According to BlockBeats, on August 7, Hong Kong Legislative Council member Chan Chung-ni published an article titled 'Empowering the Development of Web3.0 in the Financial Industry,' emphasizing the need for the Hong Kong government to significantly develop Web3.0 infrastructure to support its long-term growth.

Chan highlighted the importance of actively exploring the integration of Web3.0 with traditional finance. This includes data connectivity between government departments and banks, traditional financial payments and settlements, personal and corporate credit services, and supply chain finance. He also stressed the need to standardize asset on-chain protocols and to timely establish a legal framework for the circulation of Real World Asset (RWA) tokens. These measures aim to promote seamless integration, data sharing, and asset transfer between traditional finance and virtual assets ecosystems.

Given the current shortcomings of mainstream public blockchain platforms in privacy protection, Chan suggested that Hong Kong should support the development of a foundational blockchain platform that is secure, privacy-protective, efficient, low-cost, energy-saving, compliant, modular, and globally oriented. He called for increased investment in resources and technology to encourage scientific research and innovation, as well as the formulation of policies and regulations to support the development of blockchain technology.