Hong Kong has taken a significant step towards embracing the future of technology as it establishes a dedicated task force to advance Web3 development. The move comes as part of the government’s commitment to harness the potential of blockchain technology and its applications in various sectors. According to the statement, the task force will guide the development of Web3 in Hong Kong, with a strong emphasis on sustainability and responsibility.
Task Force Formed to Ensure Ethical and Responsible Growth of Web3 in Hong Kong
In line with Hong Kong’s steadfast dedication to embracing the significant trend of Web3 development, a comprehensive team consisting of government officials and industry experts has been established to oversee and monitor the advancement of Web3 in the region.
In a statement released on June 30, the Hong Kong government announced that they had established a web3 task force comprising 15 industry representatives and 11 key government officials. The primary objective of this task force is to supervise and guide the development of Web3, with a specific emphasis on fostering its ethical and responsible growth. The statement mentioned:
“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.”
Hong Kong’s Financial Secretary Aims for Leadership in Web3 and Thriving Ecosystem
According to Hong Kong’s financial secretary, Paul Chan, the establishment of the task force will strengthen Hong Kong’s ambition to become a frontrunner in the Web3 sector.
Chan expressed that Hong Kong aims to take the lead in driving innovative exploration and development, fostering the creation of new application models. The ultimate goal is to attract top-notch companies and talent to build a vibrant ecosystem in the Web3 arena.
He further stated: “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.
Strong Market Response to Hong Kong’s Virtual Asset Development Policy Spurs Interest from Over 80 Companies
The positive response from the market to Hong Kong’s government policy statement on virtual asset development, issued in October 2022, has been emphasized.
According to a report by Cointelegraph on March 20, more than 80 companies involved in virtual assets have shown keen interest in establishing their presence in Hong Kong since the release of this statement. This indicates the strong appeal and attractiveness of Hong Kong as a destination for virtual asset-related businesses.
In recent times, the Hong Kong government has been proactively positioning the region as an appealing destination for cryptocurrency firms. On June 10, Johnny Ng, a Hong Kong Legislative Council member, utilized Twitter to extend an invitation to “all global virtual asset trading platforms” to consider coming to Hong Kong and applying for a virtual asset service provider license.
Notably, Ng specifically mentioned Coinbase, a prominent cryptocurrency exchange, in light of the recent legal actions taken by the United States Securities and Exchange Commission against the exchange on June 6. Following the announcement by the Hong Kong Securities and Futures Commission (SFC) on May 23, there are plans to permit licensed platforms to serve retail investors shortly.
The SFC has expressed that virtual asset trading platform operators who are willing to comply with the proposed guidelines set forth by the commission are encouraged to submit their license applications. This move aims to facilitate a regulated and secure environment for retail investors engaging in virtual asset trading activities.
Hong Kong establishes a web3 task force to highlight its commitment to embracing technological advancements. By fostering a supportive ecosystem, creating a robust regulatory framework, and emphasizing talent development, Hong Kong aims to position itself as a global leader in the Web3 sector. With a favorable market response and invitations to virtual asset trading platforms, Hong Kong is poised to thrive in this dynamic and transformative era.
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