The Research Group of the Legislative Council Secretariat of Hong Kong recently released a data summary on the development of Web 3.0 technologies in selected places. The data summary first explores the main features, basic technologies and applications of Web 3.0, and then outlines the recent development of Web 3.0 in Hong Kong. This article then analyzes the development of Web 3.0 and related technologies/applications in selected places, including reviewing Japan's approach to formulating a comprehensive strategy, and other study places' initiatives to promote application-based initiatives, including measures by Singapore and the United Arab Emirates to develop blockchain technology and/or asset tokenization; and the development of the use of metaverse technology in Singapore, South Korea and the United Arab Emirates.
In the recent development of Web 3.0 in Hong Kong, the document mentioned that comments had been received urging the government to:
1. Develop a blueprint to promote the comprehensive development of Web 3.0 and focus on nurturing talents and start-ups; in addition, there are suggestions that the government should make strategic investments related to Web 3.0 technology cooperation through the newly established Hong Kong Investment Management Co., Ltd.
2. Actively explore various Web 3.0 technologies, such as blockchain-based applications (including DeFi and smart contracts), because in addition to virtual assets, Web 3.0 also has broad application potential in other fields;
3. Establish a clearer legal framework for new trends brought about by Web 3.0 technologies, including the emergence of DAOs and intellectual property issues/concerns brought about by the use of NFTs.
4. Learn from the experience of other places to catch up with the development of the Metaverse, and explore the application of the Metaverse in public services, tourism and other industries. The document mentioned in the final conclusion that most of the above policy measures announced by various places covered by the study are still in the planning stage or early implementation, and it may take some time to determine their results and effectiveness. However, the experience of these pioneers may be used as a reference for Hong Kong to provide policy guidance for the local development of Web 3.0 technology/applications.
It is reported that the summary of information was prepared at the request of Councillor Ng Kit-chung. The Information Research Group of the Hong Kong Legislative Council Secretariat conducted research on the pioneering places that have developed Web3.0 technologies/applications to explore the strategies they have adopted for this purpose.