Hong Kong Launches Task Force to Drive Web3 Development Initiatives

Hong Kong has taken a significant step in embracing Web3 development by establishing a task force consisting of industry experts and government officials. The task force, comprised of 15 industry participants and 11 key government officials, has been tasked with overseeing the sustainable and responsible development of Web3 in Hong Kong.

The announcement, made on June 30, reflects the government’s commitment to positioning Hong Kong as a leader in the Web3 sector. Financial Secretary Paul Chan expressed Hong Kong’s ambition to drive innovation, foster new application models, and create a thriving ecosystem by attracting top-notch companies and talent.

The task force aims to provide valuable advice and recommendations to ensure Hong Kong develops into a Web3 hub. The government’s policy statement on the development of virtual assets, released in October 2022, has already received a positive response from the market. Over 80 virtual asset-related companies have expressed interest in establishing their presence in Hong Kong since the statement’s release.

Hong Kong has actively promoted itself as an attractive destination for crypto firms. Johnny Ng, a member of the Hong Kong Legislative Council, recently extended an invitation to global virtual asset trading platforms, including Coinbase, to apply for a virtual asset service provider license. This invitation comes as the Hong Kong Securities and Futures Commission (SFC) plans to allow licensed platforms to cater to retail investors, with operators willing to adhere to proposed guidelines encouraged to submit license applications.

The establishment of the task force demonstrates Hong Kong’s commitment to driving Web3 development while prioritizing ethical and responsible growth in the sector.

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