- The task force, which includes 15 industry professionals and 11 Government officials, is led by Hong Kong’s financial secretary, Paul Chan.
- Chan stated that blockchain tech has the potential to solve many difficulties and pain points encountered in finance.
Hong Kong’s long-drawn ambition of becoming a major Web3 Hub is coming into fruition as the authorities have now established a task force dedicated to promoting Web3 Development. The group, which includes 15 industry professionals and 11 Government officials, is led by Hong Kong’s financial secretary, Paul Chan.
As per the official press release from the Government of the Hong Kong Special Administrative Region, the time frame for the group’s work is set at 2 years. Making the announcement, Chan stated that blockchain technology has the potential to solve many difficulties and pain points encountered in finance, trade, business operations, and even day-to-day life.”
“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’, his statement reads.
The financial secretary further noted that Hong Kong “plans 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.”
Chan, who has always been a strong advocate for crypto earlier this year, emphasized the need for Hong Kong to seize the “golden opportunity” of Web3.
The latest development comes a month after the historic move by the Hong Kong Securities and Futures Commission (SFC), allowing virtual asset trading platforms to apply for a license. This is significant as in March, Christian Hui, the Hong Kong Secretary for Financial Services and the Treasury has, mentioned that over 80 virtual asset-related firms across mainland China and foreign nations were interested in setting shop in Hong Kong.
Trading of cryptocurrencies in the Chinese territory has been restricted to institutional investors and other professionals since 2018, but Hong Kong’s new regulations has now allowed retail trading from June 1, 2023.
The Hong Kong Virtual Asset Consortium has also recently released its virtual asset index, encompassing major cryptocurrencies such as Bitcoin, along with altcoins and privacy tokens.