Hong Kong Announces the Creation of a Task Force to Promote Web3
- Hong Kong has created a Task Force that will be responsible for the development of Web3 in the region.
- The Task Force will be chaired by Financial Secretary Paul Chan.
- It will include 15 non-official members from the industry along with 11 key government officials.
- The term of these non-official members took effect on July 1, 2023, for two years.
Hong Kong, a special administrative region of mainland China, has been actively working on the adoption of blockchain, Web3, and crypto technology. As per recent reports, the authorities in the region have announced the creation of a Task Force that will be responsible for advising on the “sustainable and responsible” development of Web3 in the region.
According to a statement released by the government of Hong Kong earlier this week, the Task Force will be chaired by the Financial Secretary and consist of 15 non-official members from the relevant market sectors, along with the participation of 11 key government officials and financial regulators concerned. The term of these non-official members took effect on July 1, 2023, for two years.
Hong Kong Financial Secretary Paul Chan noted that “blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency, and low cost and has the potential to “solve many difficulties and pain points encountered in finance, trade, business operations, and even day-to-day life,” while adding:
“Premised on a balance between appropriate regulation and promoting development, 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.”
Chan also stated that the Task Force has brought together leaders and professionals in the blockchain and Web3 sectors and will result in Hong Kong becoming a hub for Web3 firms.
It is imperative to note that the official members of the committee include the Secretary for Financial Services and the Treasury, the Government Chief Information Officer, the CEO of Hong Kong Cyberport Management Company Limited, the CEO of the Hong Kong Monetary Authority, the CEO of the Securities and Futures Commission, the CEO of the Insurance Authority, and others.
Some of the non-official members of the Task Force include Professor Alex Au Wai-chi, Dr. Jack Kong Jianping, and Professor Lin Chen, along with industry leaders Norman Chan Tak-lam and Duncan Chiu.
As reported earlier by BitcoinWisdom, the Hong Kong Financial Secretary said that he plans to adopt a strategy that emphasizes both “proper regulation” and “promoting development” of the Web3 sector. He promised to ensure financial security and prevent systemic risks by educating investors and imposing anti-money laundering laws.Moreover, Gate Group confirmed its plans to expand in the region and has announced a new digital asset trading platform in the region, Gate.HK, which went live on May 23.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
