In a bid to embrace the growing trend of Web3 development, the Hong Kong government has established a task force consisting of industry and government officials to oversee the progress of Web3 in the region. The task force, comprising 15 industry participants and 11 key government officials, will focus on promoting ethical growth of Web3. The initiative is part of Hong Kong’s commitment to position itself as a leader in the Web3 sector.

The decision to create the task force was announced by Paul Chan, Hong Kong’s financial secretary, who believes that it will further enhance Hong Kong’s goal of becoming a frontrunner in Web3 development. Chan expressed his confidence that the task force, which brings together leaders and professionals from relevant sectors, will provide valuable advice that will help Hong Kong establish itself as a Web3 hub.

Since the release of the Hong Kong government’s policy statement on the development of virtual assets in October 2022, the market has responded positively. As a result, over 80 virtual asset-related companies have shown interest in establishing their presence in Hong Kong. The government has been actively promoting the region as an attractive destination for cryptocurrency firms, with the Hong Kong Securities and Futures Commission planning to allow licensed platforms to cater to retail investors.

FAQs

What is Web3?

Web3 refers to the third generation of the internet and entails the use of blockchain technology and decentralized systems. It aims to provide users with more control over their data and enhance privacy and security.

What is the task force responsible for?

The task force in Hong Kong is responsible for overseeing the development of Web3 in the region. It will focus on promoting ethical growth and providing recommendations for the sustainable and responsible development of Web3.

How many participants are there in the task force?

The task force comprises 15 industry participants and 11 key government officials, bringing together leaders and professionals from various sectors involved in Web3 development.

Why is Hong Kong promoting itself as a Web3 hub?

Hong Kong sees Web3 as a significant trend with tremendous potential. By positioning itself as a Web3 hub, Hong Kong aims to attract top-notch companies and talent, foster innovation, and build a thriving ecosystem in the sector.

How has the market responded to Hong Kong’s policy statement on virtual assets?

The market has responded favorably to the Hong Kong government’s policy statement on virtual assets, which was released in October 2022. Over 80 virtual asset-related companies have expressed interest in establishing their presence in Hong Kong since the statement’s release.

Source: Hong Kong SAR Government