Huang Weilun, the Deputy Secretary of the Financial Secretary of the Hong Kong Special Administrative Region of China, attended the opening ceremony of the "2024 Hong Kong Web3 Carnival" today and stated that we will continue to promote more industry participation and promote the stable and responsible development of the virtual market in Hong Kong through timely information dissemination, comprehensive public education, and other measures.

He pointed out that currently, more than 220 Web3-related companies from more than 20 countries and regions such as mainland China and Europe and the United States have set up offices in Hong Kong, including virtual asset exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets, and payment companies.

Huang Weilun stated that the government will strike a balance between promoting development and appropriate regulation, especially in the field of virtual assets. We believe that a comprehensive and clear regulatory system is the key to promoting its sustainable development.