Hong Kong Embraces Web3 Development with New Task Force

Dipti Sood
July 14, 2023

Hong Kong has taken a significant step towards promoting the development of Web3 by establishing a task force dedicated to this emerging technology. The task force, led by financial secretary Paul Chan, consists of 15 non-official members from various market sectors, along with government officials and financial regulators. Its primary objective is to provide recommendations for the sustainable and responsible growth of Web3 in Hong Kong, Yahoo Finance reported.

Among the notable members of the task force are Yat Siu, the co-founder and executive chairman of Animoca Brands, Xiao Feng, chairman of HashKey, Norman Chan, former chief executive of the Hong Kong Monetary Authority (HKMA), lawmaker Elizabeth Quat, and Duncan Chiu.

Yat Siu expressed his optimism about the initiative, emphasizing that Hong Kong is positioning itself as a leading example of a modernized economy that embraces the opportunities offered by Web3, blockchain, virtual assets, and the open metaverse. He believes that the task force's work will not only shape the future of Hong Kong but also have a global impact on the adoption of blockchain technologies, particularly in the areas of regulation, ecosystem building, industry development, and talent acquisition.

Paul Chan, the finance chief of Hong Kong, acknowledged the transformative potential of blockchain technology underlying Web3. He highlighted its characteristics of disintermediation, security, transparency, and low cost, which can address challenges faced in finance, trade, business operations, and daily life.

As an international financial center and a tech-focused metropolis, Hong Kong aims to lead the way in Web3 development by striking a balance between regulation and fostering innovation. The city envisions becoming a Web3 hub by encouraging exploration, creating new application models, and attracting top companies and talent in the field. Paul Chan believes that the valuable advice from the task force's leaders and professionals will significantly contribute to Hong Kong's journey towards establishing a thriving Web3 ecosystem.

This recent endeavor follows the government's policy statement on virtual assets (VAs) in Hong Kong, which was issued in October of last year. The policy outlined the government's stance and approach towards the sector. In his 2023 budget speech, the financial secretary announced the establishment of a task force dedicated to promoting the development of Web3 in Hong Kong.

With this task force in place, Hong Kong demonstrates its commitment to embracing Web3 technology and positioning itself as a global leader in its adoption. As the task force begins its work, the world will be watching to see how Hong Kong's Web3 ecosystem develops and evolves in the coming years.

Reference: https://shorturl.at/aDVX0


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