Hong Kong Government Sets Up Web3 Development Task Force – Next Crypto Hub?
Hong Kong has taken another major step towards becoming a leading hub for cryptocurrency and blockchain technology.
The Hong Kong Government has announced the establishment of a task force, known as the Web3 Development Task Force, dedicated to promoting the growth of Web3, with a particular focus on ethical development, according to a recent statement.
The task force is comprised of 15 industry participants and 11 key government officials, including Hong Kong's financial secretary, Paul Chan.
In addition, there are 15 non-official members, which include industry experts. The task force will have a two-year period to carry out its work.
“The Financial Secretary has announced in the 2023-24 Budget the establishment of the Task Force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong," the announcement read.
Chan has been a strong advocate for cryptocurrency and blockchain technology, claiming that Hong Kong needs to seize the "golden opportunity" that Web3 presents.
“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," he said.
“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.”
It seems that the market has responded positively to the Hong Kong government's attempts to make the region a global crypto hub.
In fact, over 80 virtual asset-related companies have expressed interest in establishing their presence in Hong Kong since the state released its policy statement on virtual assets in October 2022.
The Hong
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