Hong Kong has announced the formation of a task force comprising industry participants and government officials to oversee the development of Web3, with a specific focus on ensuring ethical practices. With this initiative, the government aims to position Hong Kong as a leading hub for Web3 technology.
The task force, consisting of 15 industry representatives and 11 key government officials, will provide recommendations on the sustainable and responsible development of Web3 in Hong Kong. The financial secretary, Paul Chan, expressed confidence that this diverse group of leaders and professionals will contribute valuable advice to help Hong Kong become a thriving ecosystem for Web3.
This development builds on the positive response received by the government after issuing its policy statement on virtual asset development in October 2022. Over 80 virtual asset-related companies have shown interest in establishing their presence in Hong Kong since then. It is evident that Hong Kong’s efforts to push for crypto adoption are gaining traction.
In May 2023, the Hong Kong Securities and Futures Commission (SFC) announced plans to allow licensed platforms to serve retail investors. The SFC encouraged operators of virtual asset trading platforms to adhere to proposed guidelines and submit license applications. These measures further demonstrate Hong Kong’s commitment to embracing digital assets and creating a favorable environment for their growth.
By establishing the task force, Hong Kong seeks to lead and drive innovative exploration and development in the Web3 sector. The government envisions attracting top-notch companies and talent to build a robust Web3 ecosystem. Through the task force’s guidance, Hong Kong aims to become a frontrunner in Web3 technology.
In summary, Hong Kong’s establishment of a task force dedicated to Web3 development signifies its commitment to fostering sustainable and responsible growth in the digital landscape. By leveraging the expertise of industry leaders and government officials, Hong Kong aims to position itself as a prominent hub for Web3 innovation.