Hong Kong Is ‘Embracing’ Web3 With New Task Force

Authorities in Hong Kong announced the creation of a task force dedicated to promoting Web3 development. The news broke late Friday, via an official press release from the Government of the Hong Kong Special Administrative Region, for an initiative taking effect today.

The group will have a two-year period to do its work, and is led by Hong Kong’s financial secretary, Paul Chan, along with other government officials and regulators. The task force also includes 15 non-official members, which include several industry experts.

The territory’s financial secretary, Chan has been notoriously pro-crypto, with claims earlier this year that Hong Kong needs to seize the “golden opportunity” that Web3 presents. 

“The blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency, and low cost,”  he said in the announcement. “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 has been vying to become a Web3 leader for years, announcing an official policy statement on Virtual Assets in 2022. That policy, according to yesterday’s press release, received a positive response from the markets, which ultimately led to the creation of the task force, which will be entrusted with providing recommendations for a sustainable and responsible development of Web3 in the region. 

Although the definition of Web3 varies, it’s predominantly seen as a decentralized next-generation internet that embraces the crypto ethos.

“Hong Kong is an international financial center and a metropolis attaching importance to innovation and technology, embracing the megatrend of Web3 development,” said Chan yesterday. He added that he wants to “draw in top-notch talent and build a thriving ecosystem.”

Despite its closeness to China, which has been a staunch opponent to digital asset initiatives internally, Hong Kong has been adamantly pushing to become a crypto hub. The territory launched its Virtual Asset Trading Platform (VATP) handbook earlier this month, which delivers a clear set of guidelines for Web3 companies looking to set up shop. 

“With the Task Force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3 hub,” Chan concluded.