Hong Kong establishes task force to advance Web3 development

As part of Hong Kong’s continued commitment to embracing the ‘megatrend’ of Web3 development, Hong Kong has established a diverse group of industry and government officials to oversee the progress of Web3 in the region.

According to a report dated June 30, statement, The Hong Kong government has established a task force of 15 industry participants and 11 key government officials to oversee the development of Web3, with a focus on providing guidance on the ethical aspects of Web3. Did.

“The Secretary of the Treasury has announced the establishment of a task force in Budget 2023-24 to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.”

Government announces establishment of promotion task force #web3 development https://t.co/wrC1DmE2QD

— Hong Kong SAR Government News (@newsgovhk) June 30, 2023

Hong Kong’s Finance Minister Paul Chan said the task force would only further strengthen Hong Kong’s goal of becoming a front-runner in the Web3 space.

“Hong Kong strives to lead and promote innovative exploration and development, create more new application models, and build a thriving ecosystem by bringing together top-notch enterprises and talents in the field.” Chan said, adding:

“With a special committee of leaders and experts from relevant departments, we believe their valuable advice will help Hong Kong develop as a Web3 hub.”

It was highlighted that the market is “reacting positively” to the government’s October 2022 policy statement on Hong Kong’s virtual asset development.

Cointelegraph reported on March 20 that since the release of the statement, more than 80 crypto-related companies have expressed interest in “establishing a presence in Hong Kong.”

Related: HSBC rolls out cryptocurrency services in Hong Kong: report

This comes amid efforts by the Hong Kong government to push for cryptocurrency adoption.

On May 23, the Hong Kong Securities and Futures Commission (SFC) announced that it would soon allow a licensed platform for retail investors.

Operators of virtual asset trading platforms willing to follow the guidelines proposed by the SFC are said to be encouraged to submit license applications.

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