HomeTrending NewsHong Kong Establishes Web3 Development Task Force

Hong Kong Establishes Web3 Development Task Force


Authorities in Hong Kong have established a devoted job drive geared toward selling the event of Web3. The initiative, introduced by the Authorities of the Hong Kong Particular Administrative Area, indicators town’s dedication to place itself as a number one participant within the Web3 house. Led by Hong Kong’s monetary secretary, Paul Chan, together with different authorities officers and regulators, the duty drive contains 15 non-official members, together with business specialists and key figures from the monetary sector.

Turning into a Web3 hub

Hong Kong has been striving to turn into a Web3 chief, with the announcement of an official coverage assertion on Digital Belongings in 2022. The constructive response from the market to this coverage prompted the creation of the brand new Web3 job drive. The group might be accountable for offering suggestions to make sure the sustainable and accountable growth of Web3 within the area.

Notable job drive members embody the CEO of the Hong Kong Financial Authority, the CEO of the Securities and Futures Fee, and the CEO of Hong Kong Exchanges and Clearing. Yat Siu, chairman of metaverse agency Animoca Manufacturers, additionally serves as a non-official member. Their collective participation displays the collaborative efforts between academia, authorities our bodies, and the monetary business.

“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 shared in an official press launch.

Chan has lengthy advocated for cryptocurrencies and believes that Hong Kong ought to seize the alternatives offered by Web3. In a press release, Chan emphasised the potential of blockchain expertise to deal with numerous challenges.

“The blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency, and low cost,”  he stated. “It has the potential to solve many difficulties and pain points encountered in finance, trade, business operations, and even day-to-day life.”

Crypto-friendly practices

Regardless of its proximity to China, which has taken a agency stance in opposition to inner digital asset initiatives, Hong Kong has persistently pursued its aim of changing into a crypto hub. Earlier this month, the territory launched the Digital Asset Buying and selling Platform (VATP) handbook, providing clear tips for Web3 firms in search of to ascertain a presence in Hong Kong.

As Hong Kong continues to place itself as a crypto-friendly jurisdiction, world cryptocurrency exchanges akin to Huobi, OKX, and BitMEX have expressed their intentions to ascertain a presence within the area. These developments spotlight town’s dedication to fostering an atmosphere conducive to Web3 innovation and attracting high expertise within the discipline.

With the creation of the duty drive, Hong Kong goals to faucet into the potential progress alternatives offered by Web3, leveraging its standing as a world monetary heart and a metropolis that values innovation and expertise. The duty drive’s work over the subsequent two years will play a pivotal function in shaping Hong Kong’s future within the rising Web3 panorama.

Editor’s word: This text was written by an nft now employees member in collaboration with OpenAI’s GPT-4.


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