July 2, 2023

Hong Kong Establishes Task Force for Embracing Web3 Development

Web3 in Hong Kong

Web3 in Hong Kong

The government of Hong Kong pays attention to the development of Web3 by creating a task force for promoting Web3 development.

In a press release, the Hong Kong government announced forming a task force that is responsible for embracing the megatrend of Web3 development to turn the Chinese special administrative region into a Web3 hub.

The task force includes 15 non-official members from the relevant market sectors, with the participation of key government officials and financial regulators. The non-official members will serve for two years starting July 1.

According to the press release, the Hong Kong 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.

In this regard, Hong Kong’s Financial Secretary Paul Chan lauded the blockchain technology’s capabilities in underpinning Web3 features characteristics with more security, transparency, and low cost.

Chan pointed out that Hong Kong seeks to lead and drive innovative exploration and development, create more new application models, and strive to draw together top-notch companies and talent in the arena to build a thriving ecosystem. According to him, the task force will bring together leaders and professionals in the sectors involved with a belief that their recommendations would help Hong Kong develop into a Web3 hub.

Last month, Web3 firms in Hong Kong were reported that they pay between 20 million and 200 million Hong Kong dollars ($2.55 million and $25.5 million) to acquire Virtual Asset Service Provider (VASP) licenses after announcing the new VASP licensing requirements for cryptocurrency exchanges by Hong Kong on June 1, Cointelegraph reported.

And indeed, exchanges, including OKX, HashKey Pro, Gate.io, BitgetX, and OSL have already begun operations, according to analysts at Foresight

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