Hong Kong has formed a task force comprising a varied panel of industry and government representatives to oversee the advancement of Web3 in the region, demonstrating its dedication to embracing this emerging trend. The task force’s main objective is to provide guidance on the responsible and sustainable growth of Web3 in Hong Kong, as stated in the official announcement.
The Hong Kong government has established a task force consisting of 15 industry members and 11 key government officials to supervise the advancement of Web3, emphasizing the ethical promotion of its growth. The formation of the task force was announced by the Financial Secretary during the 2023-24 Budget, with its main purpose being to offer recommendations for the sustainable and responsible development of Web3 in Hong Kong, as mentioned in a statement on June 30.
In pursuit of its ambition to become a pioneer in the Web3 industry, Hong Kong’s Financial Secretary, Paul Chan, affirmed that the task force would play a significant role in augmenting the city’s innovative initiatives and development. Chan expressed the goal of leading and promoting innovative exploration, fostering new application models, and attracting top-tier companies and talent to establish a flourishing Web3 ecosystem in Hong Kong.
Since the release of the Hong Kong government’s policy statement on virtual asset development in October 2022, the market has reportedly shown a positive response. According to a report by Cointelegraph on March 20, more than 80 companies involved in virtual assets have expressed interest in establishing their presence in Hong Kong.
Hong Kong’s government has actively positioned the region as an appealing destination for cryptocurrency companies. On June 10, Johnny Ng, a member of the Hong Kong Legislative Council, used Twitter to invite global virtual asset trading platforms to consider coming to Hong Kong and applying for a license as a virtual asset service provider.