Hong Kong Task Force Established to Accelerate Web3 Development

Task Force to Monitor Web3 Development in Hong Kong

In order to uphold Hong Kong’s pledge to adopt the “megatrend” of Web3 development, a wide range of industry and government representatives have been appointed to monitor the advancement of Web3 in the area.

A task force consisting of 15 industry representatives and 11 key government personnel has been created by the Hong Kong government, as per a statement issued on June 30th. This task force will be responsible for monitoring the growth of Web3, with a particular emphasis on promoting its development in an ethical manner. The statement declared:

Paul Chan, Hong Kong’s Financial Secretary, declared that the task force will assist Hong Kong in becoming a leader in the Web3 sector.

Chan declared that Hong Kong is aiming to take the lead in pioneering research and development, generate novel application models, and bring together leading companies and personnel in the field to construct a flourishing ecosystem.

It was noted that the market has reacted positively to the Hong Kong government’s policy statement on the development of virtual assets, which was issued in October 2022.

Hong Kong Government Encourages Crypto Companies to Set Up in the Area

Cointelegraph reported on March 20 that since the release of a statement, more than 80 companies related to virtual assets have expressed a desire to set up in Hong Kong.

HSBC has launched cryptocurrency services in Hong Kong, according to a report.

The Hong Kong government has been vigorously encouraging crypto companies to set up in the area recently.

The Hong Kong Securities and Futures Commission (SFC) declared on May 23 that it would soon permit licensed platforms to serve retail investors.

Operators of virtual asset trading platforms who are willing to abide by the SFC’s proposed guidelines are encouraged to submit their license applications.

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