The Hong Kong government issued a policy statement on the development of virtual assets in Hong Kong in 2022. The market is concerned about the recent withdrawal of many large international virtual property platforms from Hong Kong license applications, and the volume of virtual spot ETFs listed in Hong Kong is also lower than that of the US market. Regarding the future development blueprint of Web3 in Hong Kong, Hong Kong's Secretary for Financial Services and the Treasury, Hui Zhengyu, said that the current Web3 discussions are too focused on the financial sector, and the technological elements behind it are more important, including disintermediation to make transactions and settlements more efficient.