Hong Kong establishes task force to advance Web3 development

As part of Hong Kong’s ongoing commitment to embrace the “megatrend” of Web3 development, it has established a diverse group of industry and government officials to supervise the progress of Web3 in the region.

According to a June 30 statement, the government of Hong Kong has formed a task force comprising 15 industry participants and 11 key government officials to oversee the development of Web3, with a particular focus on promoting its growth in an ethical manner. It stated:

“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 Paul Chan said the task force would further enhance Hong Kong’s aim to be a frontrunner in the Web3 sector.

“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,” Chan stated, adding:

“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.” 

It was highlighted that the market has “responded favorably” to the Hong Kong government policy statement on the development of virtual assets, which was released in October 2022.

On March 20, Cointelegraph reported that over 80 virtual asset-related companies had expressed interest in “establishing their presence in Hong Kong” since the release of this statement.

The Hong Kong government has recently promoted the region as an attractive place for crypto firms.

On June 10, Johnny Ng, a Hong Kong Legislative Council member, took to Twitter to extend an invitation to “all global virtual asset trading platforms” to come to Hong Kong and apply for a virtual asset service provider license.

He mentioned Coinbase specifically, with the United States Securities and Exchange Commission taking legal action against the exchange just days earlier on June 6.

This comes after the Hong Kong Securities and Futures Commission (SFC) announced on May 23 that it would soon allow licensed platforms to cater to retail investors.

It was stated that operators of virtual asset trading platforms willing to adhere to the SFC’s proposed guidelines are encouraged to submit license applications.