Authorities in Hong Kong have established a dedicated task force aimed at promoting the development of Web3. The initiative, announced by the Government of the Hong Kong Special Administrative Region, signals the city’s determination to position itself as a leading player in the Web3 space. Led by Hong Kong’s financial secretary, Paul Chan, along with other government officials and regulators, the task force comprises 15 non-official members, including industry experts and key figures from the financial sector.
Becoming a Web3 hubHong Kong has been striving to become a Web3 leader, with the announcement of an official policy statement on Virtual Assets in 2022. The positive response from the market to this policy prompted the creation of the new Web3 task force. The group will be responsible for providing recommendations to ensure the sustainable and responsible development of Web3 in the region.
Notable task force members include the CEO of the Hong Kong Monetary Authority, the CEO of the Securities and Futures Commission, and the CEO of Hong Kong Exchanges and Clearing. Yat Siu, chairman of metaverse firm Animoca Brands, also serves as a non-official member. Their collective participation reflects the collaborative efforts between academia, government bodies, and the financial industry.
“With the Task Force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3 hub,” Chan shared in an official press release.
Chan has long advocated for cryptocurrencies and believes that Hong Kong should seize the opportunities presented by Web3. In a statement, Chan emphasized the potential of blockchain technology to address various challenges.
“The blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency, and low cost,” he said. “It has the potential to solve many difficulties and pain points encountered in finance, trade, business operations, and even day-to-day life.”