Hong Kong launches task force to drive Web3 development

The Hong Kong government has set up a special group called “Task Force on Promoting Web3 Development,” which is led by Financial Secretary Paul Chan. This task force consists of 15 members who are not government officials, along with representatives from the government and financial regulators.

The task force’s purpose is to provide recommendations on how to develop Web3 in Hong Kong in a sustainable way. In line with their “Policy Statement on Virtual Assets,” the government allocated HK$50 million ($6.4 million) in February 2023 to support the growth of the Web3 ecosystem.

“The 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,” Chan said in a press release.

A real honor to serve both #hongkong and the #web3 community in common cause to advance the development of our industry #blockchain #NFTs #crypto #nft #openmetaverse #truedigitalpropertyrights https://t.co/tqZSaAvMl9

— Yat Siu (@ysiu) July 3, 2023

Hong Kong’s goal is to become a leader in Web3 exploration by utilising blockchain technology to overcome industry challenges and attract top companies and talent. Chan said, “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.”

The non-government members of the task force will serve a two-year term starting from July 1, 2023. Their role is to guide Hong Kong’s transformation into a hub for Web3 activities. The government aims to strike a balance between regulation and development to foster a vibrant ecosystem. By nurturing the Web3 landscape and implementing the task force’s recommendations, Hong Kong seeks to establish itself as a significant player in the emerging decentralised digital economy.