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As part of its ongoing commitment to embrace the “megatrend” of Web3 development, Hong Kong has established a diverse group of industry and government officials to oversee and guide the course of Web3 development in the region.
According to a June 30 announcement, the Hong Kong government has formed a task force consisting of 15 industry participants and 11 key government officials to oversee the development of Web3, with a focus on providing advice on the ethical aspects of Web3:
“The Financial Secretary announced in the 2023-2024 budget the establishment of a Task Force to provide advice on the sustainable and responsible development of Web3 in Hong Kong.”
The Govt announces the establishment of the Task Force on Promotion #Web3 Development https://t.co/wrC1DmE2QD
— Hong Kong SAR Government News (@newsgovhk) June 30, 2023
Paul Chan, Hong Kong’s financial secretary, said the task force would only further solidify Hong Kong’s ambition to become a leader in the Web3 sector.
“Hong Kong is committed to leading and driving innovative research and development, creating more new application models, and striving to bring first-class companies and talents together in the arena to create a prosperous ecosystem,” Chan said, adding:
“As the Task Force brings together leaders and professionals in their respective sectors, I believe their valuable advice will help Hong Kong become a Web3 hub.”
It was highlighted that the market “reacted positively” to the government’s announcement of a virtual asset development policy in Hong Kong in October 2022.
It was reported on March 20 that more than 80 VA-related companies have expressed interest in “establishing their presence in Hong Kong” since the publication of this announcement.
Related: HSBC Launches Cryptocurrency Services in Hong Kong: Report
This comes amid the efforts of the Hong Kong government to promote the adoption of cryptocurrencies.
On May 23, the Hong Kong Securities and Futures Commission (SFC) announced that it would soon allow licensed platforms to serve retail investors.
It was stated that operators of virtual asset trading platforms wishing to adhere to the proposed SFC recommendations are encouraged to apply for a license.