- Paul Chan emphasizes responsible innovation in AI and Web3 for business and public services.
- Hong Kong remains committed to balanced, tech-neutral regulation.
- A new Virtual Assets policy is expected to further integrate Web3 into finance.
Speaking at the 2025 Web3 Festival, Financial Secretary Paul Chan outlined how Web3 and AI are rapidly reshaping business models, public services, and global finance.
Chan also discussed the broader societal impact of Web3 technologies, highlighting regenerative finance applications such as tokenised carbon credits.
Shaping the Future: Hong Kong’s Vision for Web3, AI, and Responsible Innovation
Paul Chan underscored that artificial intelligence is evolving faster than anticipated, demanding urgent regional and global cooperation. He cautioned against challenges like deepfakes, algorithmic bias, and cybersecurity threats that require proactive governance alongside innovation.
The festival served as a platform for Chan to reaffirm the city’s vision of becoming a global Web3 hub. He praised the resilience and optimism within the crypto space. Chan noted a surge in institutional interest and technological adoption across jurisdictions.
Chan also revealed that a forthcoming policy statement on Virtual Assets will focus on leveraging Web3 to modernize traditional finance, energize the real economy, and improve digital asset infrastructure. This reflects Hong Kong’s strategic push toward integrating emerging technologies into its financial services framework.
He highlighted that Web3’s true promise lies beyond digital currencies. Its potential to drive sustainable impact through tools like smart contracts and decentralized applications could significantly enhance transparency, efficiency, and financial inclusion worldwide.
Paul Chan’s remarks signal Hong Kong’s growing role in shaping the future of decentralized technologies, striking a balance between innovation and accountability.
“While decentralized networks bring significant benefits, [we] need to collaborate both regionally and globally to address challenges posed by AI.” – Paul Chan
