The Secretary for Finance and the Treasury of Hong Kong, Hui Zhengyu, released a blog in which he introduced to local regulators and the financial industry in Europe how Hong Kong, as a pioneer in embracing the development of Web 3.0, can promote market development in various aspects such as regulatory formulation, product innovation and government financing. In terms of regulatory formulation, Hong Kong implemented the licensing system for virtual asset trading platforms in June last year and is formulating other licensing requirements for virtual asset businesses; in terms of product innovation, the first six virtual asset ETFs in Asia have been listed and the first physical redemption mechanism has been created; in terms of government bond financing, the SAR government has led the world in issuing two batches of tokenized green bonds. The second batch of multi-currency (HKD, RMB, EUR and USD) bonds totaled US $770 million, making it the first multi-currency government green bonds issued in digital native form in the world. Xu Zhengyu also said that he will further communicate and expand cooperation space with important fintech stakeholders at the international level during the Hong Kong Web3 Flagship Event Month in October this year.