Hong Kong sets up task force to promote Web3 development

Hong Kong has established a task force on promoting Web3 development, at the same time providing recommendations on the sustainable and responsible development of Web3 in Hong Kong.

Chaired by the financial secretary Paul Chan, the task force comprises 15 non-official members from the relevant market sectors, with the participation of key government officials and financial regulators concerned. The term of the non-official members will take effect from 1 July, for two years.

The non-official members include Yat Siu, co-founder and executive chairman of Animoca Brands; Xiao Feng, chairman of the HashKey; Norman Chan, former chief executive of the Hong Kong Monetary Authority (HKMA); lawmaker Elizabeth Quat and Duncan Chiu. 

Commenting on the initiative, Siu said that the task force firmly establishes Hong Kong as the leading example of a mature and highly modernised economy that embraces the remarkable opportunities presented by Web3, blockchain, virtual assets, and the open metaverse.“I believe that the work of the Task Force will help to shape not only Hong Kong but also globally in the adoption of blockchain technologies, particularly in the areas of regulation, ecosystem building, industry development, and talent development,” he added.

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Meanwhile, Hong Kong finance chief Paul Chan said while blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency, and low cost, it has the potential to solve many difficulties and pain points encountered in finance, trade, business operations and even day-to-day life.

"Hong Kong is an international financial centre and a metropolis attaching importance to innovation and technology, and embracing the megatrend of Web3 development. Premised on a balance between appropriate regulation and promoting development, 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. 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," he added.

Back in October last year, the government issued the policy statement on development of virtual assets (VAs) in Hong Kong, setting out the policy stance and approach towards the sector. The financial secretary announced in his 2023 budget speech that he would set up a task force to promote Web3 development of Hong Kong.

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