The Hong Kong Government has announced the establishment of a Task Force designed to promote Web3 development. The Task Force is under the leadership of Financial Secretary Mr. Paul Chan and incorporates 15 non-official members from relevant market sectors.
The Task Force’s inception follows the release of the Government’s Policy Statement on the Development of Virtual Assets (VAs) in October 2022. This policy, which has been received favorably by the market, marked the beginning of Hong Kong’s strategic direction toward becoming a hub for digital assets and the larger Web3 ecosystem.
Navigating through global uncertainties
Amid a complex global landscape where the adoption of digital assets has sparked debates, Hong Kong’s pro-active stance stands out. The territory’s Financial Secretary, Mr. Paul Chan, known for his progressive outlook towards cryptocurrencies, has referred to the advent of Web3 as a “golden opportunity.” According to him, the blockchain technology underlying Web3, characterized by disintermediation, security, transparency, and low cost, can address numerous challenges in finance, trade, business operations, and even in day-to-day life.
Even with its proximity to China, a nation known for its rigid stance on digital assets, Hong Kong is carving its own trajectory. This was made evident with the recent launch of the Virtual Asset Trading Platform (VATP) handbook, providing clear guidelines for Web3 companies intending to set up in the territory. This effort and the formation of the new Task Force represent Hong Kong’s commitment to shaping a vibrant ecosystem that can attract leading companies and talents in the field.
Mr. Chan also emphasized the significant role of the Task Force in bringing together leaders and professionals from various sectors. Their collective wisdom is expected to guide Hong Kong toward its aspiration of becoming a major Web3 hub. Hong Kong’s initiative, which seeks a balance between regulation and development, represents a significant step in the territory’s technological progression, thus opening up a new chapter in its journey toward embracing the opportunities presented by Web3.