Hong Kong Boosts Web3 with New Task Force

On June 30th, 2023, Hong Kong's government revealed the creation of a pivotal initiative - the Task Force on Promoting Web3 Development. This significant step, led by Financial Secretary Paul Chan, includes fifteen non-official members selected from relevant market sectors, plus key government and financial regulatory officials. The tenure of these non-official members commences on July 1, 2023, and is slated to run for two years.

This Task Force's inception follows the government's Policy Statement on Development of Virtual Assets (VAs) in Hong Kong, issued in October 2022. The market has warmly welcomed this policy, reflecting Hong Kong's forward-thinking approach to this vital sector. As VAs play an essential role in the vibrant Web3 ecosystem, the government's move to establish the Task Force signals its intent to promote the sustainable and responsible development of Web3.

Chan, underscoring the critical role of blockchain technology powering Web3, highlighted its features such as disintermediation, security, transparency, and cost-effectiveness. He outlined the technology's potential to alleviate challenges in various sectors, including finance, trade, business operations, and even daily life. As a hub of international finance and innovation, Hong Kong aims to embrace the burgeoning trend of Web3 development.

"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 to build a thriving ecosystem," said Chan. He expressed optimism that the Task Force, a collective of sector leaders and professionals, will offer valuable advice to help transform Hong Kong into a bustling Web3 hub.

The Task Force includes both official and non-official members. The official members comprise several key government figures and executives from notable financial and technological organizations.

The establishment of the Task Force on Promoting Web3 Development is not the only sign of Hong Kong's active engagement with Web3. In April, the Hong Kong Web 3.0 Association was set up, with the former head of the Hong Kong Monetary Authority (HKMA) at its helm. Then in June, the Hong Kong government published a report titled 'Development of Web 3.0 technologies in selected places', further cementing its position in the forefront of the Web3 wave.