Hong Kong is paving the way for the future of technology by launching a task force dedicated to promoting Web3 development. This initiative marks a significant stride towards fostering the sustainable and responsible development of Web3 within the region.
Financial Secretary Paul Chan chairs the 15-member task force, consisting of non-official members drawn from relevant market sectors, key government officials, and financial regulators. The term for the non-official members commences from 1st July and lasts for two years.
Esteemed task force members include Animoca Brands co-founder and executive chairman Yat Siu, HashKey chairman Xiao Feng, former Hong Kong Monetary Authority (HKMA) chief executive Norman Chan, lawmaker Elizabeth Quat, and Duncan Chiu.
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Reflecting on the initiative, Siu emphasized that the task force reinforces Hong Kong’s standing as a leading, highly modernized economy ready to seize the opportunities presented by Web3, blockchain, virtual assets, and the open metaverse. He anticipates that the task force’s efforts will significantly shape the global adoption of blockchain technologies, particularly regarding regulation, ecosystem building, industry development, and talent development.
Hong Kong’s finance chief, Paul Chan, also recognizes the transformative power of blockchain technology. Blockchain, the underlying technology of Web3, holds the potential to address many challenges in finance, trade, business operations, and even daily life due to its characteristics of disintermediation, security, transparency, and low cost.
Chan highlighted that as an international financial center and a metropolis that values innovation and technology, Hong Kong is positioned to embrace the megatrend of Web3 development. Striking a balance between suitable regulation and encouraging innovation, Hong Kong aims to lead in innovative exploration, foster new application models, and attract leading companies and talents to build a prosperous ecosystem.
This task force comes after the government’s policy statement on the development of virtual assets (VAs) in Hong Kong, issued in October last year. This document outlines the government’s policy stance and approach towards the sector.
Through the formation of this task force, Hong Kong demonstrates its commitment to becoming a hub for Web3 development, driving innovative applications, and fostering a thriving ecosystem in the technology arena.
This news is based on information provided by Marketing Interactive.
