On October 31, 2022, the Hong Kong government released the "Policy Declaration on the Development of Virtual Assets in Hong Kong", explaining the positive stance and regulatory attitude of the Hong Kong government towards virtual assets, and after the release of the Declaration, Hong Kong quickly became the focus of attention of the global crypto industry. At the same time, the Hong Kong government gave unprecedented support to the development of WEB3.0, with equal emphasis on regulation and promotion, and took the lead in igniting the star fire of WEB3.0.