As part of Hong Kong’s continued commitment to embracing the “big trend” of Web3 development, it has created a diverse group of industry and government officials to oversee Web3 progress in the region.
According to the 30th of June statement, The Hong Kong government has set up a task force comprising 15 industry participants and 11 key government officials to oversee the development of Web3, with a particular focus on promoting its growth in an ethical manner. It says:
“The Minister of Finance announced in the 2023-24 budget the establishment of a working group to make recommendations on the sustainable and responsible development of Web3 in Hong Kong.”
The government announces the establishment of a promotional working group # web 3 development https://t.co/wrC1DmE2QD
– Hong Kong SAR government news (@Newsgovhk) June 30, 2023
Paul Chan, Hong Kong’s chief financial officer, said the task force would only advance Hong Kong’s goal of being a leader in the Web 3 sector.
“Hong Kong strives to lead and drive innovative exploration and development, create more new application models, and strive to bring together first-class companies and talents in the arena to build a thriving ecosystem,” Chan said, adding:
“With the business team bringing together leaders and professionals in the respective sectors, I believe their valuable advice will help Hong Kong develop into a Web3 hub.”
It was highlighted that the market “responded positively” to the Hong Kong government’s policy statement on the development of virtual assets, which was issued in October 2022.
Cointelegraph reported on March 20 that more than 80 virtual asset-related companies have expressed interest in “establishing a presence in Hong Kong” since that statement was made.
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The Hong Kong government has been actively promoting the region as an attractive place for crypto companies lately.
On June 10, Juni Ng, a member of the Legislative Council of Hong Kong, took to Twitter to invite “all global virtual asset trading platforms” to come to Hong Kong and apply for a virtual asset service provider license.
He pointed to cryptocurrency exchange Coinbase specifically, amidst the US Securities and Exchange Commission taking legal action against the exchange just days earlier on June 6.
Here I extend an invitation to welcome all global virtual asset trading operators including @tweet To come to Hong Kong to implement the official trading platforms and other development plans. Please feel free to contact me and I am happy to be of any assistance. pic.twitter.com/bcIi1IjMlc
– Johnny Ng 吴杰 庄 (Johnny_nkc) June 10, 2023
This comes after the Hong Kong Securities and Futures Commission (SFC) announced on May 23 that it would soon allow licensed platforms to cater to retail investors.
Virtual asset trading platform operators wishing to comply with the proposed SFC guidelines are encouraged to submit license applications.
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