Hong Kong establishes Web3 Development Task Force

Hong Kong authorities have set up a special task force to promote Web3 development. The initiative, announced by the government of the Hong Kong Special Administrative Region, indicates the city’s determination to position itself as a leading player in the Web3 space. Headed by Hong Kong Finance Secretary Paul Chan, along with other government officials and regulators, the task force consists of 15 unofficial members, including industry experts and key figures from the financial sector.

Become a Web3 hub

Hong Kong aims to become a Web3 leader, announcing an official policy statement on virtual assets in 2022. The positive market response to this policy led to 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 members of the task force 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, president of metaverse firm Animoca Brands, is also an unofficial member. Their collective participation reflects collaboration between academia, government agencies and the financial industry.

“With the Task Force bringing together leaders and professionals in the affected industries, I believe their valuable advice will help Hong Kong evolve 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 offered by Web3. In a statement, Chan highlighted the potential of blockchain technology to address several challenges.

“The blockchain technology underlying Web3 has characteristics related to disintermediation, security, transparency and low cost,” he said. “It has the potential to solve many of the difficulties and pain points encountered in finance, trading, business and even everyday life.”

Crypto-Friendly Practices

Despite its proximity to China, which has taken a strong stance against internal digital asset initiatives, Hong Kong has been persistently pursuing its goal of becoming a crypto hub. Earlier this month, the territory launched the Virtual Asset Trading Platform (VATP) handbook, which provides clear guidance for Web3 companies looking to establish a presence in Hong Kong.

As Hong Kong continues to position itself as a crypto-friendly jurisdiction, global cryptocurrency exchanges such as Huobi, OKX and BitMEX have declared their intention to establish a presence in the region. These developments highlight the city’s commitment to fostering an environment conducive to Web3 innovation and attracting top talent in the field.

With the establishment of the task force, Hong Kong aims to capitalize on the potential growth opportunities offered by Web3, leveraging its status as an international financial center and a metropolis that values ​​innovation and technology. The task force’s work over the next two years will play a vital role in shaping Hong Kong’s future in the emerging Web3 landscape.

Editor’s Note: This article was written by an nft now contributor in collaboration with OpenAI’s GPT-4.