On June 30th, 2023, Hong Kong’s government revealed a significant initiative – the Task Force on Promoting Web3 Development. Led by Financial Secretary Paul Chan, the force is comprised of fifteen forward-thinking non-official members from the market, plus government and financial regulatory officials. This new mission follows the government’s Policy Statement on Development of Virtual Assets (VAs) in Hong Kong announced in October 2022. This move has been widely welcomed due to its impact on the Web3 ecosystem and blockchain technology as the underlying power of this digitally savvy realm.
Underlining its potential, Secretary Chan shared highlights he believes make Web3, like disintermediation, security, transparency, and cost-effectiveness, beneficial in terms of diverse applications ranging from finance to trade, business, and the bigger picture of how it can enrich daily life. Aware of Hong Kong’s standing as a hub of international finance and innovation, fostering the development of Web3 stands to give a luxuriously crucial gap that they can offer.
“Hong Kong seeks to lead and drive innovative exploration and development, create new application models, and tap above-average companies and talent in this space to construct a robust ecosystem,” said Chan passionately. He remains optimistic that the joint of sector leaders and professionals involved with the Task Force will give useful advice to make Hong Kong thrive as Web3 center. Despite the diverse participation of officials and non-official today, there’s something definite: On April, the Hong Kong Web 3.0 Association as formed with the former head of the Hong Kong Monetary Authority (HKMA) taking charge. And, to not fall behind on June, a document entitled ‘Development of Web 3.0 technologies in selected places’ was published, hence it demonstrates Hong Kong is ready to push the Web3 wave forward.
