<p>2026 年香港 Web3 嘉年華傳達的信息與過去幾年行業討論有顯著不同。如果説市場之前還在反覆測試 “Web3 是否具有真實價值”，那麼這次，從陳茂波、葉志恆和範文仲的演講來看，討論的重點已經根本改變：Web3 不再是需要證明的技術命題，而是開始進入制度化和結構化實施的階段。更準確地説，香港試圖構建的不是 “Web3 產業集羣”，而是下一代金融系統的操作系統。從 “資產數字化” 到 “金融重組”，香港財政司司長陳茂波在演講中反覆強調 “代幣化” 的重要性，明確指出目前納入這一過程的資產類型已從早期的加密資產擴展到貨幣、債券、房地產和未來收入權利。這一變化的關鍵不在於技術形式，而在於金融結構的基礎邏輯的轉變。在傳統金融系統中，資產的流動性、可分割性和參與壁壘往往由集中中介決定；然而，在代幣化框架下，這些限制被重新編碼為鏈上規則，使資產能夠被分割、流通，並以編程方式清算和分配。這標誌着一個更根本的變化：金融不再是 “誰擁有資產”，而是 “資產如何流動”。過去，金融涉及少數人分配資產；在新的框架下，資產開始以更少的摩擦流向更廣泛的參與者。因此，代幣化的本質不僅僅是 “上鍊”，而是金融資源配置機制從 “機構驅動” 轉向 “規則驅動” 的轉變。這一轉變為未來更大規模的金融創新奠定了基礎。人工智能的引入：從效率工具到經濟主體 如果代幣化重塑了 “資產”，那麼人工智能的引入開始重塑 “參與者”。中國金融學會執行委員會成員、北京金融控股集團前董事長範文仲提出的 “去中心化代理經濟（DAE）” 框架提供了前瞻性的解釋：在未來的經濟系統中，人工智能將不再僅僅是輔助決策的工具，而是具備獨立行動能力的經濟主體。這一判斷基於三個關鍵前提：人工智能代理具備不斷演變的決策能力，使其能夠在複雜環境中做出戰略選擇；區塊鏈為其提供身份、賬户和可驗證的執行環境；可編程貨幣和智能合約使其能夠直接參與價值交換。在這一框架內，金融系統將經歷根本性的變化：交易行為將不再完全由人類驅動，而是逐漸轉向 “機器參與與規則約束” 的混合模式。這不僅意味着交易效率的提高，也意味着市場運行邏輯的重構。例如，在高頻交易、流動性管理和跨市場協作等領域，人工智能代理與鏈上基礎設施的結合可能顯著減少原有的中介環節。這就是為什麼陳茂波強調：“這種興趣（人工智能代理）與 Web3 和人工智能的交集將改變 ‘遊戲規則’。” 制度層面的關鍵：從 “探索” 到 “可執行性” 明確的技術路徑並不自動意味着系統可以運作。其成功實施的關鍵在於制度安排。在這方面，以香港證券及期貨事務監察委員會中介部執行董事葉志恆為代表的監管機構發出了相對明確的信號：香港正在將數字資產系統從 “政策聲明” 轉向 “實施框架”。在過去一年中，香港完成了三項關鍵躍進：監管範圍的系統性擴展——交易所、託管、質押和衍生品逐漸納入統一體系，為機構進入提供基礎；產品層面的逐步放開——從代幣化基金到貨幣市場工具，監管正在形成可複製的產品路徑；基礎設施方向的明確——尤其是穩定幣，開始進入核心政策關注點。這三點的綜合結果是，香港的 Web3 已從 “可討論” 轉向 “可執行”。 穩定性與連續性：香港路徑的差異化優勢 全球範圍內，各地區對 Web3 的態度差異顯著。美國頻繁調整政策，導致機構預期的不確定性；而歐洲則主要採取嚴格監管，在一定程度上限制了創新。相比之下，香港選擇了不同的路徑：堅持 “同風險、同監管” 的原則，通過沙盒機制逐步釋放創新空間，同時保持政策節奏的連續性。香港立法會成員邱達根在演講中強調的 “穩定性和透明性”，雖然看似是原則性聲明，但實際上在當前全球監管環境中構成了顯著的制度優勢：當不確定性成為常態時，穩定性本身就成為稀缺資源。這一點對長期資本和機構參與者尤為重要。 從行業競爭到系統競爭 總結而言，香港並不是在推進單一技術或行業，而是在進行系統性建設：以 RWA 為代表的資產數字化路徑；以穩定幣為中心的結算網絡；以及由人工智能代理驅動的經濟實體重構。這三條主線逐漸在同一基礎設施上耦合，最終指向的不是誰在構建 Web3，而是誰能夠定義下一代金融系統的運作方式。從這個意義上説，香港的角色正在從參與者轉變為規則制定者。當資產、規則和參與者同時發生變化時，金融系統往往進入加速重組的階段。當前的問題可能不再是 Web3 是否具有長期價值，而是在這一輪系統重組中，新的權力結構將如何重新分配。</p>

恆生指數

易方達中證香港證券投資主題(港股通)ETF

AGX AI科技

A都會WEB3

<p>2026 年香港 Web3 嘉年華標誌着 Web3 敍事的關鍵轉變，從證明其價值轉向制度化和結構化實施。財政司司長陳茂波強調了代幣化的重要性，擴展了資產類型，不僅限於加密貨幣，還包括貨幣、債券和房地產。人工智能作為經濟主體的引入將重塑市場動態，提高效率並減少中介角色。香港的監管框架正從政策聲明演變為可執行的系統，促進創新的同時確保穩定，這與全球對 Web3 的多樣化方法形成對比</p>

<p>The message conveyed by the 2026 Hong Kong Web3 Carnival is significantly different from the industry discussions of the past few years. If the market was previously still repeatedly testing whether &#34;Web3 has real value,&#34; then this time, judging from the speeches of Paul Chan, Ip Chi-hang, and Fan Man-chung, the focus of the discussion has fundamentally changed: Web3 is no longer a technical proposition that needs to be proven, but is beginning to enter a phase of institutionalization and structured implementation. More precisely, what Hong Kong is trying to build is not a &#34;Web3 industry cluster,&#34; but an operating system for the next generation of financial systems. From “Asset Digitization” to “Financial Restructuring” Hong Kong Financial Secretary Paul Chan repeatedly emphasized the significance of “tokenization” in his speech, clearly pointing out that the types of assets currently included in this process have expanded from early crypto assets to currencies and bonds, real estate, and future income rights. The key to this change lies not in the technological form, but in the shift in the underlying logic of the financial structure. In the traditional financial system, the liquidity, divisibility, and participation barriers of assets are often determined by centralized intermediaries; however, under the tokenization framework, these constraints are recoded into on-chain rules, allowing assets to be split, circulated, and cleared and distributed programmatically. This signifies a more fundamental change: finance is no longer about &#34;who owns assets,&#34; but rather &#34;how assets flow.&#34; In the past, finance involved a minority allocating assets; under the new framework, assets begin to flow to a wider range of participants with less friction. Therefore, the essence of tokenization is not simply &#34;on-chain,&#34; but rather a shift in the financial resource allocation mechanism from &#34;institution-driven&#34; to &#34;rule-driven.&#34; This shift provides the foundation for larger-scale financial innovation in the future. The Introduction of AI: From Efficiency Tool to Economic Agent If tokenization reshapes &#34;assets,&#34; then the introduction of artificial intelligence begins to reshape &#34;participants.&#34; The &#34;DAE (Decentralized Agentic Economy)&#34; framework proposed by Fan Wenzhong, a member of the Executive Committee of the China Finance Society and former chairman of Beijing Financial Holdings Group, offers a forward-looking explanation: in the future economic system, AI will no longer be merely a tool to assist decision-making, but rather an economic agent with independent action capabilities. This judgment is based on three key premises: AI agents possess continuously evolving decision-making capabilities, enabling them to make strategy choices in complex environments; blockchain provides them with identity, accounts, and a verifiable execution environment; and programmable currency and smart contracts enable them to directly participate in value exchange. Within this framework, the financial system will undergo a fundamental change: trading behavior will no longer be entirely driven by humans, but will gradually shift to a hybrid model of &#34;machine participation and rule constraints.&#34; This not only means improved trading efficiency, but also a restructuring of market operating logic. For example, in areas such as high-frequency trading, liquidity management, and cross-market collaboration, the combination of AI agents and on-chain infrastructure may significantly reduce the original intermediary links. This is why Paul Chan emphasized: &#34;This interest (AI agents) and the intersection of Web3 and artificial intelligence will change the 'rules of the game.'&#34; The key at the institutional level: from &#34;exploration&#34; to &#34;executability&#34; A clear technological path does not automatically mean that the system can operate. The key to its successful implementation lies in the institutional arrangements. In this regard, the regulatory authorities, represented by Ip Chi-hang, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, have given a relatively clear signal: Hong Kong is moving the digital asset system from &#34;policy statement&#34; to &#34;implementation framework.&#34; Over the past year, Hong Kong has completed three key leaps: Systematic expansion of regulatory scope—exchanges, custody, staking, and derivatives are gradually being incorporated into a unified system, providing a foundation for institutional entry; Gradual liberalization at the product level—from tokenized funds to money market instruments, regulation is forming a replicable product path; Clarification of infrastructure direction—especially stablecoins, which are beginning to enter the core policy focus. The combined result of these three points is that Web3 in Hong Kong has moved from &#34;discussable&#34; to &#34;executable.&#34; Stability and Continuity: The Differentiated Advantages of the Hong Kong Path Globally, attitudes towards Web3 vary significantly across different regions. The United States has frequently adjusted its policies, leading to uncertainty in institutional expectations; Europe, on the other hand, primarily adopts strict regulation, which to some extent restricts innovation. In contrast, Hong Kong has chosen a different path: Adhering to the principle of &#34;same risk, same regulation,&#34; it gradually releases space for innovation through a sandbox mechanism, while maintaining continuity in policy pace. The &#34;stability and transparency&#34; emphasized by Hong Kong Legislative Council member Chiu Tat-kan in his speech, while seemingly a principled statement, actually constitutes a significant institutional advantage in the current global regulatory environment: When uncertainty becomes the norm, stability itself becomes a scarce resource. This point is particularly crucial for long-term capital and institutional participants. From Industry Competition to System Competition In summary, Hong Kong is not advancing a single technology or industry, but rather a systemic construction: Asset digitization pathways represented by RWA; a settlement network centered on stablecoins; and a restructuring of economic entities driven by AI agents. These three main threads are gradually coupling on the same infrastructure, ultimately pointing not to who is building Web3, but to who can define how the next-generation financial system operates. In this sense, Hong Kong's role is shifting from participant to rule-maker. When assets, rules, and participants change simultaneously, the financial system often enters a phase of accelerated restructuring. The current question may no longer be whether Web3 has long-term value, but rather how the new power structure will be redistributed in this round of systemic restructuring.</p>
<div class="lb-trans"><p>2026 年香港 Web3 嘉年華傳達的信息與過去幾年行業討論有顯著不同。如果説市場之前還在反覆測試 “Web3 是否具有真實價值”，那麼這次，從陳茂波、葉志恆和範文仲的演講來看，討論的重點已經根本改變：Web3 不再是需要證明的技術命題，而是開始進入制度化和結構化實施的階段。更準確地説，香港試圖構建的不是 “Web3 產業集羣”，而是下一代金融系統的操作系統。從 “資產數字化” 到 “金融重組”，香港財政司司長陳茂波在演講中反覆強調 “代幣化” 的重要性，明確指出目前納入這一過程的資產類型已從早期的加密資產擴展到貨幣、債券、房地產和未來收入權利。這一變化的關鍵不在於技術形式，而在於金融結構的基礎邏輯的轉變。在傳統金融系統中，資產的流動性、可分割性和參與壁壘往往由集中中介決定；然而，在代幣化框架下，這些限制被重新編碼為鏈上規則，使資產能夠被分割、流通，並以編程方式清算和分配。這標誌着一個更根本的變化：金融不再是 “誰擁有資產”，而是 “資產如何流動”。過去，金融涉及少數人分配資產；在新的框架下，資產開始以更少的摩擦流向更廣泛的參與者。因此，代幣化的本質不僅僅是 “上鍊”，而是金融資源配置機制從 “機構驅動” 轉向 “規則驅動” 的轉變。這一轉變為未來更大規模的金融創新奠定了基礎。人工智能的引入：從效率工具到經濟主體 如果代幣化重塑了 “資產”，那麼人工智能的引入開始重塑 “參與者”。中國金融學會執行委員會成員、北京金融控股集團前董事長範文仲提出的 “去中心化代理經濟（DAE）” 框架提供了前瞻性的解釋：在未來的經濟系統中，人工智能將不再僅僅是輔助決策的工具，而是具備獨立行動能力的經濟主體。這一判斷基於三個關鍵前提：人工智能代理具備不斷演變的決策能力，使其能夠在複雜環境中做出戰略選擇；區塊鏈為其提供身份、賬户和可驗證的執行環境；可編程貨幣和智能合約使其能夠直接參與價值交換。在這一框架內，金融系統將經歷根本性的變化：交易行為將不再完全由人類驅動，而是逐漸轉向 “機器參與與規則約束” 的混合模式。這不僅意味着交易效率的提高，也意味着市場運行邏輯的重構。例如，在高頻交易、流動性管理和跨市場協作等領域，人工智能代理與鏈上基礎設施的結合可能顯著減少原有的中介環節。這就是為什麼陳茂波強調：“這種興趣（人工智能代理）與 Web3 和人工智能的交集將改變 ‘遊戲規則’。” 制度層面的關鍵：從 “探索” 到 “可執行性” 明確的技術路徑並不自動意味着系統可以運作。其成功實施的關鍵在於制度安排。在這方面，以香港證券及期貨事務監察委員會中介部執行董事葉志恆為代表的監管機構發出了相對明確的信號：香港正在將數字資產系統從 “政策聲明” 轉向 “實施框架”。在過去一年中，香港完成了三項關鍵躍進：監管範圍的系統性擴展——交易所、託管、質押和衍生品逐漸納入統一體系，為機構進入提供基礎；產品層面的逐步放開——從代幣化基金到貨幣市場工具，監管正在形成可複製的產品路徑；基礎設施方向的明確——尤其是穩定幣，開始進入核心政策關注點。這三點的綜合結果是，香港的 Web3 已從 “可討論” 轉向 “可執行”。 穩定性與連續性：香港路徑的差異化優勢 全球範圍內，各地區對 Web3 的態度差異顯著。美國頻繁調整政策，導致機構預期的不確定性；而歐洲則主要採取嚴格監管，在一定程度上限制了創新。相比之下，香港選擇了不同的路徑：堅持 “同風險、同監管” 的原則，通過沙盒機制逐步釋放創新空間，同時保持政策節奏的連續性。香港立法會成員邱達根在演講中強調的 “穩定性和透明性”，雖然看似是原則性聲明，但實際上在當前全球監管環境中構成了顯著的制度優勢：當不確定性成為常態時，穩定性本身就成為稀缺資源。這一點對長期資本和機構參與者尤為重要。 從行業競爭到系統競爭 總結而言，香港並不是在推進單一技術或行業，而是在進行系統性建設：以 RWA 為代表的資產數字化路徑；以穩定幣為中心的結算網絡；以及由人工智能代理驅動的經濟實體重構。這三條主線逐漸在同一基礎設施上耦合，最終指向的不是誰在構建 Web3，而是誰能夠定義下一代金融系統的運作方式。從這個意義上説，香港的角色正在從參與者轉變為規則制定者。當資產、規則和參與者同時發生變化時，金融系統往往進入加速重組的階段。當前的問題可能不再是 Web3 是否具有長期價值，而是在這一輪系統重組中，新的權力結構將如何重新分配。</p>
</div>

香港 Web3 嘉年華：Web3 進入實施階段的一個分水嶺時刻