As part of Hong Kongโs ongoing commitment to embrace the โmegatrendโ 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 promoting its growth in an ethical manner. It stated:
โThe 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.โ
The Govt announces the establishment of the Task Force on Promoting #Web3 Development https://t.co/wrC1DmE2QD
โ Hong Kong SAR Government News (@newsgovhk) June 30, 2023
Paul Chan, Hong Kongโs financial secretary said that the task force will only further enhance Hong Kongโs aim to be a frontrunner in the Web3 sector.
โHong 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 ecosystemโ Chan stated, adding:
โWith 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.โย
It was highlighted that the market has โresponded favorablyโ 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 โestablishing their presence in Hong Kongโ since the release of this statement.
Related: HSBC rolls out cryptocurrency services in Hong Kong: Report
This comes amid Hong Kong governmentโs 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 SFCโs proposed guidelines are encouraged to submit license applications.
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