The "2026 Hong Kong Web3 Carnival," co-hosted by Wanxiang Blockchain Lab and HashKey Group, grandly opened today, gathering Web3 leaders, technical teams, institutional representatives, and developer communities from around the world to discuss tokenization, regulatory frameworks, artificial intelligence, and real-world assets (RWA). At the opening ceremony, Chan Ho-Lam, Deputy Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, delivered a keynote speech introducing Hong Kong's recent developments in digital asset policies, regulatory layout, and application practices, and emphasized the overall roadmap centered on the "LEAP" framework, showcasing Hong Kong's clear vision and firm determination to jointly promote the sustainable development of the Web3 ecosystem in terms of stable regulation, innovation promotion, strong scenarios, and talent education.

Below is Deputy Secretary Chan Ho-Lam's opening speech at the 2026 Hong Kong Web3 Carnival:

Hello everyone! Today, I am very pleased to attend the opening ceremony of the 2026 Hong Kong Web3 Carnival and have the opportunity to celebrate this occasion with all of you. First, I would like to extend the warmest welcome to the global Web3 leaders, professionals, innovators, and enthusiasts who have come to this carnival! The four-day carnival will focus on the hot topics and development trends of global Web3 and related industries, building a platform for exchanges and progress for the digital asset ecosystem and industry professionals.

As Asia's leading international financial center, Hong Kong has been promoting the development of Web3 and tokenization with an open and pragmatic attitude. In today's rapidly changing global economic landscape, Hong Kong, benefiting from the institutional advantages of "one country, two systems," has developed into Asia's leading international financial center under the unique background of supporting the motherland while connecting to the world. Under "one country," Hong Kong enjoys preferential access to the mainland market, while under "two systems," its core competitiveness includes free flow of capital, common law system, regulatory framework aligning with major overseas markets, and simple and low taxation. Under this unique background, Hong Kong has developed into Asia's leading international financial center, ranking third in the world and first in Asia according to the Global Financial Centers Index, with Hong Kong continuing to hold the first position globally in the fintech sector. In fact, Hong Kong ranks at the forefront in various financial rankings in Asia, including being first in Asia for initial public offering fundraising, international bond issuance, insurance density, cross-border wealth management scale, and hedge fund size. This not only affirms Hong Kong's financial system but also provides a solid foundation for Web3 innovation.

The Hong Kong SAR Government has always maintained an open and proactive attitude toward Web3 development. As early as 2022, we published the "Policy Declaration on the Development of Virtual Assets in Hong Kong," indicating our belief that digital assets have become indispensable in market development and demonstrating the Hong Kong SAR Government's open attitude towards embracing Web3. Recognizing the potential for the development of digital assets, Hong Kong has been actively making arrangements in recent years, gradually establishing a regulatory framework that balances risk management and investor protection, as well as industry development, promoting the sustainable development of Hong Kong's digital asset ecosystem. In 2025, we will release the "Hong Kong Digital Asset Development Policy Declaration 2.0." This declaration builds on the first policy declaration published in 2022, reaffirming the government's commitment to making Hong Kong a global innovation center in the digital asset field and proposing the "LEAP" framework, which signifies that Hong Kong is moving toward forming a trustworthy, sustainable digital asset ecosystem deeply integrated into the real economy.

The four pillars of "LEAP" cover our blueprint for future development. This includes optimizing legal and regulatory frameworks, expanding the range of tokenized products, advancing application scenarios and cross-sectoral collaboration, and developing talent and partnerships.

First is "L": Legal and regulatory streamlining, that is, optimizing legal and regulatory frameworks. We are building a unified and comprehensive regulatory structure for digital asset service providers, including trading platforms, stablecoin issuers, trading service providers, and custodians. Currently, there are over 10 licensed trading platforms in Hong Kong, and the Hong Kong Monetary Authority has issued the first two stablecoin issuer licenses this month. Considering the risk characteristics of stablecoins as emerging products, as well as user protection and market capacity considerations, we have set strict licensing thresholds to ensure a sound and steady start for the industry.
We are actively formulating regulations for digital asset trading service providers and digital asset custodians in collaboration with the Securities and Futures Commission, aiming to submit the bill to the Legislative Council by 2026. This comprehensive framework will provide a solid foundation for the digital asset industry, allowing innovation to thrive in a controlled environment.

Secondly, "E": Expanding the suite of tokenized products. The government will regularize the issuance of tokenized bonds and promote the tokenization of more asset classes, including precious metals, non-ferrous metals, and renewable energy, showcasing the close integration of tokenization technology with the real economy. The Securities and Futures Commission has recognized the first tokenized gold investment product available for retail investors in Hong Kong in 2024, which is the first tokenized gold investment product launched by a multinational bank for retail investors globally. In February 2025, the Securities and Futures Commission authorized the first tokenized money market fund aimed at retail investors in Hong Kong. Currently, there are over 10 tokenized money market funds approved by the Securities and Futures Commission in Hong Kong. Next, the Securities and Futures Commission is working with the industry to research secondary market trading rules, aiming to announce policy details in the first half of 2026. This will further enrich investment options and allow more citizens to participate in digital asset innovation.

Thirdly, "A": Advancing use cases and cross-sectoral collaboration. In terms of application practice, after issuing tokenized green bonds in 2023 and 2024, the government will issue the third batch in November 2025, totaling HKD 10 billion, making it the largest in the world. This issuance introduces tokenized central bank currency settlement options, marking the first digital bonds applying tokenized central bank currency in RMB and HKD.

At the same time, in August 2024, the Monetary Authority launched the Ensemble project sandbox, collaborating with the Securities and Futures Commission to promote the tokenization of the asset management industry. Participating institutions are testing tokenized asset trading settlements, identifying pain points, and exploring the benefits of blockchain in issuance, secondary trading, custody, and collateralization. The Ensemble project will enter the trial phase in November 2025 under the name EnsembleTX, focusing on the instant liquidity management of tokenized money market fund trading.

Fourth, "P" represents People and partnership development. Talent is fundamental to industrial development. We are actively promoting strategic collaboration between universities and the industry, connecting academic research with practical applications. Joint research programs will focus on new blockchain applications, tokenization frameworks, supervisory technologies, and AI-driven financial tools, cultivating a new generation of entrepreneurs, researchers, and technology experts.

Dear friends, Hong Kong will continue to steadily advance the development of the digital asset industry. We will continue to uphold the principle of "same business, same risk, same rules" and continuously optimize a regulatory system that meets local circumstances and aligns with international standards, ensuring the healthy, responsible, and sustainable development of Hong Kong's digital asset market, further consolidating and enhancing Hong Kong's position as an international financial center.

Here, I would like to thank Wanxiang Blockchain Lab and HashKey Group for hosting the 2026 Hong Kong Web3 Carnival. I firmly believe that through this event, you will surely spark more innovation and inject new vitality into the Web3 ecosystem of Hong Kong and the world. I sincerely wish the 2026 Hong Kong Web3 Carnival great success! Thank you!

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