According to the statement, the task force will provide guidance on the “sustainable and responsible” development of Web3 in Hong Kong.
As part of HK’s ongoing commitment to embrace the “megatrend” of Web3 development, a diverse collection of industry and government officials has been assembled to monitor the development of Web3 in the region.
According to a statement released on June 30, the government of Hong Kong has established a task force composed of 15 industry participants and 11 key government officials to supervise the development of Web3, emphasizing promoting its growth ethically. It declared:
“The Financial Secretary has announced in the 2023-24 Budget the establishment of the Task Force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.”
The Govt announces the establishment of the Task Force on Promoting #Web3 Development https://t.co/wrC1DmE2QD
— Hong Kong SAR Government News (@newsgovhk) June 30, 2023Hong Kong’s financial secretary, Paul Chan, stated that the task force would bolster Hong Kong’s ambitions to become a Web3 industry leader.
“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” Chan said, adding:
“With the Task Force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3 hub.”
It was emphasized that the market has “responded favorably” to the Hong Kong government’s policy statement on the development of virtual assets, which was issued in October 2022.
It was reported on March 20 that more than eighty virtual asset-related companies had expressed interest in “establishing their presence in Hong Kong” since this statement was issued.
In recent years, the Hong Kong government has actively promoted the region as an attractive location for crypto firms. On June 10, Hong Kong Legislative Council member Johnny Ng took to Twitter to invite “all global virtual asset trading platforms” to register for a virtual asset service provider license in Hong Kong.
He mentioned cryptocurrency exchange Coinbase in light of the Securities and Exchange Commission’s legal action against the exchange just days earlier, on June 6.
I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023This follows the Hong Kong Securities and Futures Commission (SFC) announcement on May 23 that licensed platforms will shortly be permitted to serve retail investors.
It was stated that operators of trading platforms for virtual assets who are prepared to comply with the SFC’s proposed regulations are encouraged to submit license applications.
