Chief Executive John Lee said Hong Kong should embrace the development of Web 3.0 and strive to become a leader in the field.

Lee on Tuesday led several bureau chiefs in attending the opening ceremony of the Institute of Web 3.0 Hong Kong at the stock exchange.

In his speech, Lee said the development of Web 3.0 is at a “golden starting point”.

“[Web 3.0] is a revolutionary technology that has the potential to change many existing business models and create new opportunities,” he said.

The institute is headed by former Hong Kong Monetary Authority chief Norman Chan, and its members include influential figures from the fintech industry.

Chan said Web 3.0 will become the new “enabler” of the digital world.

“This is not just about technological innovation, but also about the life and death of various industries in the digital era,” he said.

Last October, the government issued a policy statement on the development of virtual assets in Hong Kong, saying Web 3.0 has the potential to become the future of finance and commerce.

The latest budget also stated that HK$50 million will be allocated to develop Web 3.0.