the Capital Investor Immigration Scheme and the promotion of the "Northern Metropolitan Area" development as vital sources of support for the Web3 industry. These policies aim to attract more investments and resources to the industry, offering additional momentum for innovation. Simultaneously, these policies are expected to enhance the innovation efficiency and quality of the Web3 industry, fostering the introduction of more high-quality products and services.
Moreover, Hong Kong is intensifying its efforts in nurturing and developing the technological talent required by the Web3 industry, raising their qualifications and capabilities. The Web3 industry is a highly complex and diverse field, demanding the ability to continuously update and enhance the knowledge and skills of tech talent. Hong Kong, through its support for diverse youth development and the allocation of land for international schools, aims to cultivate more tech talent with professional knowledge, practical experience, innovative thinking, and a global perspective, thus elevating the talent pool and competitiveness of the Web3 industry.
The policy address of the HKSAR government also outlines goals for the comprehensive implementation of a strategy to strengthen the nation through talent, accelerating the establishment of a world-class talent hub and innovation center. This strategy is designed to promote a rational distribution of talent and coordinated development within the region. These objectives will offer the Web3 industry more opportunities and channels for technological collaboration, expanding collaboration and communication with tech enterprises, institutions, and communities from other regions and countries. This, in turn, will further expand the industry's market reach, networking, influence, and reputation.
Furthermore, Hong Kong is actively regulating the cryptocurrency market and expediting the formulation of guidelines for stablecoin issuance. As part of Hong Kong's embrace of cryptocurrency initiatives, a stablecoin based on the digital Hong Kong dollar is currently in development. This measure is expected to further boost the development of the cryptocurrency market and provide more growth opportunities for the Web3 industry.
Following a period of decline, the cryptocurrency and Web 3.0 markets are gradually regaining momentum. As a new element in the "Global Digital Financial Center," Hong Kong will leverage its new technological capabilities to contribute to the global stage, accelerating the development and transformation of Web 3.0. Through the policies and measures proposed in the policy address, the HKSAR government is committed to providing robust support for the Web3 industry, driving its innovative development, and further solidifying Hong Kong's position as a hub for technological innovation.
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