Hong Kong Establishes a Task Force for Web3 Development
According to a statement, the task force will provide advice on the “sustainable and responsible development” of Web3 in Hong Kong.
Hong Kong has formed a group of government and industry officials to oversee the development of Web3 across the region. This is part of the ongoing commitment to embrace this “megatrend”. In a statement released on June 30, the Hong Kong government announced the formation of a task force composed of 15 industry representatives and 11 government officials. The group will oversee the development of Web3 with a particular focus on its ethical growth. It states:
“The Minister of Finance announced in the 2023-24 budget the establishment of a task force to make recommendations for the sustainable and responsible development of Web3 in Hong Kong.”
The Govt announces the establishment of the Task Force on Promoting #Web3 Development https://t.co/wrC1DmE2QD
— Hong Kong SAR Government News (@newsgovhk) June 30, 2023
Paul Chan, Hong Kong Finance Minister said that the Hong Kong Task Force goal of being a pioneer in the Web3 sector will only continue to advance. Chan said, “Hong Kong strives to be the leader in innovative exploration and research, develop new application models, and attract top companies and talents to create a thriving ecosystem.”
Chan added that “Hong Kong strives to be leaders to be, to drive forward and… “Foster innovative exploration and research and create more new application models and endeavors” to bring together the best companies and talent to build a thriving ecosystem. AskFX reported that since the Hong Kong government’s policy statement on virtual assets was released in October 2022, over 80 companies active in the space have expressed interest in “establishing a presence in Hong Kong.”
In recent years, the Hong Kong government has been actively promoting the region as an attractive place for crypto firms.
Hong Kong Legislative Council member Johnny Ng on Twitter on June 10 invited “all global virtual asset trading platforms” to apply for a license to provide virtual asset services in Hong Kong.
Johnny Ng specifically mentioned cryptocurrency exchange Coinbase, even though the U.S. Securities and Exchange Commission had launched legal action against it just days earlier, on June 6.
I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
This came after the Hong Kong Securities and Futures Commission (SFC) announced on May 23 that they would soon allow licensed platforms for retail investors. The SFC has stated that operators of virtual asset trading platforms that comply with the proposed guidelines should submit license applications.
