The Task Force on Promoting Web3 Development was recently unveiled by the Hong Kong government as a crucial effort. Together with important government and financial regulatory officials, this critical move is being led by Financial Secretary Paul Chan and includes fifteen non-official members chosen from relevant market sectors. Beginning on July 1, 2023, these unofficial members will serve a two-year term.
The establishment of this Task Force is in response to the government’s Policy Statement on Development of Virtual Assets (VAs) in Hong Kong, which was released in October 2022. This strategy has received enthusiastic support from the market, demonstrating Hong Kong’s innovative approach to this crucial industry. The government’s decision to create the Task Force demonstrates its desire to encourage the sustainable and responsible development of Web3, as VAs are crucial to the dynamic Web3 ecosystem.
Chan emphasized the crucial role that blockchain technology plays in enabling Web3 and highlighted some of its benefits, including disintermediation, security, transparency, and affordability. He described how the technology may help solve problems in a number of fields, including finance, trade, corporate operations, and even everyday living. Hong Kong aspires to embrace the increasing trend of Web3 development as a center of global finance and innovation.
In order to create a vibrant ecosystem, Chan stated that Hong Kong “seeks to lead and drive innovative exploration and development, create new application models, and strives to draw together top-notch companies and talent in the arena.” He expressed hope that the Task Force, made up of industry experts and leaders, will provide insightful counsel to assist in converting Hong Kong into a thriving Web3 centre.
Both official and unofficial individuals make up the Task Force. The official members are CEOs from renowned financial and technical firms as well as some prominent members of the government. Hong Kong’s active involvement in Web3 is demonstrated by more than only the creation of the Task Force on Promoting Web3 Development. The former head of the Hong Kong Monetary Authority (HKMA) established the Hong Kong Web 3.0 Association in April, and he currently serves as its chairman. Following that, in June, the Hong Kong government released a paper titled “Development of Web 3.0 technologies in selected places,” further solidifying its position at the vanguard of the Web3 wave.