Hong Kong Sets Up Task Force to Propel Web3 Development
Hong Kong has established a task force to oversee the development of Web3, aiming to position itself as a leading hub in this emerging sector.
In a significant move towards embracing the Web3 "megatrend," Hong Kong has established a task force comprising industry and government officials. This initiative is part of the region's commitment to supervise and promote the ethical growth of Web3.
A Diverse Task Force for Web3 Development
According to a statement released on June 30, the Hong Kong government has formed a task force consisting of 15 industry participants and 11 key government officials. This group is tasked with overseeing the development of Web3, with a particular emphasis on fostering its growth responsibly and sustainably.
The Financial Secretary announced the establishment of the Task Force in the 2023-24 Budget, aiming to provide recommendations on the “sustainable and responsible development of Web3 in Hong Kong.”
Hong Kong's Financial Secretary, Paul Chan, expressed that the task force would bolster Hong Kong's objective to be a frontrunner in the Web3 sector. He stated, "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 further added that the task force, which brings together leaders and professionals from various sectors, would provide valuable advice to help Hong Kong develop into a Web3 hub.
The market has reportedly responded favorably to the Hong Kong government's policy statement on the development of virtual assets, released in October 2022. Since the release of this statement, over 80 virtual asset-related companies have expressed interest in establishing their presence in Hong Kong.
Inviting Global Virtual Asset Trading Platforms
Hong Kong has been actively promoting the region as an attractive place for crypto firms. Johnny Ng, a Hong Kong Legislative Council member, recently invited all global virtual asset trading platforms to come to Hong Kong and apply for a virtual asset service provider license.
This invitation comes after the Hong Kong Securities and Futures Commission (SFC) announced that it would soon allow licensed platforms to cater to retail investors. Operators of virtual asset trading platforms willing to adhere to the SFC's proposed guidelines are encouraged to submit license applications.