The Hong Kong government has officially established a web3 task force to provide recommendations on crypto development in the region.
The Hong Kong government has set up a task force to provide recommendations on the sustainable and responsible development of web3.
The task force aligns with Hong Kong’s desire to reestablish itself as a global hub for the crypto industry.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The Hong Kong government has established a web3 task force to provide recommendations on sustainable and responsible crypto development in the region.
Chaired by the Financial Secretary, the task force includes 15 non-official members from relevant market sectors, alongside key government officials and financial regulators, with an initial two-year term from July 1, according to anThe task force builds upon the government's policy statement on the development of virtual assets, issued in October 2022, outlining Hong Kong's stance and approach toward the virtual asset sector.
"The blockchain technology underpinning web3 features characteristics in respect of disintermediation, security, transparency and low cost. It has the potential to solve many difficulties and pain points encountered in finance, trade, business operations and even day-to-day life,” Hong Kong government Financial Secretary Paul Chan said.
“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 strives to draw together top-notch companies and talent in the arena to build a thriving ecosystem," Chen added.
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