Hong Kong is getting in on the rapid development of the Web3 world. A start-up accelerator recently launched a programme, “Hong Kong Web3.0 Hub”, aiming to fund 1,000 Web3 companies. There are also policy initiatives supporting Web3 applications and Hong Kong’s rising role as a regional tech hub. This, despite the recent turmoil over the collapse of the cryptocurrency exchange FTX, is expected to strengthen investor sentiment and allow Hong Kong to thrive as a hub of the Web3 world. Younger Hongkongers also share the excitement about Web3. According to ad hoc surveys conducted by the Policy Research Centre for Innovation and Technology at Polytechnic University, as much as 20 per cent of the younger generation, primarily undergraduates in their early 20s, have been exposed to digital assets. Ready for innovation, young people in Hong Kong are building not only their digital identities with Web3 technologies but also local communities for Web3. Their roles in Web3 could range from investment to entrepreneurship. The passion for Web3 among young people, however, will rely on societal drivers particular to Hong Kong, such as the government’s policy agenda, a dynamic marketplace and free movement of capital. The well-established professional services in Hong Kong, and the increased career opportunities in legal and financial services will continue to benefit the younger generation of the Web3 world. A robust financial market is well prepared for new risks that come with new technologies. That said, regulators and market intermediaries should still diligently follow the market to eliminate excessive risk-taking and watch for signs of systematic risk. The younger generation’s optimism about Web3 could also help the development of a regional forum for Web3 applications in Hong Kong. Indeed, a holistic societal infrastructure that supports younger Hongkongers’ Web3 initiatives will require support from higher education, regulatory agencies and the marketplace. This should include a rich supply of Web3-oriented curriculums, cutting-edge research on decentralised finance and prototypes for virtual assets, as well as regulatory sandboxes. Professor Haitian Lu and Dr Sirui Han, Policy Research Centre for Innovation and Technology, Hong Kong Polytechnic University Quick trips to the mainland are the answer I refer to “Hong Kong students will be able to go on 1-day trips to mainland China to fulfil requirements for new core subject” ( January 18 ). The new subject, citizenship and social development, requires senior secondary students to make a trip to the mainland. The education secretary said no exemptions from the trip would be granted, even though some education associations said they did not have time to prepare and were concerned about the Covid-19 situation on the mainland. In July, the education authorities provided 21 possible itineraries, eight for two days, 10 for three days, one for four days and the rest for five days. The new option of the one-day trip has been well received by schools. I believe the one-day trip is the best choice for students and schools. Students who are preparing for the Diploma of Secondary Education exams can’t be spending four to five days on only one subject. Furthermore, trips longer than a day may affect schools’ event calendars. Ivan Tse, Tseung Kwan O
