As part of Hong Kong’s ongoing commitment to embrace the “megatrend” of Web3 development, it has established a diverse group of industry and government officials to supervise the progress of Web3 in the region.
According to a June 30 statement, the government of Hong Kong has formed a task force comprising 15 industry participants and 11 key government officials to oversee the development of Web3, with a particular focus on providing guidance on its ethical aspects. It stated:
“The Financial Secretary has announced in the 2023-24 Budget the establishment of the Task Force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.”
The Govt announces the establishment of the Task Force on Promoting #Web3 Development https://t.co/wrC1DmE2QD
— Hong Kong SAR Government News (@newsgovhk) June 30, 2023
Paul Chan, Hong Kong’s financial secretary said that the task force will only further enhance Hong Kong’s aim to be a frontrunner in the Web3 sector.
“Hong Kong seeks to lead and drive innovative exploration and development, create more new application models, and strives to draw together top-notch companies and talent in the arena to build a thriving ecosystem” Chan stated, adding:
“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.”
It was highlighted that the market has “responded favorably” to the government issuing its policy statement on the development of virtual assets in Hong Kong, in October 2022.
Cointelegraph reported on March 20 that over 80 virtual asset-related companies have expressed interest in “establishing their presence in Hong Kong” since the release of this statement.
Related: HSBC rolls out cryptocurrency services in Hong Kong: Report
This comes amid Hong Kong government’s efforts to push crypto adoption.
On May 23, the Hong Kong Securities and Futures Commission (SFC) announced that it would soon allow licensed platforms to cater retail investors.
It was stated operators of virtual asset trading platforms willing to adhere to the SFC’s proposed guidelines are encouraged to submit license applications.
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